Company Registration No. SC030096 (Scotland)
MACKIE'S LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
MACKIE'S LIMITED
COMPANY INFORMATION
Directors
Maitland Mackie
Karin Hayhow
Kirstin McNutt
Stuart Common
Secretary
Burnett & Reid LLP
Company number
SC030096
Registered office
Westertown
ROTHIENORMAN
Aberdeenshire
AB51 8US
Auditor
Johnston Carmichael LLP
Strathlossie House
Elgin Business Park
1 Kirkhill Avenue
Elgin
IV30 8DE
Solicitors
Burnett & Reid LLP
Suite A
1 Albyn Place
ABERDEEN
AB10 1BR
MACKIE'S LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
MACKIE'S LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present their strategic report for the year ended 31 May 2024.

 

Principal activities

The principal activity of the company continued to be the manufacture and wholesale retail of real dairy ice cream, a range of premium chocolate bars and spring-water ice cubes on a working dairy and arable farm.

Business Review

The year under review saw good sales growth, with turnover amounting to £22.3m, (2023: £20.8m) with a profit before tax of £2.24m (2023: £1.34m). Net assets of the business increased by 9% to £26.2m (2023: £24.0m).

 

Total turnover increased by 7% compared to the previous year. This growth was predominantly driven by increased ice cream sales within the UK market (10%), resulting from the company securing greater distribution within its retailer customers in England & Wales and its continuing brand-awareness focussed marketing campaigns. Farm revenue increased 4%, whilst income from renewable energy generation increased by 17%. Revenue at Mackie’s ice cream parlour in Aberdeen, Mackie’s 19.2, also grew 9%.

 

Overall costs increased by 3% in the year, however the company benefited from a reduction in the price of cream during the period, which is one of the company’s biggest outgoings. Fluctuations in the price of cream and other ingredients are largely outwith the company’s control, depending on wider, often global, market forces. The price of cream constitutes a profitability risk for the company, and a price rise in the 2024/5 financial year is forecast to negatively impact its margins.

 

The company saw a 67% increase on the previous year in its profit before tax, reaching £2.24m (2023: £1.344m). As in previous years, profits continue to be reinvested into the business. This year, these investments have funded, inter alia, new equipment, maintenance, efficiency and quality projects, new staff members and training to provide future growth for the company.

 

The board would like to recognize the ongoing and invaluable efforts of Mackie’s employees, whose commitment to the business has been essential in weathering tough market conditions and supporting the company's continued growth.

 

Mackie’s is a Real Living Wage employer, committed to paying all staff at least the rates set annually by the Living Wage Foundation. The rates set, which are higher than the government’s minimum wage, increased considerably over the period as well as in preceding years, increasing the company’s staff costs. Mackie’s has also made significant investment in its team, hiring experienced personnel into existing and additional key roles to enhance quality, performance and productivity. Mackie’s shares profit with its staff via a bonus scheme based on overall company performance.

Principal risk and uncertainties

The management of the business and the execution of the company’s strategy are subject to various risks and uncertainties. These include commodity price fluctuations, competition from other manufacturers, supply chain costs and the effects of weather on customer demand. The directors are confident that the company’s products and services are sufficiently diverse and competitive to mitigate these factors and will continue to monitor market risks and act as considered appropriate.

Key Performance indicators

The company’s management team uses a range of key performance indicators (KPIs) to measure overall company performance as well as specific departmental performance. All staff are updated on overall business KPIs through internal communication channels, the annual all-staff business plan meeting and ad-hoc Town Hall events.

 

Financial KPIs include turnover, gross profit, labour and cash flow as a way of measuring performance and

controlling costs.

 

Operational KPIs include efficiency, productivity, downtime, plant utilisation, waste, customer service level and plan attainment, focus on which is aimed at maintaining and improving overall production efficiency and increasing the company’s production capacity.

