Registration number:
Mishon Mackay Management Limited
for the Year Ended 31 March 2024
Mishon Mackay Management Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mishon Mackay Management Limited
Company Information
Directors |
I R Sutherland S M Pender P T Broomham |
Registered office |
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Accountants |
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Mishon Mackay Management Limited
(Registration number: 02649786)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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 |
121,600 |
121,600 |
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Share premium reserve |
1,800 |
1,800 |
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Capital redemption reserve |
23,170 |
23,170 |
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Other reserves |
- |
30,003 |
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Retained earnings |
14,511 |
402,766 |
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Shareholders' funds |
161,081 |
579,339 |
For the financial year ending 31 March 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. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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.
Mishon Mackay Management Limited
(Registration number: 02649786)
Balance Sheet as at 31 March 2024
Approved and authorised by the
.........................................
I R Sutherland
Director
Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
Going concern
The financial statements have been prepared on a going concern basis.
Adjusting events after the financial period
On the 18th June 2024, the Company was acquired by Lomond Property Lettings Ltd. A Mackay, J Mackay, J Melton-Ball and A Farthing resigned as directors on the 18th June 2024. I Sutherland, P Broomham and S Pender were appointed as directors on the 18th June 2024. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current 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.
Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Leasehold improvements |
10-15% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension 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
Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
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- |
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Disposals |
( |
( |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £6,301 (2023 - £56,057) in respect of short leasehold land and buildings.
Investments |
2024 |
2023 |
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Other investments |
- |
45,353 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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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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Related party transactions |
Mishon Mackay Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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231,725 |
160,250 |
Summary of transactions with other related parties
A Mackay and B Mishon are directors of both companies.
During the year the company paid £46,500 in relation to rent.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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121,600 |
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121,600 |
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23,170 |
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23,170 |
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