Registration number:
S.E. McKay & Son Limited
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 |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
S.E. McKay & Son Limited
(Registration number: NI056783)
Balance Sheet as at 31 October 2024
Approved and authorised by the
|
.............................................. |
.............................................. |
S.E. McKay & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
|
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 November 2023 |
|
|
|
At 31 October 2024 |
|
|
|
Amortisation |
||
|
At 1 November 2023 |
|
|
|
At 31 October 2024 |
|
|
|
Carrying amount |
||
|
At 31 October 2024 |
- |
- |
S.E. McKay & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
|
Tangible assets |
|
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||
|
At 1 November 2023 |
|
|
|
|
Additions |
|
- |
|
|
At 31 October 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 November 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 October 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 October 2024 |
|
|
|
|
At 31 October 2023 |
|
|
|
|
Stocks |
|
2024 |
2023 |
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
S.E. McKay & Son Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
|
Creditors: due within one year |
|
2024 |
2023 |
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: due after more than one year |
|
2024 |
2023 |
|
|
Directors loan account |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2 |
|
2 |