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REGISTERED NUMBER: SC337162 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Mackay Hall Financial Services Ltd

Mackay Hall Financial Services Ltd (Registered number: SC337162)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mackay Hall Financial Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A S Mackay MCIBS
Mrs C P Mackay





REGISTERED OFFICE: 2 Coates Crescent
Edinburgh
EH3 7AL





REGISTERED NUMBER: SC337162 (Scotland)





ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3
Morris Park
37 Rosyth Road
Glasgow
G5 0YE

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 45,737 60,985
Investments 6 - 200,000
45,737 260,985

CURRENT ASSETS
Debtors 7 1,224,789 18,850
Cash at bank 57,827 193,330
1,282,616 212,180
CREDITORS
Amounts falling due within one year 8 446,367 199,506
NET CURRENT ASSETS 836,249 12,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

881,986

273,659

PROVISIONS FOR LIABILITIES 7,483 9,978
NET ASSETS 874,503 263,681

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 874,403 263,581
SHAREHOLDERS' FUNDS 874,503 263,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





A S Mackay MCIBS - Director


Mackay Hall Financial Services Ltd (Registered number: SC337162)

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

1. STATUTORY INFORMATION

Mackay Hall Financial Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business has been fully amortised in the previous financial year

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-putative ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable end payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective Interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term Instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount end the present value of estimated cash flows discounted at the asset's original erective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate or the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 139,481
Disposals (139,481 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 139,481
Eliminated on disposal (139,481 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 49,164 75,711 85,010 25,000 234,885
DEPRECIATION
At 1 April 2023 28,092 65,318 59,248 21,242 173,900
Charge for year 5,268 2,599 6,441 940 15,248
At 31 March 2024 33,360 67,917 65,689 22,182 189,148
NET BOOK VALUE
At 31 March 2024 15,804 7,794 19,321 2,818 45,737
At 31 March 2023 21,072 10,393 25,762 3,758 60,985

6. FIXED ASSET INVESTMENTS

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
Other
loans
£   
At 1 April 2023 200,000
Repayment in year (200,000 )
At 31 March 2024 -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 660,000 -
Other debtors 564,789 18,850
1,224,789 18,850

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 318,941 94,496
Other creditors 127,426 105,010
446,367 199,506

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,800 14,300

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A S Mackay MCIBS
Balance outstanding at start of year 5,876 (3,665 )
Amounts advanced 640,369 34,399
Amounts repaid (136,325 ) (24,858 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 509,920 5,876

Mackay Hall Financial Services Ltd (Registered number: SC337162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs C P Mackay
Balance outstanding at start of year - -
Amounts advanced 59,159 -
Amounts repaid (5,691 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,468 -

The amount loaned to the director during the year was repaid within nine months of the year end.

11. ULTIMATE CONTROLLING PARTY

The ultiimate controlling part is Mackay Hall Holdings Ltd. The registsred office and principal place of business is 2 Coates Crescent, Edinburgh, Scotland, UK, EH 7AL.