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Registration number: 02649786

Mishon Mackay Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Mishon Mackay Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mishon Mackay Management Limited

Company Information

Directors

I R Sutherland

S M Pender

P T Broomham

Registered office

70 St. Mary Axe
London
EC3A 8BE

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Mishon Mackay Management Limited

(Registration number: 02649786)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

91,176

192,212

Investments

5

-

45,353

 

91,176

237,565

Current assets

 

Debtors

6

182,906

275,809

Cash at bank and in hand

 

127,232

348,510

 

310,138

624,319

Creditors: Amounts falling due within one year

7

(205,237)

(229,029)

Net current assets

 

104,901

395,290

Total assets less current liabilities

 

196,077

632,855

Creditors: Amounts falling due after more than one year

7

(14,024)

(32,544)

Provisions for liabilities

(20,972)

(20,972)

Net assets

 

161,081

579,339

Capital and reserves

 

Called up share capital

9

121,600

121,600

Share premium reserve

1,800

1,800

Capital redemption reserve

23,170

23,170

Other reserves

-

30,003

Retained earnings

14,511

402,766

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:

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 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 Board on 30 January 2025 and signed on its behalf by:



 

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

I R Sutherland

Director

 

Mishon Mackay Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
70 St. Mary Axe
London
EC3A 8BE
United Kingdom

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 40).

 

Mishon Mackay Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

118,553

265,551

120,909

505,013

Additions

-

795

-

795

Disposals

(45,628)

(56,483)

(24,934)

(127,045)

At 31 March 2024

72,925

209,863

95,975

378,763

Depreciation

At 1 April 2023

62,496

175,746

74,559

312,801

Charge for the year

4,128

21,498

5,635

31,261

Eliminated on disposal

-

(40,311)

(16,164)

(56,475)

At 31 March 2024

66,624

156,933

64,030

287,587

Carrying amount

At 31 March 2024

6,301

52,930

31,945

91,176

At 31 March 2023

56,057

89,805

46,350

192,212

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.
 

5

Investments

2024
£

2023
£

Other investments

-

45,353

6

Debtors

Current

2024
£

2023
£

Trade debtors

30,334

61,386

Prepayments

32,826

34,510

Other debtors

119,746

179,913

 

182,906

275,809

 

Mishon Mackay Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

17,894

18,212

Trade creditors

 

69,905

55,175

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

2,745

2,049

Taxation and social security

 

47,871

71,856

Accruals and deferred income

 

53,471

78,056

Other creditors

 

13,351

3,681

 

205,237

229,029

8

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
£

Remuneration

224,999

136,000

Contributions paid to money purchase schemes

6,726

24,250

231,725

160,250

Summary of transactions with other related parties

ABMM Properties Limited
 A Mackay and B Mishon are directors of both companies.

During the year the company paid £46,500 in relation to rent.
 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

121,600

121,600

121,600

121,600

Ordinary A of £1 each

23,170

23,170

23,170

23,170

 

144,770

144,770

144,770

144,770