Company Registration No. 06574532 (England and Wales)
Iain MacDonald Design Limited
Unaudited accounts
for the year ended 31 March 2021
Iain MacDonald Design Limited
Unaudited accounts
Contents
Iain MacDonald Design Limited
Company Information
for the year ended 31 March 2021
Director
Mr I B MacDonald
Company Number
06574532 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Iain MacDonald Design Limited
Statement of financial position
as at
31 March 2021
Tangible assets
9,306
7,991
Inventories
782,119
757,844
Cash at bank and in hand
8,415
1,893
Creditors: amounts falling due within one year
(163,184)
(131,247)
Net current assets
726,627
716,847
Total assets less current liabilities
735,933
724,838
Creditors: amounts falling due after more than one year
(41,521)
-
Net assets
694,412
724,838
Called up share capital
110
110
Profit and loss account
694,302
724,728
Shareholders' funds
694,412
724,838
For the year ending 31 March 2021 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 July 2021 and were signed on its behalf by
Mr I B MacDonald
Director
Company Registration No. 06574532
Iain MacDonald Design Limited
Notes to the Accounts
for the year ended 31 March 2021
Iain MacDonald Design Limited is a private company, limited by shares, registered in England and Wales, registration number 06574532. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Iain MacDonald Design Limited
Notes to the Accounts
for the year ended 31 March 2021
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Iain MacDonald Design Limited
Notes to the Accounts
for the year ended 31 March 2021
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:.
Depreciation is provided on the following basis:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Iain MacDonald Design Limited
Notes to the Accounts
for the year ended 31 March 2021
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2020
9,453
10,185
6,863
21,696
48,197
Additions
-
-
-
5,663
5,663
At 31 March 2021
9,453
10,185
6,863
27,359
53,860
At 1 April 2020
7,049
9,731
5,508
17,918
40,206
Charge for the year
601
114
831
2,802
4,348
At 31 March 2021
7,650
9,845
6,339
20,720
44,554
At 31 March 2021
1,803
340
524
6,639
9,306
At 31 March 2020
2,404
454
1,355
3,778
7,991
Finished goods
782,119
757,844
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
30,704
35,423
Accrued income and prepayments
68,573
52,934
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
8,479
-
Trade creditors
26,974
47,760
Taxes and social security
81,688
54,303
Loans from directors
22,012
20,151
8
Creditors: amounts falling due after more than one year
2021
2020
Iain MacDonald Design Limited
Notes to the Accounts
for the year ended 31 March 2021
9
Share capital
2021
2020
Allotted, called up and fully paid:
110 Ordinary shares of £1 each
110
110
10
Transactions with related parties
At the balance sheet date, the director, was owed £22,012 (2019 - £20,151) in relation to his directors loan account, due to charging the company for rental of its office premises. This amount is held in other creditors, is interest free and is repayable on demand.
11
Average number of employees
During the year the average number of employees was 5 (2020: 5).