REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements For The Year Ended 30 June 2024 |
for |
J.P. Mackie & Company Ltd. |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements For The Year Ended 30 June 2024 |
for |
J.P. Mackie & Company Ltd. |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Contents of the Financial Statements |
For The Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 16 |
J.P. Mackie & Company Ltd. |
Company Information |
For The Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
BANKERS: |
9 Brindley place |
Birmingham |
B1 2JB |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Strategic Report |
For The Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The company made a profit before tax for the period of £373,487 (2023 - loss before tax £155,696). |
The company continues to generate strong EBITDA figures year on year. EBITDA for the period ended 30 June 2024 amounted to £1,254,976. |
The directors continue to focus on ensuring that the company can offer a timely and effective service, and consider that this puts the company in a strong position in the market place to be able to retain existing customers and attract new customers in the coming year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Finance risk management objectives and policies |
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The company seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs. |
Credit risk |
The company has very limited exposure to credit rate risk due to all credit sales taking place with the NHS. |
Liquidity risk |
The company aims to mitigate risk by managing cash generated by its operations efficiently. |
Interest rate cash flow risk |
While the company utilises external debt, its exposure to interest rate risk is kept to a minimum via the use of derivatives on bank borrowings. The directors will revisit the appropriateness of this policy should the company's operations and financing requirements change in size or nature. |
GOING CONCERN |
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
KEY PERFORMANCE INDICATORS |
The directors have identified the following key financial performance indicators : |
2024 | 2023 |
Turnover | £13,621,209 | £13,518,574 |
Gross profit | 35.88% | 31.35% |
EBITDA | £1,254,976 | £852,692 |
ON BEHALF OF THE BOARD: |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Report of the Directors |
For The Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a retail pharmacy. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Report of the Directors |
For The Year Ended 30 June 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
J.P. Mackie & Company Ltd. |
Opinion |
We have audited the financial statements of J.P. Mackie & Company Ltd. (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
J.P. Mackie & Company Ltd. |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
J.P. Mackie & Company Ltd. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other |
management, and from our wider knowledge and experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102 |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations |
Audit response to risks identified |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which |
included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Enquiring of management as to actual and potential litigation and claims; and |
- Requesting correspondence with HMRC and Companies House. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. |
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
J.P. Mackie & Company Ltd. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Statement of Comprehensive |
Income |
For The Year Ended 30 June 2024 |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
830,729 | (125,706 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 6 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
( |
) |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Statement of Changes in Equity |
For The Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 30 June 2023 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 | ( |
) | ( |
) |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Statement of Cash Flows |
For The Year Ended 30 June 2024 |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Finance costs paid | - | (216,520 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 15,000 | 619,000 |
Amount withdrawn by directors | (600,814 | ) | (474,860 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
187,855 |
Cash and cash equivalents at end of year | 2 | 927,524 | 513,447 |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Statement of Cash Flows |
For The Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 460,129 | 577,867 |
1,254,976 | 901,873 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 927,524 | 513,447 |
Period ended 30 June 2023 |
30.6.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 513,447 | 187,855 |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Statement of Cash Flows |
For The Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 513,447 | 414,077 | 927,524 |
513,447 | 927,524 |
Debt |
Debts falling due within 1 year | (213,996 | ) | (24,377 | ) | (238,373 | ) |
Debts falling due after 1 year | (5,786,004 | ) | 180,419 | (5,605,585 | ) |
(6,000,000 | ) | 156,042 | (5,843,958 | ) |
Total | (5,486,553 | ) | 570,119 | (4,916,434 | ) |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements |
For The Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
J.P. Mackie & Company Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The nature of the company's operations and principal activities are set out in the report of the directors on page 3. |
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The company reports net liabilities on its statement of financial position as at the year-end date and as such the directors have considered the appropriateness of the going concern basis for preparing these accounts. |
The company’s accounting policy is to recognise goodwill at amortised historical cost. At the year-end date, the market value of the company’s goodwill is significantly in excess of the carrying value of goodwill in the financial statements. Should goodwill be recognised at market valuation at the statement of financial position date, the company would report a significant positive net assets position. |
As such, the directors are of the view that it is appropriate to prepare these accounts on the going concern basis. |
The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents net invoiced sale of goods, excluding value added tax. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses, is being written off evenly over its estimated useful life of thirty years. Estimated useful lives are reviewed annually on a store by store basis, and are based on sector information and store performance (historical and projected). |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Impairment of assets |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income. |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at thestatement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under the hire purchase contracts are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the statement of comprehensive income 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. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an agreement constitutes a finance transaction, it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of cash or other consideration expected to be paid or received, net of impairment. |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,240,125 | 2,168,918 |
Social security costs | 180,202 | 155,064 |
Other pension costs | 70,626 | 324,358 |
2,490,953 | 2,648,340 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Pharmacy staff | 109 | 100 |
The only member of key management are the directors. |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Loss/(profit) on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Bank loan interest |
Hire purchase |
Fair value movement on |
interest rate swap |
Bank arrangement fee |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provision | - | (47,840 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
UK corporation tax has been charged at 25% (2023 - 20.50%). |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Timing differences | 14,556 | 100,082 |
Permanent differences | 6,411 | 19,149 |
Deferred tax movement | 22,439 | (76,134 | ) |
R&D claim | (41,067 | ) | (47,840 | ) |
Total tax charge/(credit) | 95,711 | (36,661 | ) |
7. | DIVIDENDS |
Period |
1.6.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
11. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
14. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Loan - due more than 5 years | 4,445,542 | 4,743,785 |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Unity Bank Plc holds fixed and floating charges and standard security over the property and assets of the company. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 270,977 | 248,540 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Movement in year | 22,437 |
Balance at 30 June 2024 |
J.P. Mackie & Company Ltd. (Registered number: SC194112) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits from a director subsisted during the year ended 30 June 2024 and the period ended 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The company has assigned to the bank a life policy with Scottish Equitable plc over the life of J P Mackie, a director of the company. |
J P Mackie, a director, has given a personal guarantee in respect of bank borrowings for a maximum of £600,000 plus relevant interest and charges due to the bank. |
20. | RELATED PARTY DISCLOSURES |
At the year end, the company owed Primary Properties (Scotland) Limited, a company owned by secretary T Mackie, a balance of £65,000 (2023; £50,000). |
21. | POST BALANCE SHEET EVENTS |
The company has advanced a loan of £200,000 post year end to a related company. The companies are related as the directors of the related party company are close family members of one of the directors of the company. |