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REGISTERED NUMBER: SC098319 (Scotland)















Mackays Garage Limited

Financial Statements For The Year Ended 30 November 2024






Mackays Garage Limited (Registered number: SC098319)






Contents of the Financial Statements
For The Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mackays Garage Limited

Company Information
For The Year Ended 30 November 2024







DIRECTORS: G A Mackay
Mrs J S M Mackay





SECRETARY: G A Mackay





REGISTERED OFFICE: Main Street
Castletown
Caithness
KW14 8TU





REGISTERED NUMBER: SC098319 (Scotland)





ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Sir John's Square
Thurso
Caithness
KW14 7AN

Mackays Garage Limited (Registered number: SC098319)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 212 501
Investments 5 1,417,271 1,292,740
1,417,483 1,293,241

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 17 812
Cash at bank and in hand 370,458 433,350
372,475 436,162
CREDITORS
Amounts falling due within one year 7 132,582 131,462
NET CURRENT ASSETS 239,893 304,700
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,657,376

1,597,941

PROVISIONS FOR LIABILITIES 8 58,380 56,503
NET ASSETS 1,598,996 1,541,438

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 10 1,548,996 1,491,438
SHAREHOLDERS' FUNDS 1,598,996 1,541,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Mackays Garage Limited (Registered number: SC098319)

Balance Sheet - continued
30 November 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2025 and were signed on its behalf by:





G A Mackay - Director


Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

Mackays Garage 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 NIL (2023 - NIL).

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 December 2023
and 30 November 2024 37,969
DEPRECIATION
At 1 December 2023 37,468
Charge for year 289
At 30 November 2024 37,757
NET BOOK VALUE
At 30 November 2024 212
At 30 November 2023 501

5. FIXED ASSET INVESTMENTS

30.11.24 30.11.23
£    £   
Shares in group undertakings 250,575 250,575
Other investments not loans 1,166,696 1,042,165
1,417,271 1,292,740

Additional information is as follows:
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 December 2023 250,575 689,716 940,291
Additions - 99,959 99,959
Revaluations - 7,206 7,206
At 30 November 2024 250,575 796,881 1,047,456
NET BOOK VALUE
At 30 November 2024 250,575 796,881 1,047,456
At 30 November 2023 250,575 689,716 940,291

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 November 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2016 - 188,977 188,977
Valuation in 2017 - (9,715 ) (9,715 )
Valuation in 2018 - (44,708 ) (44,708 )
Valuation in 2019 - 58,428 58,428
Valuation in 2020 - (27,444 ) (27,444 )
Valuation in 2021 - 114,861 114,861
Valuation in 2022 - (5,194 ) (5,194 )
Valuation in 2023 - 21,687 21,687
Valuation in 2024 - 7,206 7,206
Cost 250,575 492,783 743,358
250,575 796,881 1,047,456

If listed investments had not been revalued they would have been included at the following historical cost:

30.11.24 30.11.23
£    £   
Cost 492,783 401,117

Listed investments were valued on an open market basis on 30 November 2024 by Hargreaves Lansdown .

Investments (neither listed nor unlisted) were as follows:
30.11.24 30.11.23
£    £   
Other investment 369,815 352,449

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Mackays Garage Corporate Trading Limited
Registered office: 6th Floor 338 Euston Road, London, UK, NW1 3BG
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 358,440 337,805
Profit for the year 20,635 16,176

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Other debtors 17 812

Mackays Garage Limited (Registered number: SC098319)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade creditors 73 66
Taxation and social security 4,471 3,199
Other creditors 128,038 128,197
132,582 131,462

8. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 58,380 56,503

Deferred
tax
£   
Balance at 1 December 2023 56,503
Charge to Income Statement during year 1,877
Balance at 30 November 2024 58,380

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
50,000 Ordinary 1 50,000 50,000

10. RESERVES
Retained
earnings
£   

At 1 December 2023 1,491,438
Profit for the year 57,558
At 30 November 2024 1,548,996

11. RELATED PARTY DISCLOSURES

The business operates from premises owned by Mr G A Mackay. No rent is charged.

12. ULTIMATE CONTROLLING PARTY

The controlling party is G A Mackay.