Mackinnon & Saunders Limited 30/06/2021 iXBRL

Mackinnon & Saunders Limited 30/06/2021 iXBRL

MACKINNON & SAUNDERS LIMITED - Company Information

Print Friendly Version

19 30/06/2021 2021-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03067529 2020-07-01 2021-06-30 03067529 2021-06-30 03067529 2020-06-30 03067529 2019-07-01 2020-06-30 03067529 2020-06-30 03067529 2019-06-30 03067529 core:LandBuildings core:OwnedOrFreeholdAssets 2020-07-01 2021-06-30 03067529 core:PlantMachinery 2020-07-01 2021-06-30 03067529 core:FurnitureFittingsToolsEquipment 2020-07-01 2021-06-30 03067529 bus:Director1 2020-07-01 2021-06-30 03067529 bus:Director2 2020-07-01 2021-06-30 03067529 core:LandBuildings core:OwnedOrFreeholdAssets 2020-06-30 03067529 core:PlantMachinery 2020-06-30 03067529 core:FurnitureFittingsToolsEquipment 2020-06-30 03067529 core:LandBuildings core:OwnedOrFreeholdAssets 2021-06-30 03067529 core:PlantMachinery 2021-06-30 03067529 core:FurnitureFittingsToolsEquipment 2021-06-30 03067529 core:WithinOneYear 2021-06-30 03067529 core:WithinOneYear 2020-06-30 03067529 core:AfterOneYear 2021-06-30 03067529 core:AfterOneYear 2020-06-30 03067529 core:ShareCapital 2021-06-30 03067529 core:ShareCapital 2020-06-30 03067529 core:RetainedEarningsAccumulatedLosses 2021-06-30 03067529 core:RetainedEarningsAccumulatedLosses 2020-06-30 03067529 core:LandBuildings core:OwnedOrFreeholdAssets 2020-06-30 03067529 core:PlantMachinery 2020-06-30 03067529 core:FurnitureFittingsToolsEquipment 2020-06-30 03067529 bus:Director1 2020-06-30 03067529 bus:Director1 2021-06-30 03067529 bus:Director2 2020-06-30 03067529 bus:Director2 2021-06-30 03067529 bus:Director1 2019-06-30 03067529 bus:Director1 2020-06-30 03067529 bus:Director2 2019-06-30 03067529 bus:Director2 2020-06-30 03067529 bus:Director1 2019-07-01 2020-06-30 03067529 bus:Director2 2019-07-01 2020-06-30 03067529 bus:SmallEntities 2020-07-01 2021-06-30 03067529 bus:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 03067529 bus:FullAccounts 2020-07-01 2021-06-30 03067529 bus:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 03067529 bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30
Company registration number: 03067529
Mackinnon & Saunders Limited
Unaudited filleted financial statements
30 June 2021
Mackinnon & Saunders Limited
Contents
Statement of financial position
Notes to the financial statements
Mackinnon & Saunders Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 229,302 215,642
_______ _______
229,302 215,642
Current assets
Stocks 6 68,289 66,691
Debtors 7 103,761 329,701
Cash at bank and in hand 264,728 45,334
_______ _______
436,778 441,726
Creditors: amounts falling due
within one year 8 ( 190,874) ( 116,264)
_______ _______
Net current assets 245,904 325,462
_______ _______
Total assets less current liabilities 475,206 541,104
Creditors: amounts falling due
after more than one year 9 ( 46,188) ( 50,000)
Provisions for liabilities ( 12,227) ( 5,366)
_______ _______
Net assets 416,791 485,738
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 416,789 485,736
_______ _______
Shareholders funds 416,791 485,738
_______ _______
For the year ending 30 June 2021 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 March 2022 , and are signed on behalf of the board by:
Mr Ian Malcolm Mackinnon
Director
Company registration number: 03067529
Mackinnon & Saunders Limited
Notes to the financial statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 148 Seamons Road, Altrincham, Cheshire, WA14 4LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.Turnover relating to services is recognised at the point the service is completed or provided to the customer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Freehold property - 2 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2020: 24 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 July 2020 329,245 257,310 455,946 1,042,501
Additions - - 40,522 40,522
_______ _______ _______ _______
At 30 June 2021 329,245 257,310 496,468 1,083,023
_______ _______ _______ _______
Depreciation
At 1 July 2020 144,192 252,404 430,263 826,859
Charge for the year 6,585 995 19,282 26,862
_______ _______ _______ _______
At 30 June 2021 150,777 253,399 449,545 853,721
_______ _______ _______ _______
Carrying amount
At 30 June 2021 178,468 3,911 46,923 229,302
_______ _______ _______ _______
At 30 June 2020 185,053 4,906 25,683 215,642
_______ _______ _______ _______
6. Stocks
2021 2020
£ £
Work in progress 47,241 45,841
Goods for resale 21,048 20,850
_______ _______
68,289 66,691
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 17,075 50,295
Other debtors 86,686 279,406
_______ _______
103,761 329,701
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 37,214 -
Trade creditors 41,739 69,677
Corporation tax 2,427 -
Social security and other taxes 75,907 10,453
Other creditors 33,587 36,134
_______ _______
190,874 116,264
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 46,188 50,000
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Ian Malcolm Mackinnon 8,280 32,829 ( 34,536) 6,573
Mr Peter James Saunders 6,149 32,234 ( 34,536) 3,847
_______ _______ _______ _______
14,429 65,063 ( 69,072) 10,420
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Ian Malcolm Mackinnon 4,081 40,199 ( 36,000) 8,280
Mr Peter James Saunders 4,769 37,380 ( 36,000) 6,149
_______ _______ _______ _______
8,850 77,579 ( 72,000) 14,429
_______ _______ _______ _______