MACKIE'S LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Environmental and Corporate Social Responsibility

Sustainability and corporate social responsibility are integral parts of the company’s culture. Mackie’s generates more than twice as much energy than it uses overall, through wind turbines, solar panels and biomass boilers. Mackie’s recently completed low-carbon refrigeration system has helped the business make further progress on its sustainability journey by significantly reducing its refrigeration-related energy consumption and transitioning to ammonia (a natural refrigerant gas) rather than the environmentally harmful R404a. This has brought Mackie’s closer to its ultimate goal of complete renewable self-sufficiency.

 

Mackie’s supports several local and national community groups and charities, spanning various sectors including education, the arts and youth development. In determining which causes to support, the pillars of Mackie’s charitable focus are locality, development of youth, support for children and families, promotion of a balanced lifestyle and any links to previous or active staff members.

Future Developments

Mackie’s remains focussed on growing its market share by further developing its UK and export sales, increasing distribution and marketing its brand and products to attract new consumers. Mackie’s will continue to upgrade its processes and equipment to increase production capacity and efficiency, investing in development of its staff and new state-of-the-art machinery to both save cost and improve product quality.

 

The board believes this will position the business to achieve its growth ambitions.

On behalf of the board

Maitland Mackie
Director
25 February 2025
MACKIE'S LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £150,000. Directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Maitland Mackie
Karin Hayhow
Kirstin McNutt
Stuart Common
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

MACKIE'S LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
On behalf of the board
Maitland Mackie
Director
25 February 2025
MACKIE'S LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACKIE'S LIMITED
- 5 -
Opinion

We have audited the financial statements of Mackie's Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

MACKIE'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACKIE'S LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

MACKIE'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACKIE'S LIMITED
- 7 -

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and review of external inspections.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:    

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

MACKIE'S LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACKIE'S LIMITED
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Fiona Munro (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
25 February 2025
Statutory Auditor
Strathlossie House
Elgin Business Park
1 Kirkhill Avenue
Elgin
IV30 8DE
MACKIE'S LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
22,300,852
20,810,699
Cost of sales
(13,651,758)
(13,723,913)
Gross profit
8,649,094
7,086,786
Distribution costs
(1,445,508)
(1,278,562)
Administrative expenses
(5,929,994)
(5,177,103)
Other operating income
316,739
351,947
Profit/(loss) on sale of tangible assets
13,922
(17,775)
Operating profit
4
1,604,253
965,293
Interest receivable and similar income
7
324,627
111,575
Amounts written off investments
8
311,455
267,158
Profit before taxation
2,240,335
1,344,026
Tax on profit
9
(345,612)
(209,119)
Profit for the financial year
1,894,723
1,134,907

