21 21 Michael Malone of Edinburgh Limited SC087476 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is wholesale butchers. Digita Accounts Production Advanced 6.30.9574.0 true true SC087476 2023-05-01 2024-04-30 SC087476 2024-04-30 SC087476 bus:OrdinaryShareClass1 2024-04-30 SC087476 bus:OrdinaryShareClass2 2024-04-30 SC087476 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-04-30 SC087476 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-04-30 SC087476 core:CurrentFinancialInstruments 2024-04-30 SC087476 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 SC087476 core:BetweenTwoFiveYears 2024-04-30 SC087476 core:WithinOneYear 2024-04-30 SC087476 core:FurnitureFittingsToolsEquipment 2024-04-30 SC087476 core:LandBuildings 2024-04-30 SC087476 core:MotorVehicles 2024-04-30 SC087476 bus:SmallEntities 2023-05-01 2024-04-30 SC087476 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC087476 bus:FilletedAccounts 2023-05-01 2024-04-30 SC087476 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC087476 bus:RegisteredOffice 2023-05-01 2024-04-30 SC087476 bus:Director2 2023-05-01 2024-04-30 SC087476 bus:Director3 2023-05-01 2024-04-30 SC087476 bus:Director5 2023-05-01 2024-04-30 SC087476 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC087476 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 SC087476 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC087476 bus:Agent1 2023-05-01 2024-04-30 SC087476 core:Buildings 2023-05-01 2024-04-30 SC087476 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 SC087476 core:Land 2023-05-01 2024-04-30 SC087476 core:LandBuildings 2023-05-01 2024-04-30 SC087476 core:MotorVehicles 2023-05-01 2024-04-30 SC087476 core:PlantMachinery 2023-05-01 2024-04-30 SC087476 countries:Scotland 2023-05-01 2024-04-30 SC087476 2023-04-30 SC087476 core:FurnitureFittingsToolsEquipment 2023-04-30 SC087476 core:LandBuildings 2023-04-30 SC087476 core:MotorVehicles 2023-04-30 SC087476 2022-05-01 2023-04-30 SC087476 2023-04-30 SC087476 bus:OrdinaryShareClass1 2023-04-30 SC087476 bus:OrdinaryShareClass2 2023-04-30 SC087476 core:CurrentFinancialInstruments 2023-04-30 SC087476 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC087476 core:BetweenTwoFiveYears 2023-04-30 SC087476 core:WithinOneYear 2023-04-30 SC087476 core:FurnitureFittingsToolsEquipment 2023-04-30 SC087476 core:LandBuildings 2023-04-30 SC087476 core:MotorVehicles 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC087476

Michael Malone of Edinburgh Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Michael Malone of Edinburgh Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Michael Malone of Edinburgh Limited

Company Information

Directors

B J Malone

E M Malone

M D Malone

Registered office




Registration no

6 Newmarket Road
Edinburgh
Lothian
EH14 1RJ

SC087476

Accountants

Brown, Scott & Main
Chartered Accountants91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

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.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

8 January 2025

 

Michael Malone of Edinburgh Limited

(Registration number: SC087476)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

57,709

73,019

Other financial assets

6

426,305

392,680

 

484,014

465,699

Current assets

 

Stocks

7

168,228

170,222

Debtors

8

368,951

405,404

Cash at bank and in hand

 

623,288

444,532

 

1,160,467

1,020,158

Creditors: Amounts falling due within one year

9

(452,352)

(385,089)

Net current assets

 

708,115

635,069

Total assets less current liabilities

 

1,192,129

1,100,768

Provisions for liabilities

13

(26,045)

(21,322)

Net assets

 

1,166,084

1,079,446

Capital and reserves

 

Called up share capital

10

840

840

Share premium reserve

67,344

67,344

Capital redemption reserve

160

160

Non distributable reserve

78,627

53,367

Retained earnings

1,019,113

957,735

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 January 2025 and signed on its behalf by:
 

.........................................
M D Malone
Director

 

Michael Malone of Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

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:
6 Newmarket Road
Edinburgh
Lothian
EH14 1RJ
UK

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

4

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

2024

2023

£

£

Current taxation

UK corporation tax

35,230

29,491

Deferred taxation

Arising from origination and reversal of timing differences

4,723

10,802

39,953

40,293

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

588,377

555,171

61,236

1,204,784

At 30 April 2024

588,377

555,171

61,236

1,204,784

Depreciation

At 1 May 2023

558,377

555,171

18,217

1,131,765

Charge for the year

-

-

15,310

15,310

At 30 April 2024

558,377

555,171

33,527

1,147,075

Carrying amount

At 30 April 2024

30,000

-

27,709

57,709

At 30 April 2023

30,000

-

43,019

73,019

Included within the net book value of land and buildings above is £30,000 (2023 - £30,000) in respect of heritable land.
 

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

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

Carrying amount

At 30 April 2024

391,263

35,042

426,305

The historical cost of financial assets at fair value is £292,676 (2023 - £292,676).

7

Stocks

 

Michael Malone of Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Raw materials and consumables

43,237

43,749

Finished goods and goods for resale

124,991

126,473

168,228

170,222

8

Debtors

Current

2024
£

2023
£

Trade debtors

342,512

381,146

Prepayments

11,721

11,976

Other debtors

14,718

12,282

 

368,951

405,404

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

312,437

291,466

Taxation and social security

44,171

35,799

Accruals and deferred income

53,950

57,824

Other creditors

41,794

-

452,352

385,089

 

Michael Malone of Edinburgh Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

840

840

840

840

A Ordinary shares of £1 each

-

-

-

-

840

840

840

840

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

37,013

37,013

Later than one year and not later than five years

92,711

129,724

129,724

166,737

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,297 (2023 - £41,923).

12

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend

 

40,000

 

40,000

         

13

Provision for liabilities

2024

2023

Deferred tax

£

£

At

1 May 2023

21,322

10,520

Release/ (charge) during the year

4,723

10,802

At

30 April 2024

26,045

21,322