Michael MacNeil Limited Filleted accounts for Companies House (small and micro)

MICHAEL MACNEIL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC091184

Michael MacNeil Limited

Filleted Unaudited Financial Statements

30 June 2019

Michael MacNeil Limited

Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	1,057,565	1,078,983
Investments	6	2	2
		------------	------------
		1,057,567	1,078,985

Current assets

Stocks		–	825
Debtors	7	102,392	138,228
Cash at bank and in hand		119,291	124,343
		---------	---------
		221,683	263,396

Creditors: amounts falling due within one year	8	43,725	19,635
		---------	---------
Net current assets		177,958	243,761
		------------	------------
Total assets less current liabilities		1,235,525	1,322,746

Creditors: amounts falling due after more than one year	9	4,428	4,428

Provisions	66,952	67,478
	------------	------------
Net assets	1,164,145	1,250,840
	------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	446,649	446,649
Profit and loss account	717,396	804,091
	------------	------------
Shareholders funds	1,164,145	1,250,840
	------------	------------

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 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 30 June 2019 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 financial statements for the year 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 financial statements .

Michael MacNeil Limited

Statement of Financial Position (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 30 October 2019 , and are signed on behalf of the board by:

Michael MacNeil
Director

Company registration number: SC091184

Michael MacNeil Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 12 Southview Road, Blanefield, Glasgow, G63 9JQ.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Income tax

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	1% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	20% straight line
Equipment	-	varying rates on cost

Investment property

Investment property is shown at most recent valuation and any changes in fair value are recognised in profit or loss.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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 year amounted to 2 (2018: 2 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 July 2018	1,081,663	32,546	41,314	113,538	1,269,061
Additions	–	–	–	445	445
Disposals	–	–	( 40,985)	–	( 40,985)
	------------	--------	--------	---------	------------
At 30 June 2019	1,081,663	32,546	329	113,983	1,228,521
	------------	--------	--------	---------	------------
Depreciation
At 1 July 2018	38,056	22,784	26,838	102,400	190,078
Charge for the year	2,183	1,395	66	3,874	7,518
Disposals	–	–	( 26,640)	–	( 26,640)
	------------	--------	--------	---------	------------
At 30 June 2019	40,239	24,179	264	106,274	170,956
	------------	--------	--------	---------	------------
Carrying amount
At 30 June 2019	1,041,424	8,367	65	7,709	1,057,565
	------------	--------	--------	---------	------------
At 30 June 2018	1,043,607	9,762	14,476	11,138	1,078,983
	------------	--------	--------	---------	------------

Included within the above is investment property as follows:

	£
	------------
At 1 July 2018 and 30 June 2019	863,408
	------------

If investment properties had not been revalued, they would have been included in the accounts at an historical cost of £334,121. Investment properties were valued on a fair value basis on 30 June 2019 by the director.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2018 and 30 June 2019	2
	----
Impairment
At 1 July 2018 and 30 June 2019	–
	----

Carrying amount
At 30 June 2019	2
	----
At 30 June 2018	2
	----

7. Debtors

	2019	2018
	£	£
Trade debtors	3,756	7,754
Other debtors	98,636	130,474
	---------	---------
	102,392	138,228
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	32,463	13,304
Social security and other taxes	6,773	2,000
Other creditors	4,489	4,331
	--------	--------
	43,725	19,635
	--------	--------

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

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,428	4,428
	-------	-------

10. Director's advances, credits and guarantees

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

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Michael MacNeil	39,770	130,210	( 170,091)	( 111)
	--------	---------	---------	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Michael MacNeil	259,352	128,701	( 348,283)	39,770
	---------	---------	---------	--------