S.E. McKay & Son Limited NI056783 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is oil distributors Digita Accounts Production Advanced 6.30.9574.0 true NI056783 2023-11-01 2024-10-31 NI056783 2024-10-31 NI056783 bus:OrdinaryShareClass1 2024-10-31 NI056783 core:CurrentFinancialInstruments 2024-10-31 NI056783 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 NI056783 core:Non-currentFinancialInstruments 2024-10-31 NI056783 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 NI056783 core:Goodwill 2024-10-31 NI056783 core:MotorVehicles 2024-10-31 NI056783 core:OtherPropertyPlantEquipment 2024-10-31 NI056783 bus:SmallEntities 2023-11-01 2024-10-31 NI056783 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 NI056783 bus:FilletedAccounts 2023-11-01 2024-10-31 NI056783 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 NI056783 bus:RegisteredOffice 2023-11-01 2024-10-31 NI056783 bus:Director1 2023-11-01 2024-10-31 NI056783 bus:Director2 2023-11-01 2024-10-31 NI056783 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 NI056783 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 NI056783 core:Goodwill 2023-11-01 2024-10-31 NI056783 core:FurnitureFittings 2023-11-01 2024-10-31 NI056783 core:MotorVehicles 2023-11-01 2024-10-31 NI056783 core:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 NI056783 countries:NorthernIreland 2023-11-01 2024-10-31 NI056783 2023-10-31 NI056783 core:Goodwill 2023-10-31 NI056783 core:MotorVehicles 2023-10-31 NI056783 core:OtherPropertyPlantEquipment 2023-10-31 NI056783 2022-11-01 2023-10-31 NI056783 2023-10-31 NI056783 bus:OrdinaryShareClass1 2023-10-31 NI056783 core:CurrentFinancialInstruments 2023-10-31 NI056783 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI056783 core:Non-currentFinancialInstruments 2023-10-31 NI056783 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 NI056783 core:MotorVehicles 2023-10-31 NI056783 core:OtherPropertyPlantEquipment 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI056783

S.E. McKay & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

S.E. McKay & Son Limited

(Registration number: NI056783)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

124,095

135,835

Current assets

 

Stocks

6

153,420

203,715

Debtors

7

248,982

302,190

Cash at bank and in hand

 

527,172

462,433

 

929,574

968,338

Creditors: due within one year

8

(228,903)

(331,887)

Net current assets

 

700,671

636,451

Total assets less current liabilities

 

824,766

772,286

Creditors: due after more than one year

8

(560,172)

(506,284)

Provisions for liabilities

(31,024)

(33,959)

Net assets

 

233,570

232,043

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

233,568

232,041

Shareholders' funds

 

233,570

232,043

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

S.E. McKay & Son Limited

(Registration number: NI056783)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 9 July 2025 and signed on its behalf by:
 

..............................................
S J McKay
Director

..............................................
M D J McKay
Director

 
     
 

S.E. McKay & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 52 Tullynamullan Road, Shankbridge, Ballymena, Co. Antrim, BT42 2LR.

These financial statements were authorised for issue by the Board on 9 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover represents total invoiced sales for the accounting period net of value added tax and customer discounts. Revenue is recognised at the point of collection or delivery of the goods at which point the Company has generated its right to consideration.

Tax

Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is provided in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions of events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company’s taxable profit and its results stated in the financial statements. The deferred tax liability has not been discounted.

 

S.E. McKay & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Fixture and fittings

20% straight line basis

Motor lorries

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Stock and work in progress

Stock and work in progress are valued at the lower of cost or net realisable value. Cost is determined on a first-in first-out basis and includes, where relevant, transport and handling costs. Net realisable value is calculated as anticipated selling price less costs to completion. Provision is made, where necessary, for obsolete or slow moving items.

 

S.E. McKay & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension costs

The Company operates a defined contribution pension scheme for Directors and employees. The
assets of the scheme are held separately from those of the Company in an independently administered
fund, and contributions are charged to profit and loss account as incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

178,962

178,962

At 31 October 2024

178,962

178,962

Amortisation

At 1 November 2023

178,962

178,962

At 31 October 2024

178,962

178,962

Carrying amount

At 31 October 2024

-

-

 

S.E. McKay & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

309,736

336,131

645,867

Additions

14,290

-

14,290

At 31 October 2024

324,026

336,131

660,157

Depreciation

At 1 November 2023

227,339

282,693

510,032

Charge for the year

14,503

11,527

26,030

At 31 October 2024

241,842

294,220

536,062

Carrying amount

At 31 October 2024

82,184

41,911

124,095

At 31 October 2023

82,397

53,438

135,835

6

Stocks

2024
£

2023
£

Work in progress

3,455

3,455

Finished goods and goods for resale

149,965

200,260

153,420

203,715

7

Debtors

2024
£

2023
£

Trade debtors

162,133

240,893

Prepayments

20,162

17,810

Other debtors

66,687

43,487

 

248,982

302,190

 

S.E. McKay & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors: due within one year

2024
£

2023
£

Trade creditors

158,932

269,740

Taxation and social security

15,795

11,082

Accruals and deferred income

21,858

20,168

Other creditors

32,318

30,897

228,903

331,887

9

Creditors: due after more than one year

2024
£

2023
£

Directors loan account

560,172

506,284

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2