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Registration number: 05199204

P I Macdonald & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 June 2024

 

P I Macdonald & Son Limited

(Registration number: 05199204)
Balance Sheet as at 29 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

26,250

41,250

Tangible assets

5

1,527,113

1,253,171

Investment property

6

875,415

870,000

 

2,428,778

2,164,421

Current assets

 

Debtors

7

575,620

642,153

Cash at bank and in hand

 

1,329,697

1,397,775

 

1,905,317

2,039,928

Creditors: Amounts falling due within one year

8

(428,299)

(459,505)

Net current assets

 

1,477,018

1,580,423

Total assets less current liabilities

 

3,905,796

3,744,844

Creditors: Amounts falling due after more than one year

8

(44,972)

(115,910)

Provisions for liabilities

(653,690)

(585,205)

Net assets

 

3,207,134

3,043,729

Capital and reserves

 

Called up share capital

9

1

1

Revaluation reserve

428,849

428,849

Retained earnings

2,778,284

2,614,879

Shareholders' funds

 

3,207,134

3,043,729

For the financial year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

P I Macdonald & Son Limited

(Registration number: 05199204)
Balance Sheet as at 29 June 2024

Approved and authorised by the director on 17 October 2024
 

.........................................
Mr Ian Macdonald
Director

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales . The principal activity of the Company is civil engineering.

The address of its registered office is:
Ellenhall Farm,
Ellenhall,
Stafford
Staffordshire
ST21 6JQ

These financial statements were authorised for issue by the director on 17 October 2024.

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

After making enquires, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. The company is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the director the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are in respect of the investment property. At the Balance Sheet date, the carrying value of the investment property was £875,415.

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 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 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.

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

Land and buildings

5% - Straight line

Motor vehicles

25% - Reducing balance

Plant and machinery

25% - Reducing balance

Computer, office equipment, fixtures and fittings

25% - Reducing balance

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments 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 merchandise sold or services performed 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.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

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.

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Financial instruments

Classification
The Company only enters into basic financial instrument 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 ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and 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 snort-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 Impairment
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 comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset's original effective 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 of 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 lhere 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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 23).

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 June 2023

300,000

300,000

At 29 June 2024

300,000

300,000

Amortisation

At 30 June 2023

258,750

258,750

Amortisation charge

15,000

15,000

At 29 June 2024

273,750

273,750

Carrying amount

At 29 June 2024

26,250

26,250

At 29 June 2023

41,250

41,250

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 30 June 2023

105,351

10,012

310,129

2,381,628

2,807,120

Additions

-

20,392

102,635

606,933

729,960

Disposals

-

-

(52,681)

(302,577)

(355,258)

At 29 June 2024

105,351

30,404

360,083

2,685,984

3,181,822

Depreciation

At 30 June 2023

10,534

7,339

259,550

1,276,525

1,553,948

Charge for the year

5,267

5,766

12,330

394,821

418,184

Eliminated on disposal

-

-

(51,423)

(266,000)

(317,423)

At 29 June 2024

15,801

13,105

220,457

1,405,346

1,654,709

Carrying amount

At 29 June 2024

89,550

17,299

139,626

1,280,638

1,527,113

At 29 June 2023

94,817

2,673

50,579

1,105,102

1,253,171

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Included within the net book value of land and buildings above is £89,550 (2023 - £94,817) in respect of short leasehold land and buildings.
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
 

2024
 £

2023
 £

Motor vehicles

71,345

31,125

Plant and machinery

428,035

549,155

499,380

580,280

6

Investment properties

2024
£

At 30 June

870,000

Additions

5,415

At 29 June

875,415

The 2024 valuation was made by the Director, on an open market value for existing use basis.

7

Debtors

Current

2024
£

2023
£

Trade debtors

401,592

335,040

Other debtors

174,028

307,113

 

575,620

642,153

 

P I Macdonald & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Net obligations under finance leases and hire purchase contracts

114,745

82,884

Trade creditors

189,503

289,603

Taxation and social security

34,355

56,069

Accruals and deferred income

38,973

29,326

Other creditors

50,723

1,623

428,299

459,505

Amounts due under finance leases and hire purchase contracts are secured upon the assets to which they relate.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Net obligations under finance leases and hire purchase contracts

44,972

115,910

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £25,000 (2023 - £25,000).