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MACKIE'S LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,288,777
15,266,237
Biological assets
19
893,105
779,973
Investment properties
12
1,666,143
1,666,143
Investments
13
102,560
98,576
17,950,585
17,810,929
Current assets
Stocks
16
2,966,748
2,252,931
Biological assets
19
47,220
47,220
Debtors falling due within one year
17
6,006,949
6,035,987
Investments
18
3,962,417
2,654,948
Cash at bank and in hand
1,688,202
1,013,109
14,671,536
12,004,195
Creditors: amounts falling due within one year
20
(4,256,716)
(3,015,757)
Net current assets
10,414,820
8,988,438
Total assets less current liabilities
28,365,405
26,799,367
Creditors: amounts falling due after more than one year
21
(1,039,287)
(1,151,575)
Provisions for liabilities
Deferred tax liability
23
1,497,222
1,563,619
(1,497,222)
(1,563,619)
Net assets
25,828,896
24,084,173
Capital and reserves
Called up share capital
26
262,288
262,288
Share premium account
27
3,869,252
3,869,252
Capital redemption reserve
28
315,065
315,065
Profit and loss reserves
29
21,382,291
19,637,568
Total equity
25,828,896
24,084,173
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Maitland Mackie
Director
Company Registration No. SC030096
MACKIE'S LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
262,288
3,869,252
315,065
18,562,661
23,009,266
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
1,134,907
1,134,907
Dividends
10
-
-
-
(60,000)
(60,000)
Balance at 31 May 2023
262,288
3,869,252
315,065
19,637,568
24,084,173
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
1,894,723
1,894,723
Dividends
10
-
-
-
(150,000)
(150,000)
Balance at 31 May 2024
262,288
3,869,252
315,065
21,382,291
25,828,896
MACKIE'S LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
2,411,341
1,485,865
Income taxes refunded
124,206
199,832
Net cash inflow from operating activities
2,535,547
1,685,697
Investing activities
Purchase of tangible fixed assets
(1,088,885)
(1,051,193)
Proceeds on disposal of tangible fixed assets
69,746
68,064
Proceeds on disposal of investments
-
220,000
Current asset investments additions
(1,000,000)
(1,000,000)
Interest received
78,094
-
0
Dividends received
246,533
111,575
Net cash used in investing activities
(1,694,512)
(1,651,554)
Financing activities
Payment of finance leases obligations
(15,942)
(33,530)
Dividends paid
(150,000)
(60,000)
Net cash used in financing activities
(165,942)
(93,530)
Net increase/(decrease) in cash and cash equivalents
675,093
(59,387)
Cash and cash equivalents at beginning of year
1,013,109
1,072,496
Cash and cash equivalents at end of year
1,688,202
1,013,109
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
1
Accounting policies
Company information

Mackies Limited is a private company limited by shares incorporated in Scotland. The registered office is Westertown, Rothienorman, Aberdeenshire, AB51 8US.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties, biological assets and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed our business plan and rolling forecast, whilst analysing the availability of cash flow within the business and are comfortable that we can support the trading over the next 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover comprises income received from the following sources:

 

The sale of ice cream and chocolate is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Wind and solar farm generation income is recognised on a generation basis except for the recycling proportion of the income which is recognised on a receipts basis because it cannot reliably be estimated in advance of the receipt.

 

Farming income which comprises subsidy income which is recognised as it is received when all criteria for eligibility have been met and income from sale of produce which is recognised at the point of supply.

 

Investment income is recognised when its receipt is probable and the amount receivable can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
- 2% to 10% straight line
Plant and machinery
- 5% to 25% reducing balance & 10% to 33% straight line
Motor vehicles
- 25% reducing balance

Freehold land is not depreciated.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits
The company operates a defined contribution scheme for certain directors and a group personal pension scheme for other directors and employees, whereby contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes.
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants are recognised in accordance with the accruals model. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.18

Biological Assets

The company breeds dairy cattle for its own use as well as selling beef cattle and growing crops.

In accordance with FRS102 these assets are defined as biological assets and are held at net fair value.

They are measured at fair value less costs to sell, both on initial recognition and at each reporting date. Any changes in fair value are recognised in the profit and loss account.

In determining fair value the company has considered the active market in its present location and condition and the quoted price in that market. Where an active market does not exist the most recent market transaction price, market price for similar assets and sector benchmarks have been considered.

Agricultural produce harvested from an entity’s biological assets must be measured at the point of harvest at its fair value less costs to sell.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of biological assets

The company breeds dairy cattle for its own use as well as selling beef herd and growing crops and in accordance with FRS102 these assets are defined as biological assets and are held at net fair value. At the year end, biological assets contained £893,555 (2023 - £780,423) classed as cattle and £46,770 (2023 - £46,770) classed as crop. Cattle and Crops are both valued at fair value based on active market prices. The estimated crop yield at the balance sheet date could differ from actual yields due to the effect of natural hazards, such as climate, pest and disease damage. The yield is particularly sensitive to climate effects in the weeks immediately before the point of harvest. See notes 1.18 and 19 for further details.

