Eakin Macdonald & Associates Limited,Ltd - AccountsLtd - Accounts

EAKIN MACDONALD & ASSOCIATES LIMITED - Company Information

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Draft

Eakin Macdonald & Associates Limited

Registered Number:03894721

For the year ended 31 December 2019

England and Wales

Unaudited Financial Statements

Draft

As at 31 December 2019

Eakin Macdonald & Associates Limited

Statement of Financial Position

Registered Number :

03894721

2018

2019

Notes

Fixed assets

Property, plant and equipment

57,931

73,110

Financial assets

169,801

227,732

242,911

Current assets

Trade and other receivables

52,175

79,166

136,405

Cash and cash equivalents

42,218

121,384

188,580

Trade and other payables: amounts falling due within one

year

(314,149)

(305,740)

(125,569)

(184,356)

Net current liabilities

Total assets less current liabilities

43,376

117,342

Trade and other payables: amounts falling due after more

than one year

(37,762)

(27,283)

16,093

Net assets

79,580

Capital and reserves

Called up share capital

Retained earnings

16,091

79,578

16,093

79,580

Shareholders' funds

For the year ended 31 December 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Statement of Financial Position Continued

K R Eakin Director

S C Macdonald Director

These financial statements were approved and authorised for issue by the Board on 30 September 2020 and were signed by:

The notes form part of these financial statements

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Draft

For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Notes to the Financial Statements

Statutory Information

Eakin Macdonald & Associates Limited is a private limited company, limited by shares, domiciled in England and

Wales, registration number 03894721.

Registered address:

Bryn Awel

Brithdir

Dolgellau

Gwynedd

LL40 2RR

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and

the Companies Act 2006. The financial statements have been prepared under the historical costs convention

as modified by the revaluation of certain assets.

The company has taken advantage of the option not to prepare consolidated financial statements contained in

section 398, Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a

small group.

The directors note the balance of Net Current Liabilities in the Statement of Financial Position amounting to

£184,356 at 31 December 2019. Included in this amount are loans owed by the company to the directors

totalling £257,013. The directors have pledged to continue to support the company's cashflow in order to

enable the company to meet its liabilities as they fall due. The accounts have been prepared on the basis of a

going concern.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, returns and value added tax, for the sale of goods or the provision of services in the ordinary course of the company's activities. The company recognises revenue when the amount of revenue can be relaibly measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.

Property, plant and equipment

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For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Notes to the Financial Statements Continued

Tangible assets are stated in the Statement of Financial Position at cost or valuation less any subsequent

accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets

includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged at rates calculated to write off the cost or valuation of fixed assets, other than

freehold land, less their estimated residual value over their expected useful lives as follows:

Asset class: Depreciation method and rate:

Furniture and fittings 25% reducing balance

Motor vehicles 20% reducing balance

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation. Finance lease payments are apportioned between finance costs in the Statement of Income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability. Rentals paid under operating leases are charged to the Statement of Income on a straightline basis over the period of the lease.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition

is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or

assumed and equity instruments issued by the group in exchange for control of the acquired plus any costs

directly attributable to the business combination. When a business combination agreement provides for an

adjustment to the cost of the combination contingent on future events, the group includes the estimated

amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable

and can be measured reliably.

Borrowings

Interest-bearing borrowings are initially recorded at fair value net of transaction costs. Interest-bearing

borrowings are subsequently carried at amortised cost with the difference between the proceeds, net of

transaction costs, and the amount due on redemption being recognised as a charge to the Statement of

Income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable

and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer

settlement of the liability for at least twelve months after the reporting date.

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For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Notes to the Financial Statements Continued

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or

other resources received or receivable net of direct costs of issuing the equity instruments. If payment is

deferred and the time value of money is material the initial measurement is on a present value basis.

2. Property, plant and equipment

Total

Furniture and

Fittings

Motor Vehicles

Cost or

valuation

At 01 January 2019

123,666

17,893

105,773

(9,738)

Disposals

(9,738)

At 31 December 2019

105,773

8,155

113,928

Provision for depreciation and impairment

At 01 January 2019

50,556

15,322

35,234

Charge for year

14,609

501

14,108

(9,168)

On disposal

At 31 December 2019

55,997

6,655

49,342

At 31 December 2019

Net book value

56,431

1,500

57,931

At 31 December 2018

70,539

2,571

73,110

3. Investments held as fixed assets

Shares in group and participating interests

Total

At 01 January 2019

169,801

Cost

At 31 December 2019

169,801

At 31 December 2019

Net book value

169,801

At 01 January 2019

169,801

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For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Notes to the Financial Statements Continued

4. Trade and other receivables

2018

2019

Trade debtors

64,043

4,500

Amounts owed by group undertakings and participating interest

390

639

Other debtors

14,733

47,036

52,175

79,166

5. Trade and other payables: amounts falling due within one year

2018

2019

Trade creditors

4,132

4,261

Taxation and social security

16,143

15,768

Other creditors

285,465

294,120

305,740

314,149

6. Trade and other payables: amounts falling due after more than one year

2018

2019

Other creditors

27,283

37,762

7. Related party transactions

Exemption has been taken under paragraph 1AC. 35, FRS 102 not to disclose transactions and balances with

other group companies that are wholly owned within the group.

During the year the directors provided loans to the company totalling £257,471. The loans are unsecured,

interest-free and bear no fixed date for repayment. At the balance sheet date amounts totalling £257,013

(2018: £255,649) were outstanding.

During the year, the company made a payment of £3,750 to Sussex County Golf Union in respect of Blind Golf

Sports Sponsorship in support of a close family member of a director.

8. Directors advances and guarantees

During the year advances totalling £30,178 were granted by the company to a director. The advances were

unsecured and interest-free. No amounts have been written-off or waived and the advances were repaid in

full in February 2019. At the balance sheet date, £nil was outstanding (2018: £30,178).

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For the year ended 31 December 2019

Eakin Macdonald & Associates Limited

Notes to the Financial Statements Continued

9. Guarantees and other financial commitments

Lease commitments

Amounts not provided for in the Statement of Financial Position:

The total amount of financial commitments not included in the Statement of Financial Position is £55,800

(2018: £75,000), payable as follows:

Due within one year £18,600

Due between 2 and 5 years £37,200

10. Average number of persons employed

During the year the average number of persons employed by the company was 1 (2018: 1)

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