Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mr Andrew McKinley 13/02/2012 Mr Raynor McKinley 13/02/2012 27 March 2025 The principal activity of the company continued to be that of dairy farming. SC416949 2024-06-30 SC416949 bus:Director1 2024-06-30 SC416949 bus:Director2 2024-06-30 SC416949 2023-06-30 SC416949 core:CurrentFinancialInstruments 2024-06-30 SC416949 core:CurrentFinancialInstruments 2023-06-30 SC416949 core:Non-currentFinancialInstruments 2024-06-30 SC416949 core:Non-currentFinancialInstruments 2023-06-30 SC416949 core:ShareCapital 2024-06-30 SC416949 core:ShareCapital 2023-06-30 SC416949 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC416949 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC416949 core:LandBuildings 2023-06-30 SC416949 core:OtherPropertyPlantEquipment 2023-06-30 SC416949 core:LandBuildings 2024-06-30 SC416949 core:OtherPropertyPlantEquipment 2024-06-30 SC416949 core:CostValuation 2023-06-30 SC416949 core:CostValuation 2024-06-30 SC416949 core:UnlistedNon-exchangeTraded core:WithinOneYear 2024-06-30 SC416949 core:UnlistedNon-exchangeTraded core:WithinOneYear 2023-06-30 SC416949 2023-07-01 2024-06-30 SC416949 bus:FilletedAccounts 2023-07-01 2024-06-30 SC416949 bus:SmallEntities 2023-07-01 2024-06-30 SC416949 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC416949 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC416949 bus:Director1 2023-07-01 2024-06-30 SC416949 bus:Director2 2023-07-01 2024-06-30 SC416949 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-07-01 2024-06-30 SC416949 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 SC416949 2022-07-01 2023-06-30 SC416949 core:LandBuildings 2023-07-01 2024-06-30 SC416949 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC416949 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC416949 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: SC416949 (Scotland)

R & A MCKINLEY LTD

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

R & A MCKINLEY LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

R & A MCKINLEY LTD

BALANCE SHEET

As at 30 June 2024
R & A MCKINLEY LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 417,495 443,127
Investments 5 75,606 75,606
493,101 518,733
Current assets
Stocks 218,082 214,818
Debtors 6 70,286 68,639
Investments 7 671,100 0
Cash at bank and in hand 158,326 713,578
1,117,794 997,035
Creditors: amounts falling due within one year 8 ( 694,102) ( 650,154)
Net current assets 423,692 346,881
Total assets less current liabilities 916,793 865,614
Creditors: amounts falling due after more than one year 9 ( 20,000) ( 44,500)
Provision for liabilities ( 96,939) ( 103,672)
Net assets 799,854 717,442
Capital and reserves
Called-up share capital 100 100
Profit and loss account 799,754 717,342
Total shareholders' funds 799,854 717,442

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 R & A McKinley Ltd (registered number: SC416949) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Mr Andrew McKinley
Director
R & A MCKINLEY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
R & 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

R & 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 The Farm House, Kirkland Farm, Thornhill, DG3 5AD, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 on dispatch 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 b e 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 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.

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 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 impairment losses.

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

Land and buildings not depreciated
Plant and machinery etc. 4 - 6.67 years straight line

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.

Leases

The Company as lessee
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 interested elements. The interest is charged to profit or loss so as to produce a consistent periodic rate of interest on the remaining balance of the liability.

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, to 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. Reversals of impairment losses are also recognised 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 current liabilities.

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.

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 assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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

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.

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 2 2

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 15,800 583,826 599,626
Additions 0 110,074 110,074
Disposals 0 ( 75,773) ( 75,773)
At 30 June 2024 15,800 618,127 633,927
Accumulated depreciation
At 01 July 2023 1,584 154,915 156,499
Charge for the financial year 1,580 82,053 83,633
Disposals 0 ( 23,700) ( 23,700)
At 30 June 2024 3,164 213,268 216,432
Net book value
At 30 June 2024 12,636 404,859 417,495
At 30 June 2023 14,216 428,911 443,127

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 75,606 75,606
At 30 June 2024 75,606 75,606
Carrying value at 30 June 2024 75,606 75,606
Carrying value at 30 June 2023 75,606 75,606

6. Debtors

2024 2023
£ £
Trade debtors 61,678 49,427
Other debtors 8,608 19,212
70,286 68,639

7. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 671,100 0

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 100,444 66,043
Taxation and social security 38,622 27,700
Obligations under finance leases and hire purchase contracts 24,425 24,500
Other creditors 530,611 531,911
694,102 650,154

Obligations under finance leases and hire purchase contracts of £24,425 (2023 - £24,500) are secured over the assets concerned.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 24,500
Other creditors 20,000 20,000
20,000 44,500

Obligations under finance leases and hire purchase contracts of £nil (2023 - £24,500) are secured over the assets concerned.

10. Related party transactions

Included within 'Other creditors falling due within one year' are amounts owed to the directors totalling £495,422 (2023 - £527,879).

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