Registration number:
Michael Malone of Edinburgh Limited
for the Year Ended 30 April 2024
Michael Malone of Edinburgh Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Michael Malone of Edinburgh Limited
Company Information
Directors |
B J Malone E M Malone M D Malone |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Michael Malone of Edinburgh Limited
for the Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Malone of Edinburgh Limited for the year ended 30 April 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Michael Malone of Edinburgh Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Michael Malone of Edinburgh Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Michael Malone of Edinburgh Limited. You consider that Michael Malone of Edinburgh 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 accounts of Michael Malone of Edinburgh 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 accounts.
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Chartered Accountants
Edinburgh
Lothian
EH9 3DP
Michael Malone of Edinburgh Limited
(Registration number: SC087476)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
426,305 |
392,680 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
840 |
840 |
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Share premium reserve |
67,344 |
67,344 |
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Capital redemption reserve |
160 |
160 |
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Non distributable reserve |
78,627 |
53,367 |
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Retained earnings |
1,019,113 |
957,735 |
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Shareholders' funds |
1,166,084 |
1,079,446 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Michael Malone of Edinburgh Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland, registered number SC087476.
The address of its registered office and principal place of business is:
UK
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is sterling.
Going concern
Revenue recognition
Turnover represents the value of goods sold during the period, stated after deduction of discounts and value added tax and is recognised on completion of delivery of goods to customers.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets less their residual value over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Heritable land |
Not depreciated |
Heritable property |
4% per annum straight line |
Plant and machinery |
15% to 25% per annum straight line |
Motor vehicles |
25% per annum straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Michael Malone of Edinburgh Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Investments
Fixed asset investments comprise non-puttable ordinary shares and units in publicly traded companies and funds and ordinary shares in a private company.
Investments in non-puttable, ordinary shares and units in publicly traded companies and funds are recognised at fair value with changes in fair value recognised in profit or loss. This is transferred, for ease of identification, to a non distributable reserve which displays the cumulative unrealised surplus or deficit on revaluation net of deferred tax.This transfer and the resultant balances are shown in the notes to the financial statements.
Investments in non-puttable ordinary shares in private companies are recognised at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Michael Malone of Edinburgh Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tax charge/(credited) in the income statement |
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2024 |
2023 |
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£ |
£ |
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Current taxation |
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UK corporation tax |
35,230 |
29,491 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
4,723 |
10,802 |
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39,953 |
40,293 |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
- |
- |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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- |
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At 30 April 2023 |
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- |
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Included within the net book value of land and buildings above is £30,000 (2023 - £30,000) in respect of heritable land.
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 May 2023 |
357,638 |
35,042 |
392,680 |
Fair value adjustments |
33,625 |
- |
33,625 |
At 30 April 2024 |
391,263 |
35,042 |
426,305 |
Impairment |
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Carrying amount |
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At 30 April 2024 |
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426,305 |
The historical cost of financial assets at fair value is £292,676 (2023 - £292,676).
Stocks |
Michael Malone of Edinburgh Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
2024 |
2023 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Michael Malone of Edinburgh Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
840 |
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840 |
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- |
- |
- |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend |
40,000 |
40,000 |
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Provision for liabilities |
2024 |
2023 |
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Deferred tax |
£ |
£ |
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At |
1 May 2023 |
21,322 |
10,520 |
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Release/ (charge) during the year |
4,723 |
10,802 |
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At |
30 April 2024 |
26,045 |
21,322 |