MacKinnon Partners Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC245089 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

MacKinnon Partners Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs J MacKinnon

D MacKinnon

SECRETARY:

Mrs J MacKinnon

REGISTERED OFFICE:

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

REGISTERED NUMBER:

SC245089 (Scotland)

ACCOUNTANTS:

Gerber Landa & Gee

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

CURRENT ASSETS

Debtors

5

1,666

7,410

Cash at bank

3,280

23

4,946

7,433

CREDITORS

Amounts falling due within one year

6

2,433

2,785

NET CURRENT ASSETS

2,513

4,648

TOTAL ASSETS LESS CURRENT LIABILITIES

2,513

4,648

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,413

4,548

SHAREHOLDERS' FUNDS

2,513

4,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:

D MacKinnon - Director

1.	STATUTORY INFORMATION

MacKinnon Partners Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

and 31 May 2023

400

DEPRECIATION

At 1 June 2022

and 31 May 2023

400

NET BOOK VALUE

At 31 May 2023

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Directors' current accounts

353

6,097

S455 tax debtor

1,313

1,313

1,666

7,410

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Tax

933

985

Accrued expenses

1,500

1,800

2,433

2,785

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23

31.5.22

£

£

Mrs J MacKinnon

Balance outstanding at start of year

610

1,881

Amounts advanced

31

840

Amounts repaid

(610

)

(2,111

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31

610

D MacKinnon

Balance outstanding at start of year

5,487

17,982

Amounts advanced

5,203

7,560

Amounts repaid

(10,368

)

(20,055

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

322

5,487

The loans to the Directors were repaid in full by 28 February 2024.

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by its Directors.