Valuation of investment properties

Investment properties valued at £1,666,143 (2023 - £1,666,143) are included on the balance sheet at fair value. Calculation of this fair value requires estimation taking into account the condition of the property and the current property market. When considered necessary, the directors utilise experienced third party professional valuers to assist in arriving at these valuations. Valuations are made on an open market value basis by reference to market evidence of transaction prices for similar properties, whilst taking into consideration the commercial and residential rental market. See note 12 for details.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Ice cream and chocolate enterprise
20,512,597
19,248,206
Farming enterprise
312,687
300,693
Wind turbine and solar farm enterprise
1,475,568
1,261,800
22,300,852
20,810,699
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,950,270
18,077,219
Far East
2,316,705
2,661,624
USA
33,877
71,856
22,300,852
20,810,699
2024
2023
£
£
Other significant revenue
Interest income
78,094
-
Income from fixed asset investments
246,533
111,575
Grants received
212,090
258,814
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Turnover and other revenue
(Continued)
- 19 -

Included within farming turnover are government subsidies of £89,008 (2023 - £88,816)

Included within grants received is £212,090 (2023 - £258,814) in relation to amortisation of grants obtained for the refrigeration project.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
21,950
10,726
Amortisation of government grants
(212,090)
(258,814)
Fees payable to the company's auditor for the audit of the company's financial statements
27,450
26,900
Depreciation of owned tangible fixed assets
1,005,832
955,404
Depreciation of tangible fixed assets held under finance leases
4,689
13,231
Operating lease charges
62,985
50,780
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and administration
23
21
Farming enterprise
6
5
Ice cream enterprise
70
65
Ice cream parlour enterprise
11
9
Total
110
100

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,484,469
3,287,510
Social security costs
302,687
287,459
Pension costs
211,101
156,796
3,998,257
3,731,765
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
315,907
349,115
Company pension contributions to defined contribution schemes
104,038
28,058
419,945
377,173

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
90,833
107,080
Company pension contributions to defined contribution schemes
67,459
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
63,556
-
0
Other interest income
14,538
-
0
Total interest revenue
78,094
-
0
Other income from investments
Income from fixed asset investments
246,533
111,575
Total income
324,627
111,575
Interest on financial assets not measured at fair value through profit or loss
63,556
-
0
8
Fair value movements on investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Changes in fair value through profit and loss
311,455
(27,294)
Other gains
Gain on disposal of fixed asset investments
-
0
294,452
311,455
267,158
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
421,971
100,092
Adjustments in respect of prior periods
(10,349)
(2,827)
Double tax relief
(1,282)
-
0
Total UK current tax
410,340
97,265
Foreign current tax on profits for the current period
1,669
1,779
Adjustments in foreign tax in respect of prior periods
-
0
1,048
Total current tax
412,009
100,092
Deferred tax
Origination and reversal of timing differences
(66,706)
108,715
Adjustment in respect of prior periods
309
312
Total deferred tax
(66,397)
109,027
Total tax charge
345,612
209,119

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,240,335
1,344,026
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
560,084
268,805
Tax effect of expenses that are not deductible in determining taxable profit
3,750
7,933
Tax effect of income not taxable in determining taxable profit
(101,700)
(82,781)
Adjustments in respect of prior years
30,000
19,340
Depreciation on assets not qualifying for tax allowances
34,443
25,278
Other non-reversing timing differences
-
0
(174)
Other permanent differences
(46)
-
0
(Over) provided in prior years
(10,349)
(2,205)
Deferred tax adjustments in respect of prior years
309
312
Dividend income
(32,124)
(3,601)
Foreign exchange differences
386
-
0
Chargeable gains
77,078
(21,386)
Adjust deferred tax to average rate
-
0
21,731
Fixed asset differences
(216,219)
(24,133)
Taxation charge for the year
345,612
209,119
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
10
Dividends
2024
2023
£
£
Interim paid
150,000
60,000
11
Tangible fixed assets
Freehold buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
15,226,153
11,935,070
342,304
27,503,527
Additions
190,622
870,763
27,500
1,088,885
Disposals
-
0
(15,810)
(108,192)
(124,002)
At 31 May 2024
15,416,775
12,790,023
261,612
28,468,410
Depreciation and impairment
At 1 June 2023
5,955,610
6,197,575
84,105
12,237,290
Depreciation charged in the year
355,204
597,385
57,932
1,010,521
Eliminated in respect of disposals
-
0
(14,636)
(53,542)
(68,178)
At 31 May 2024
6,310,814
6,780,324
88,495
13,179,633
Carrying amount
At 31 May 2024
9,105,961
6,009,699
173,117
15,288,777
At 31 May 2023
9,270,543
5,737,495
258,199
15,266,237

