MacKinnon Sheep Shearing Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC739537

MacKinnon Sheep Shearing Ltd

Filleted Unaudited Abridged Financial Statements

For the period ended

31 October 2024

MacKinnon Sheep Shearing Ltd

Abridged Financial Statements

Period from 1 August 2023 to 31 October 2024

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

MacKinnon Sheep Shearing Ltd

Abridged Statement of Financial Position

31 October 2024

	31 Oct 24	31 Jul 23
Note	£	£

Fixed assets

Tangible assets	5	3,215	4,688

Current assets

Stocks	2,000	2,500
Debtors	6,258	5,126
Cash at bank and in hand	891	886
	-------	-------
	9,149	8,512

Creditors: amounts falling due within one year	7,245	6,487
	-------	-------
Net current assets	1,904	2,025
	-------	-------
Total assets less current liabilities	5,119	6,713

Creditors: amounts falling due after more than one year	4,372	4,933

Provisions	611	891
	-------	-------
Net assets	136	889
	-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	36	789
	----	----
Shareholders funds	136	889
	----	----

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

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

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

MacKinnon Sheep Shearing Ltd

Abridged Statement of Financial Position (continued)

31 October 2024

These abridged financial statements were approved by the board of directors and authorised for issue on 21 October 2025 , and are signed on behalf of the board by:

Mr E Destor-Mackinnon
Director

Company registration number: SC739537

MacKinnon Sheep Shearing Ltd

Notes to the Abridged Financial Statements

Period from 1 August 2023 to 31 October 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).

5. Tangible assets

	£
Cost
At 1 August 2023	4,880
Additions	1,140
Disposals	( 1,926)
	-------
At 31 October 2024	4,094
	-------
Depreciation
At 1 August 2023	192
Charge for the period	1,419
Disposals	( 732)
	-------
At 31 October 2024	879
	-------
Carrying amount
At 31 October 2024	3,215
	-------
At 31 July 2023	4,688
	-------

6. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	31 Oct 24
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr E Destor-Mackinnon	( 6,178)	28,668	( 19,847)	2,643
	-------	--------	--------	-------

	31 Jul 23
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr E Destor-Mackinnon	–	11,950	( 18,128)	( 6,178)
	----	--------	--------	-------

The director's loan account is interest free and repayable on demand.

7. Related party transactions

MacKinnon Farming Ltd is a company in which Mr Euan Destor-MacKinnon is a director and shareholder. Income due to Mackinnon Sheep Shearing Ltd was received by Mackinnon Farming Ltd in the period to 31 October 2024 amounting to £561, resulting in a reduction in the balance owed to MacKinnon Farming Ltd at the year end to £4,372 (2023: £4,933).