Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mr Alan McKinley 13/02/2012 Mr John McKinley 13/02/2012 25 March 2025 The principal activity of the company continued to be the operation of a dairy farm. SC416946 2024-06-30 SC416946 bus:Director1 2024-06-30 SC416946 bus:Director2 2024-06-30 SC416946 2023-06-30 SC416946 core:CurrentFinancialInstruments 2024-06-30 SC416946 core:CurrentFinancialInstruments 2023-06-30 SC416946 core:Non-currentFinancialInstruments 2024-06-30 SC416946 core:Non-currentFinancialInstruments 2023-06-30 SC416946 core:ShareCapital 2024-06-30 SC416946 core:ShareCapital 2023-06-30 SC416946 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC416946 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC416946 core:LandBuildings 2023-06-30 SC416946 core:OtherPropertyPlantEquipment 2023-06-30 SC416946 core:LandBuildings 2024-06-30 SC416946 core:OtherPropertyPlantEquipment 2024-06-30 SC416946 core:CostValuation 2023-06-30 SC416946 core:AdditionsToInvestments 2024-06-30 SC416946 core:CostValuation 2024-06-30 SC416946 2023-07-01 2024-06-30 SC416946 bus:FilletedAccounts 2023-07-01 2024-06-30 SC416946 bus:SmallEntities 2023-07-01 2024-06-30 SC416946 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC416946 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC416946 bus:Director1 2023-07-01 2024-06-30 SC416946 bus:Director2 2023-07-01 2024-06-30 SC416946 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC416946 2022-07-01 2023-06-30 SC416946 core:LandBuildings 2023-07-01 2024-06-30 SC416946 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: SC416946 (Scotland)

J & A MCKINLEY LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

J & A MCKINLEY LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

J & A MCKINLEY LTD

BALANCE SHEET

As at 30 June 2024
J & A MCKINLEY LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 395,835 416,395
Investments 5 88,907 88,105
484,742 504,500
Current assets
Stocks 187,417 191,650
Debtors 6 73,808 75,423
Cash at bank and in hand 373,644 367,596
634,869 634,669
Creditors: amounts falling due within one year 7 ( 196,567) ( 256,238)
Net current assets 438,302 378,431
Total assets less current liabilities 923,044 882,931
Creditors: amounts falling due after more than one year 8 ( 2,611) ( 3,482)
Provision for liabilities ( 51,272) ( 55,178)
Net assets 869,161 824,271
Capital and reserves
Called-up share capital 100 100
Profit and loss account 869,061 824,171
Total shareholders' funds 869,161 824,271

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of J & A McKinley Ltd (registered number: SC416946) were approved and authorised for issue by the Board of Directors on 25 March 2025. They were signed on its behalf by:

Mr Alan McKinley
Director
J & A MCKINLEY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
J & A MCKINLEY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J & A McKinley Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Laggan Dairy, Laggan Farm, Ballantrae, Girvan, KA26 0JZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover, RHI income, rental and subsidies are recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Subsidies are recognised once all conditions in relation to the grants have been met.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually when the movement has been recorded with BCMS), 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 in respect of the transaction can be measured reliably.

Employee benefits

Short term 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 t 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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Depreciation is recognised

Land and buildings not depreciated
Plant and machinery etc. 15 - 25 % reducing balance

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 profit or loss.

Impairment of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 when the company's becomes party to the contractual provisions of the instruments.

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.

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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting 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.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 125,990 529,658 655,648
Additions 0 43,335 43,335
Disposals 0 ( 5,770) ( 5,770)
At 30 June 2024 125,990 567,223 693,213
Accumulated depreciation
At 01 July 2023 0 239,253 239,253
Charge for the financial year 0 61,588 61,588
Disposals 0 ( 3,463) ( 3,463)
At 30 June 2024 0 297,378 297,378
Net book value
At 30 June 2024 125,990 269,845 395,835
At 30 June 2023 125,990 290,405 416,395

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 88,105 88,105
Additions 802 802
At 30 June 2024 88,907 88,907
Carrying value at 30 June 2024 88,907 88,907
Carrying value at 30 June 2023 88,105 88,105

Unlisted investments are recorded in the accounts at cost, which in the opinion of the directors, is a realistic statement of fair value.

6. Debtors

2024 2023
£ £
Trade debtors 40,398 49,783
Other debtors 33,410 25,640
73,808 75,423

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 147,062 144,710
Taxation and social security 18,437 37,990
Obligations under finance leases and hire purchase contracts 0 7,192
Other creditors 31,068 66,346
196,567 256,238

Obligations under finance leases and hire purchase contracts of £nil (2023 - £7,192) are secured over the assets concerned.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 2,611 3,482

9. Related party transactions

Included within 'Other creditors falling due within one year' are amounts owed to directors of £24,627 (2023 - £61,557).

These amounts are repayable on demand and do not bear interest.