Land with a cost of £2,993,649 (2023- £2,933,664) is not depreciated.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
32,827
37,516
Motor vehicles
-
0
55,101
32,827
92,617
Depreciation charge for the year in respect of leased assets
4,689
13,231
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
12
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,666,143

Investment property comprises buildings held for rental income and capital appreciation. The fair value of the properties has been determined by the directors with reference to current market conditions and is considered a reasonable estimate of the current fair value.

 

13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
100
100
Investments in associates
15
73,464
73,464
Listed investments
19,619
19,346
Unlisted investments
9,377
5,666
102,560
98,576
Listed investments carrying amount
19,619
19,346
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
73,564
25,012
98,576
Valuation changes
-
3,984
3,984
At 31 May 2024
73,564
28,996
102,560
Carrying amount
At 31 May 2024
73,564
28,996
102,560
At 31 May 2023
73,564
25,012
98,576
14
Subsidiaries

These financial statements are separate company financial statements for Mackies Limited.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Mackie's Renewables Limited
See below
Dormant
Ordinary
100.00

The registered office address of Mackie's Renewables Limited is Westertown, Rothienorman, Aberdeenshire, AB51 8US.

15
Associates

These financial statements are separate company financial statements for Mackies Limited.

Details of the company's associates at 31 May 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Macwind Limited
See below
Wind Farm
Ordinary
40.00
Hill of Burns LLP
See below
Wind Farm
Capital
25.00

The registered office address of Macwind Limited is Westertown, Rothienorman, Aberdeenshire, AB51 8US.

 

The registered office address of Hill of Burns LLP is Rothiebrisbane, Fyvie, Turriff, Aberdeenshire, AB53 8LE.

16
Stocks
2024
2023
£
£
Packaging
515,835
606,541
Ice Cream
1,864,102
1,159,328
Other Stock
586,811
487,062
2,966,748
2,252,931
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,286,605
4,802,230
Corporation tax recoverable
-
0
234,907
Other debtors
244,452
578,878
Prepayments and accrued income
475,892
419,972
6,006,949
6,035,987
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
18
Current asset investments
2024
2023
£
£
Listed investments
1,653,321
1,906,178
Unlisted investments
2,309,096
498,770
Term deposits
-
0
250,000
3,962,417
2,654,948
19
Biological Asset
Cattle
Crop
Total
£
£
£
Valuation
At 1 June 2023
780,423
46,770
827,193
Births/purchases
111,760
216,584
328,344
Loss of Cattle
(39,324)
-
(39,324)
Decrease attributable to sales/harvest
(165,729)
(216,584)
(382,313)
Fair value movement
206,425
-
206,425
At 31 May 2024
893,555
46,770
940,325
Depreciation
At 1 June 2023 and 31 May 2024
-
-
-
Depreciation charged in the year
-
-
-
At 31 May 2024
-
-
-
Carrying Amount
At 31 May 2024
893,555
46,770
940,325
At 31 May 2023
780,423
46,770
827,193
Cattle
Crop
Total
£
£
£
Carrying amount at 31 May 2024 classified as:
Fixed assets
893,105
-
893,105
Current assets
450
46,770
47,220
893,555
46,770
940,325
Carrying amount at 31 May 2023 classified as:
Fixed assets
779,973
-
779,973
Current assets
450
46,770
47,220
780,423
46,770
827,193
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
22
15,120
31,062
Trade creditors
1,538,703
1,743,155
Corporation tax
419,023
117,716
Other taxation and social security
604,865
477,544
Other creditors
189,632
32,055
Accruals and deferred income
1,489,373
614,225
4,256,716
3,015,757

