J & L Mackay Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC522713 (Scotland)

Unaudited Financial Statements For The Year Ended 31 January 2025

for

J & L Mackay Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Mackay

Mrs L A Mackay

REGISTERED OFFICE:

Clyth Mains

Occumster

Lybster

Caithness

KW3 6AX

REGISTERED NUMBER:

SC522713 (Scotland)

ACCOUNTANTS:

The Long Partnership

Chartered Accountants

Chartered Tax Advisers

1 Sir John's Square

Thurso

Caithness

KW14 7AN

BANKERS:

The Royal Bank of Scotland

1 Bridge Street

Wick

Caithness

KW1 4BU

FIXED ASSETS

Intangible assets

4

10,872

Tangible assets

5

440,231

414,795

451,103

425,667

CURRENT ASSETS

Stocks

286,961

287,907

Debtors

6

17,541

5,419

Cash at bank

78

-

304,580

293,326

CREDITORS

Amounts falling due within one year

7

371,568

373,727

NET CURRENT LIABILITIES

(66,988

)

(80,401

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

384,115

345,266

CREDITORS

Amounts falling due after more than one
year

8

(208,601

)

(219,899

)

PROVISIONS FOR LIABILITIES

9

(19,246

)

(14,413

)

ACCRUALS AND DEFERRED INCOME

(1,834

)

(2,158

)

NET ASSETS

154,434

108,796

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

154,334

108,696

154,434

108,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:

J S Mackay - Director

Mrs L A Mackay - Director

1.	STATUTORY INFORMATION

J & L Mackay Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2024

and 31 January 2025

10,872

NET BOOK VALUE

At 31 January 2025

10,872

At 31 January 2024

10,872

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 February 2024

328,063

159,472

487,535

Additions

-

47,840

Disposals

-

(13,000

)

(13,000

)

At 31 January 2025

328,063

194,312

522,375

DEPRECIATION

At 1 February 2024

-

72,740

Charge for year

-

15,674

Eliminated on disposal

-

(6,270

)

(6,270

)

At 31 January 2025

-

82,144

NET BOOK VALUE

At 31 January 2025

328,063

112,168

440,231

At 31 January 2024

328,063

86,732

414,795

Land and buildings are held by J & L Mackay in trust for the company.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2024

30,000

Additions

24,000

At 31 January 2025

54,000

DEPRECIATION

At 1 February 2024

8,325

Charge for year

3,556

At 31 January 2025

11,881

NET BOOK VALUE

At 31 January 2025

42,119

At 31 January 2024

21,675

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

Other debtors

17,541

5,419

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

Bank loans and overdrafts

57,092

86,944

Hire purchase contracts

25,255

5,455

Trade creditors

19,444

7,677

Taxation and social security

6,754

6,414

Other creditors

263,023

267,237

371,568

373,727

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.1.25

31.1.24

£

Bank loans

191,419

206,262

Hire purchase contracts

17,182

13,637

208,601

219,899

31.1.25

31.1.24

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

73,614

75,333

9.	PROVISIONS FOR LIABILITIES

31.1.25

31.1.24

£

Deferred tax

19,246

14,413

Deferred

tax

£

Balance at 1 February 2024

14,413

Charge to Income Statement during year

4,833

Balance at 31 January 2025

19,246

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J & L Mackay.