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REGISTERED NUMBER: SC089648 (Scotland)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MACKAY & MACKAY LIMITED
TRADING AS
HOME IMPROVEMENT CENTRE

MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MACKAY & MACKAY LIMITED
TRADING AS HOME IMPROVEMENT CENTRE

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs Yvonne Mackay
Mr Innes Mackay



REGISTERED OFFICE: 20 Bells Road
Stornoway
Isle of Lewis
HS1 2RA



REGISTERED NUMBER: SC089648 (Scotland)



ACCOUNTANTS: CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS



BANKERS: Bank of Scotland
47 Cromwell Street
Stornoway
Isle of Lewis
HS1 2DE

MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

BALANCE SHEET
29 FEBRUARY 2024

28.2.23 29.2.24
£    £    Notes £    £   
FIXED ASSETS
130,506 Tangible assets 4 120,874

CURRENT ASSETS
373,444 Stocks 364,546
44,949 Debtors 5 74,748
366,344 Cash at bank and in hand 260,851
784,737 700,145
CREDITORS
294,203 Amounts falling due within one year 6 276,496
490,534 NET CURRENT ASSETS 423,649
621,040 TOTAL ASSETS LESS CURRENT
LIABILITIES

544,523

CREDITORS
(32,925 ) Amounts falling due after more than one year 7 (20,881 )

(23,016 ) PROVISIONS FOR LIABILITIES (21,257 )
565,099 NET ASSETS 502,385

CAPITAL AND RESERVES
56,000 Called up share capital 56,000
509,099 Retained earnings 446,385
565,099 SHAREHOLDERS' FUNDS 502,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




Mrs Yvonne Mackay - Director



Mr Innes Mackay - Director


MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Mackay & Mackay Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the society's accounting policies, the management committee are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See the note to the financial statements for details of the values of tangible fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - in accordance with the property
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 March 2023 397,608 68,102 329,506
Additions 22,500 - 22,500
At 29 February 2024 420,108 68,102 352,006
DEPRECIATION
At 1 March 2023 267,102 59,201 207,901
Charge for year 32,132 2,724 29,408
At 29 February 2024 299,234 61,925 237,309
NET BOOK VALUE
At 29 February 2024 120,874 6,177 114,697
At 28 February 2023 130,506 8,901 121,605

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 88,443
DEPRECIATION
At 1 March 2023 35,894
Charge for year 13,137
At 29 February 2024 49,031
NET BOOK VALUE
At 29 February 2024 39,412
At 28 February 2023 52,549

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 38,577 38,938
Amounts owed by group undertakings 3,103 3,103
Other debtors 33,068 2,908
74,748 44,949

MACKAY & MACKAY LIMITED (REGISTERED NUMBER: SC089648)
TRADING AS HOME IMPROVEMENT CENTRE

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 11,179 11,179
Trade creditors 170,840 152,522
Taxation and social security 59,154 93,952
Other creditors 35,323 36,550
276,496 294,203

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 13,953 25,131
Other creditors 6,928 7,794
20,881 32,925

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mrs Yvonne Mackay
Balance outstanding at start of year - -
Amounts advanced 15,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,000 -

Mr Innes Mackay
Balance outstanding at start of year - -
Amounts advanced 15,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,000 -

Interest bearing loans of £15,000 were advanced to each of the directors during the year ended 29 February 2024. Interest was charged at 2.25% and were repaid during the year ending 28 February 2025.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MACKAY & MACKAY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mackay & Mackay Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Mackay & Mackay Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mackay & Mackay Limited and state those matters that we have agreed to state to the Board of Directors of Mackay & Mackay Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mackay & Mackay Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mackay & Mackay Limited. You consider that Mackay & Mackay Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mackay & Mackay Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS


29 November 2024