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REGISTERED NUMBER: SC288032 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Macfein Limited

Macfein Limited (Registered number: SC288032)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Macfein Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr S Feinberg
Mrs J Feinberg





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC288032 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Macfein Limited (Registered number: SC288032)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 376,184 367,347

CURRENT ASSETS
Debtors 5 1,709 450
Cash at bank 115,474 107,042
117,183 107,492
CREDITORS
Amounts falling due within one year 6 409,223 408,421
NET CURRENT LIABILITIES (292,040 ) (300,929 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

84,144

66,418

PROVISIONS FOR LIABILITIES 14,867 15,439
NET ASSETS 69,277 50,979

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 69,271 50,973
SHAREHOLDERS' FUNDS 69,277 50,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:



Mr S Feinberg - Director


Macfein Limited (Registered number: SC288032)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Macfein Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 and on a going concern basis.

Going concern
The directors review the requirements of the business on a regular basis to ensure that commitments can be met as they fall due. This includes a review of current resources, projected income and expenditure levels and the ongoing support from them in the form of loan monies. Having carried out this exercise the directors are satisfied that commitments can be met as falling due and as such the accounts have been prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities.Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Land - in accordance with the property
Letting lodges, fixtures and fittings - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible fixed 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 amount 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.

Macfein Limited (Registered number: SC288032)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Macfein Limited (Registered number: SC288032)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Letting
lodges,
fixtures
Freehold and
Land fittings Totals
£    £    £   
COST
At 1 January 2024 60,000 335,435 395,435
Additions - 20,000 20,000
At 31 December 2024 60,000 355,435 415,435
DEPRECIATION
At 1 January 2024 - 28,088 28,088
Charge for year - 11,163 11,163
At 31 December 2024 - 39,251 39,251
NET BOOK VALUE
At 31 December 2024 60,000 316,184 376,184
At 31 December 2023 60,000 307,347 367,347

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,709 450

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 6,991 3,309
Other creditors 402,232 405,112
409,223 408,421

7. RELATED PARTY DISCLOSURES

The directors are also members in Jest Lodges LLP, which is therefore a related party. During the year, a lodge was acquired from Jest Lodges LLP. At the year end, the balance due to Jest Lodges LLP was £35,937 (2023: £5,448).

The company operates a loan account with the directors. During the year, the directors were repaid £36,573 by the company. At the year end, the balance due to the directors was £362,673 (2023: £399,246). This loan is unsecured, interest free and has no fixed repayment terms.

8. ULTIMATE CONTROLLING PARTY

The company is under the joint control of the Director's by virtue of their 100% shareholding in the company.