REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
FOR |
|
MACKINNON HOLDINGS LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
FOR |
|
MACKINNON HOLDINGS LIMITED |
MACKINNON HOLDINGS LIMITED (REGISTERED NUMBER: 04113157) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Statement of Financial Position | 1 |
|
Notes to the Financial Statements | 2 | to | 4 |
|
MACKINNON HOLDINGS LIMITED (REGISTERED NUMBER: 04113157) |
|
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2019 |
|
31.10.19 | 31.10.18 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
|
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
The director acknowledges her 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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
signed by: |
|
|
|
|
|
|
|
MACKINNON HOLDINGS LIMITED (REGISTERED NUMBER: 04113157) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
|
1. | STATUTORY INFORMATION |
|
The company is a private company limited by shares, registered in England and Wales. The |
address of the registered office is Derby Road, Uttoxeter, Staffordshire, ST14 8EG. The principal |
activity of the company during the year was that of a holding company. |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
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. |
|
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. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
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. |
|
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. |
|
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 statement of financial position date. |
|
MACKINNON HOLDINGS LIMITED (REGISTERED NUMBER: 04113157) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
|
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position 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. |
|
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 cashgenerating 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. |
|
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2018 |
and 31 October 2019 |
|
NET BOOK VALUE |
At 31 October 2019 |
|
At 31 October 2018 |
|
|
The company owns 100% of the issued share capital of Angus Mackinnon Limited, a company |
registered in England and Wales. The company's principal activity during the year was that of vehicle |
and leasing systems for vehicles purchases and vehicle sales. |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Directors' loan accounts | 119,229 | 78,469 |
MACKINNON HOLDINGS LIMITED (REGISTERED NUMBER: 04113157) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Amounts owed to group undertakings |
|
|
Amounts owed to connected |
companies | 101,588 | 75,338 |
|
|
|
7. | CAPITAL COMMITMENTS |
|
There were none, either contracted, or authorised but not contracted. |
|
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 31 October 2019 |
and 31 October 2018: |
|
31.10.19 | 31.10.18 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
By virtue of the loan accounts, a liability to taxation exists under section 455 of CTA 2010 in the sum of |
£38,749 which will be repaid or discharged when the loans are repaid. The loans were repaid within |
nine months of the year end and as such, no taxation has been provided for. |
|
9. | RELATED PARTY DISCLOSURES |
|
During the year transactions took place with the following related parties: |
|
MacKinnon Properties Staffordshire Limited, a connected company; |
|
The companies are connected by virtue of A M and M P MacKinnon being directors of both |
companies. At the start of the year £75,338 was owed to MacKinnon Properties Staffordshire Limited. |
During the year £26,250 was received from MacKinnon Properties Staffordshire Limited £101,588 was |
owed to Mackinnon Properties Staffordshire Limited at the year end. |
|
10. | POST BALANCE SHEET EVENTS |
|
There were no significant post balance sheet events up to the date of approval of the financial |
statements by the Board. |