Company registration number SC423062 (Scotland)
JOHN MACKIRDY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
JOHN MACKIRDY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
JOHN MACKIRDY LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF JOHN MACKIRDY LTD
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John MacKirdy Ltd for the year ended 31 July 2024 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of John MacKirdy Ltd, as a body, in accordance with the terms of our engagement letter dated 5 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of John MacKirdy Ltd and state those matters that we have agreed to state to the board of directors of John MacKirdy Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John MacKirdy Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that John MacKirdy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John MacKirdy Ltd. You consider that John MacKirdy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of John MacKirdy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wbg Services LLP
14 April 2025
Accountants
168 Bath Street
Glasgow
G2 4TP
JOHN MACKIRDY LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,199,717
1,059,752
Current assets
Stocks
21,889
21,889
Debtors
6
225,021
224,013
Cash at bank and in hand
181,620
191,821
428,530
437,723
Creditors: amounts falling due within one year
Loans and overdrafts
90,000
90,000
Obligations under finance leases
118,291
160,316
Taxation and social security
95,641
56,695
Other creditors
220,452
148,252
524,384
455,263
Net current liabilities
(95,854)
(17,540)
Total assets less current liabilities
1,103,863
1,042,212
Creditors: amounts falling due after more than one year
7
(480,829)
(382,484)
Provisions for liabilities
(165,669)
(220,129)
Net assets
457,365
439,599
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
457,265
439,499
Total equity
457,365
439,599
JOHN MACKIRDY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 3 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr J MacKirdy
Director
Company registration number SC423062 (Scotland)
JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

John MacKirdy Ltd is a private company limited by shares incorporated in Scotland. The registered office is 3 Cotton Mill Lane, Rothesay, Isle of Bute, PA20 9BZ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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.

JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -

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 Leasehold
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% Reducing Balance
Motor vehicles
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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
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.

1.8
Financial instruments
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.

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.

JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.9
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.

1.10
Retirement benefits

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

1.11
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.

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.

JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
1.12
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
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 in the period are included in profit or loss.

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.

3
Employees

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

2024
2023
Number
Number
Total
12
13
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
63,181
Amortisation and impairment
At 1 August 2023 and 31 July 2024
63,181
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
5
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
208,989
55,497
75,458
5,454
2,366,188
2,711,586
Additions
116,913
-
0
-
0
-
0
258,000
374,913
At 31 July 2024
325,902
55,497
75,458
5,454
2,624,188
3,086,499
Depreciation and impairment
At 1 August 2023
25,080
43,383
57,916
2,352
1,523,103
1,651,834
Depreciation charged in the year
6,518
3,028
13,856
775
210,771
234,948
At 31 July 2024
31,598
46,411
71,772
3,127
1,733,874
1,886,782
Carrying amount
At 31 July 2024
294,304
9,086
3,686
2,327
890,314
1,199,717
At 31 July 2023
183,909
12,114
17,542
3,102
843,085
1,059,752
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
191,580
192,429
Other debtors
33,441
31,584
225,021
224,013
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
105,000
195,000
Trade creditors
308,000
-
0
Other creditors
67,829
187,484
480,829
382,484

The hire purchase creditors included in the other creditors figure are secured by fixed charges over the vehicles to which the hire purchase agreements relate.

JOHN MACKIRDY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135,159
107,702
Corporation tax
88,681
-
0
Other taxation and social security
6,960
56,695
Other creditors
293,584
290,866
524,384
455,263
2024-07-312023-08-01falsefalsefalse14 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr J MacKirdyMrs E MacKirdyMrs E MacKirdySC4230622023-08-012024-07-31SC4230622024-07-31SC4230622023-07-31SC423062core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-07-31SC423062core:PlantMachinery2024-07-31SC423062core:FurnitureFittings2024-07-31SC423062core:ComputerEquipment2024-07-31SC423062core:MotorVehicles2024-07-31SC423062core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-31SC423062core:PlantMachinery2023-07-31SC423062core:FurnitureFittings2023-07-31SC423062core:ComputerEquipment2023-07-31SC423062core:MotorVehicles2023-07-31SC423062core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-31SC423062core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-31SC423062core:CurrentFinancialInstruments2024-07-31SC423062core:CurrentFinancialInstruments2023-07-31SC423062core:Non-currentFinancialInstruments2024-07-31SC423062core:Non-currentFinancialInstruments2023-07-31SC423062core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-31SC423062core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-31SC423062core:ShareCapital2024-07-31SC423062core:ShareCapital2023-07-31SC423062core:RetainedEarningsAccumulatedLosses2024-07-31SC423062core:RetainedEarningsAccumulatedLosses2023-07-31SC423062bus:Director12023-08-012024-07-31SC423062core:Goodwill2023-08-012024-07-31SC423062core:LandBuildingscore:LongLeaseholdAssets2023-08-012024-07-31SC423062core:PlantMachinery2023-08-012024-07-31SC423062core:FurnitureFittings2023-08-012024-07-31SC423062core:ComputerEquipment2023-08-012024-07-31SC423062core:MotorVehicles2023-08-012024-07-31SC4230622022-08-012023-07-31SC423062core:NetGoodwill2023-07-31SC423062core:NetGoodwill2024-07-31SC423062core:NetGoodwill2023-07-31SC423062core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-31SC423062core:PlantMachinery2023-07-31SC423062core:FurnitureFittings2023-07-31SC423062core:ComputerEquipment2023-07-31SC423062core:MotorVehicles2023-07-31SC4230622023-07-31SC423062core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-012024-07-31SC423062core:WithinOneYear2024-07-31SC423062core:WithinOneYear2023-07-31SC423062bus:PrivateLimitedCompanyLtd2023-08-012024-07-31SC423062bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC423062bus:FRS1022023-08-012024-07-31SC423062bus:AuditExemptWithAccountantsReport2023-08-012024-07-31SC423062bus:Director22023-08-012024-07-31SC423062bus:CompanySecretary12023-08-012024-07-31SC423062bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP