Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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55,351 | 65,360 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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153,265 | 188,235 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (2,042,933) | (2,029,085) | ||
Total assets less current liabilities | (1,987,582) | (1,963,725) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Maciain Ltd. (registered number:
Raghnall MacIain
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Maciain Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cnoc-An-Locha, Middle Quarter, Sollas, HS6 5BU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company has recorded a gross loss in the financial period and has net liabilities of £1,987,582 at the period-end. The company has been meeting its day to day working capital requirements mainly through funding provided from the directors. The directors have confirmed that they will not seek repayment of the balance due to them of £1,565,114 for a period of at least 12 months from the date of approval of these financial statements, and until the company is in a position to make these repayments. Furthermore, the MacIain Partnership has confirmed that it will not seek repayment of the balance due to it of £598,607 for a period of at least 12 months from the date of approval of these financial statements, and until the company is in a position to make these repayments.
It is recognised that the ability of the company to continue as a going concern is dependent in the short-term on the on-going financial support from the directors. The directors are confident that funds will be made available to allow the company to meet its liabilities as they fall due. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Plant and machinery etc. | 10 -
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 November 2020 |
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At 31 October 2021 |
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Accumulated depreciation | |||
At 01 November 2020 |
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Charge for the financial year |
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At 31 October 2021 |
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Net book value | |||
At 31 October 2021 |
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At 31 October 2020 |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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57,450 | 57,450 |
Transactions with entities in which the entity itself has a participating interest
2021 | 2020 | ||
£ | £ | ||
MacIain Partnership | (598,607) | (615,865) |
Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Key management personnel | (1,565,114) | (1,567,147) |