Obligations under finance leases are secured over the assets to which they relate.

21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Government grants
24
1,039,287
1,151,575
22
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
15,120
31,062

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchases options at the end of the lease periods, and no restrictions are placed on the use of the assets.

 

Net obligations under hire purchase contracts are secured over the assets to which they relate.

23
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,150,127
1,293,855
Capital gains
347,095
269,768
Other timing differences
-
(4)
1,497,222
1,563,619
MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
23
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 June 2023
1,563,619
Credit to profit or loss
(66,397)
Liability at 31 May 2024
1,497,222
24
Government grants
2024
2023
£
£
Arising from government grants
1,039,287
1,151,575

Included within deferred grants is £931,428 (2023 - £1,137,345) received under the low carbon infrastructure transition programme which will be released to the profit and loss account over the useful life of the assets to which it relates.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
211,101
156,796

The company has a self administered pension scheme to provide for future retirement income for certain directors. The company also operates a contributory group personal pension scheme for the benefit of the employees and some of the directors. The assets of the schemes are held separately from those of the company in separately administered funds. Included in creditors at the year end is £1,000 (2023 - £3,255) payable to the pension scheme.

26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
262,288 Ordinary shares of £1 each
262,288
262,288
262,288
262,288

The company had one class of ordinary share which carry full voting rights but no rights to fixed income or repayment of capital. Distributions are at the discretion of the company.

27
Share premium account

The share premium account records the amount above nominal value received for shares sold, less transaction costs.

28
Capital redemption reserve

The capital redemption reserve arose on the purchase of shares by the company in previous years.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
29
Profit and loss reserves

The profit and loss reserve represents accumulated profits less distributions.

30
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
85,892
87,332
Between two and five years
269,472
248,846
In over five years
174,141
269,583
529,505
605,761
31
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
112,938
254,394
32
Events after the reporting date

Subsequent to the year end, 100% of Mackies Limited's share capital was transferred to Westertown Limited, a company wholly owned by K Hayhow, K McNutt and M Mackie, who are all directors of Mackie's Limited. Subsequent to the above, investments held at the year end with a value of £3,962,417 were transferred by the company to Westertown Limited.

MACKIE'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
33
Related party transactions
Transactions with related parties

 

2024
2023
Amounts due to related parties
£
£
Key management personnel
5,183
25,183
34
Directors' transactions

Dividends totalling £150,000 (2023 - £60,000) were paid in the year in respect of shares held by the company's directors.

35
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,894,723
1,134,907
Adjustments for:
Taxation charged
345,612
209,119
Investment income
(324,627)
(84,281)
(Gain)/loss on disposal of tangible fixed assets
(13,922)
17,775
Depreciation and impairment of tangible fixed assets
1,010,521
968,635
Gain on sale of investments
-
(294,452)
Other gains and losses
(311,455)
-
Movements in working capital:
(Increase)/decrease in stocks
(713,818)
136,191
(Increase)/decrease in Biological assets
(113,132)
186,203
Increase in debtors
(205,869)
(972,030)
Increase in creditors
955,596
442,613
Decrease in deferred income
(112,288)
(258,815)
Cash generated from operations
2,411,341
1,485,865
36
Analysis of changes in net funds
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
1,013,109
675,093
1,688,202
Obligations under finance leases
(31,062)
15,942
(15,120)
982,047
691,035
1,673,082
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