I F Mackinnon Capital Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06344190

I F Mackinnon Capital Limited

Filleted Unaudited Financial Statements

31 December 2024

I F Mackinnon Capital Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Investments	5		1,114,453	1,003,520

Current assets

Debtors	6	1,379,508	1,368,648
Cash at bank and in hand		–	84
		------------	------------
		1,379,508	1,368,732

Creditors: amounts falling due within one year	7	1,066,992		1,062,831
		------------		------------
Net current assets			312,516	305,901
			------------	------------
Total assets less current liabilities			1,426,969	1,309,421

Creditors: amounts falling due after more than one year	8	684,740	678,740
		------------	------------
Net assets		742,229	630,681
		------------	------------

Capital and reserves

Called up share capital	1,202,000	1,202,000
Profit and loss account	( 459,771)	( 571,319)
	------------	------------
Shareholders funds	742,229	630,681
	------------	------------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

I F Mackinnon Capital Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

I F Mackinnon
Director

Company registration number: 06344190

I F Mackinnon Capital Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northwood House, Ward Avenue, Cowes, Isle of Wight, PO31 8AZ, United Kingdom.

2. Statement of compliance

These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Brand names	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Intangible assets

	Development costs
	£
Cost
At 1 January 2024 and 31 December 2024	40,000
	--------
Amortisation
At 1 January 2024 and 31 December 2024	40,000
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

5. Investments

	Shares in group undertakings	Shares in participating interests	Other investments other than loans	Total
	£	£	£	£
Cost
At 1 January 2024	500,000	1,040,788	622,992	2,163,780
Other movements	–	110,933	–	110,933
	---------	------------	---------	------------
At 31 December 2024	500,000	1,151,721	622,992	2,274,713
	---------	------------	---------	------------
Impairment
At 1 January 2024 and 31 December 2024	500,000	37,269	622,991	1,160,260
	---------	------------	---------	------------

Carrying amount
At 31 December 2024	–	1,114,452	1	1,114,453
	---------	------------	---------	------------
At 31 December 2023	–	1,003,519	1	1,003,520
	---------	------------	---------	------------

6. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,366,699	1,356,839
Other debtors	12,809	11,809
	------------	------------
	1,379,508	1,368,648
	------------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	500,931	543,841
Other creditors - desc in a/cs	392,353	391,490
Other creditors	173,708	127,500
	------------	------------
	1,066,992	1,062,831
	------------	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	684,740	678,740
	---------	---------

9. Related party transactions

The company was under the control of Mr I F Mackinnon throughout the current and previous year. Mr I F Mackinnon is the chairman and majority shareholder. The company acted as the holding company for the following group entities: Mackinnon Investments Limited I F Mackinnon & Company LLP Mackinnon SPV 2 LLP Mackinnon SPV 3 LLP Ardmair Partners LP No transactions with related parties were undertaken such as are required to be disclosed under FRSSE