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Registration number: SC410566

MacKinnon Slater Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

MacKinnon Slater Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

MacKinnon Slater Limited

Company Information

Directors

Mr K Slater

Mr C MacKinnon

Registered office

 

55 Tower Street
Edinburgh
EH6 7BN

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MacKinnon Slater Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MacKinnon Slater Limited for the year ended 31 May 2024 as set out on pages 3 to 11 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.com/accountspreparationguidance.

This report is made solely to the Board of Directors of MacKinnon Slater Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MacKinnon Slater Limited and state those matters that we have agreed to state to the Board of Directors of MacKinnon Slater Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland 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 MacKinnon Slater Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MacKinnon Slater 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 MacKinnon Slater Limited. You consider that MacKinnon Slater 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 MacKinnon Slater 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.

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

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

30 January 2025

 

MacKinnon Slater Limited

(Registration number: SC410566)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,818

11,496

Investments

5

50,000

50,000

 

58,818

61,496

Current assets

 

Stocks

6

5,044

5,102

Debtors

7

64,585

57,706

Cash at bank and in hand

 

96,793

105,892

 

166,422

168,700

Creditors: Amounts falling due within one year

8

(69,239)

(77,257)

Net current assets

 

97,183

91,443

Total assets less current liabilities

 

156,001

152,939

Creditors: Amounts falling due after more than one year

8

(4,060)

(7,823)

Provisions for liabilities

(2,205)

(2,874)

Net assets

 

149,736

142,242

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

149,636

142,142

Shareholders' funds

 

149,736

142,242

For the financial year ending 31 May 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.

 

MacKinnon Slater Limited

(Registration number: SC410566)
Balance Sheet as at 31 May 2024

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.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr K Slater
Director

.........................................
Mr C MacKinnon
Director

 

MacKinnon Slater Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
55 Tower Street
Edinburgh
EH6 7BN

These financial statements were authorised for issue by the Board on 30 January 2025.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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 of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from digital printing and signage manufacturing. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

MacKinnon Slater Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

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 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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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

33% Straight line

Computer equipment

33% Straight line

Motor vehicles

20% Reducing balance

 

MacKinnon Slater Limited

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

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

MacKinnon Slater Limited

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

9,725

13,500

71,680

94,905

At 31 May 2024

9,725

13,500

71,680

94,905

Depreciation

At 1 June 2023

9,480

2,700

71,229

83,409

Charge for the year

241

2,160

277

2,678

At 31 May 2024

9,721

4,860

71,506

86,087

Carrying amount

At 31 May 2024

4

8,640

174

8,818

At 31 May 2023

245

10,800

451

11,496

5

Investments

2024
£

2023
£

Other investments

50,000

50,000

 

MacKinnon Slater Limited

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

6

Stocks

2024
£

2023
£

Stock

5,044

5,102

7

Debtors

2024
£

2023
£

Trade debtors

60,580

54,676

Prepayments

976

-

Other debtors

3,029

3,030

64,585

57,706

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,931

3,872

Trade creditors

 

14,514

16,718

Taxation and social security

 

46,813

52,503

Accruals and deferred income

 

-

1,850

Other creditors

 

3,981

2,314

 

69,239

77,257

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

4,060

7,823

The bank loan is supported by a 100% guarantee from the UK Government.

 

MacKinnon Slater Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,060

7,823

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,842

3,872

Other borrowings

89

-

3,931

3,872

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Related party transactions

The company operates a loan account with the director, Mr C MacKinnon.
During the year, the director advanced loans totalling £1,667 to the company. At the year end, the balance due to the director was £3,981 (2023 - £2,314). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, Mr K Slater.
During the year, the director advanced loans totalling £89 to the company. At the year end, the balance due to the director was £89 (2023 - £Nil). This loan is unsecured, interest free and has no fixed repayment terms.

 

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

MacKinnon Slater Limited

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

2024
£

2023
£

Later than one year and not later than five years

39,307

50,027

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,720 (2023 - £10,720).