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REGISTERED NUMBER: SC103119 (Scotland)















MACLEOD & MITCHELL (CONTRACTORS) LIMITED

Financial Statements for the Year Ended 31 March 2023






MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MACLEOD & MITCHELL (CONTRACTORS) LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S M Mackintosh
W M Mitchell





SECRETARY: A A Maclean





REGISTERED OFFICE: Bac Dubh
Poolewe
Achnasheen
Ross-Shire
IV22 2JU





REGISTERED NUMBER: SC103119 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 167,643 174,672

CURRENT ASSETS
Stocks 478,268 559,706
Debtors 5 93,337 99,147
Cash at bank and in hand 27,271 2,343
598,876 661,196
CREDITORS
Amounts falling due within one year 6 267,910 274,992
NET CURRENT ASSETS 330,966 386,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

498,609

560,876

CREDITORS
Amounts falling due after more than one
year

7

(151,235

)

(264,536

)

PROVISIONS FOR LIABILITIES (33,852 ) (33,188 )
NET ASSETS 313,522 263,152

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Retained earnings 273,522 223,152
313,522 263,152

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Balance Sheet - continued
31 March 2023


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 9 October 2023 and were signed on its behalf by:





W M Mitchell - Director


MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Macleod & Mitchell (Contractors) 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% depreciation on reducing balance
Motor vehicles - 25% depreciation on reducing balance
Computer equipment - 20% on reducing balance

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.

Classification of financial liabilities
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.

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 yer 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.

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.

MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the
date of inception and the present value of the minimum lease payments. The related liability is
included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant
periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or
loss on a straight line basis over the term of the relevant lease except where another more systematic
basis is more representative of the time pattern in which economic benefits from the lease s asset are
consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 330,290 14,388 138,818 7,741 491,237
Additions 3,199 - 17,995 575 21,769
Disposals - - (13,950 ) - (13,950 )
At 31 March 2023 333,489 14,388 142,863 8,316 499,056
DEPRECIATION
At 1 April 2022 200,300 12,429 97,772 6,064 316,565
Charge for year 13,159 294 14,677 336 28,466
Eliminated on disposal - - (13,618 ) - (13,618 )
At 31 March 2023 213,459 12,723 98,831 6,400 331,413
NET BOOK VALUE
At 31 March 2023 120,030 1,665 44,032 1,916 167,643
At 31 March 2022 129,990 1,959 41,046 1,677 174,672

MACLEOD & MITCHELL (CONTRACTORS) LIMITED (REGISTERED NUMBER: SC103119)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 93,337 82,034
Amounts owed by group undertakings - 17,113
93,337 99,147

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 20,000 36,458
Trade creditors 120,740 172,195
Amounts owed to group undertakings 96,510 13,623
Taxation and social security 27,560 49,466
Other creditors 3,100 3,250
267,910 274,992

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 143,018 256,319
Other creditors 8,217 8,217
151,235 264,536

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 101,913 210,087
Bounce Back Loan 41,105 46,232
143,018 256,319

8. SECURED DEBTS

The Royal Bank of Scotland have a standard security over a development site at the War Memorial in Aultbea. There is a bond and floating charge over the assets of the company and William Mitchell provides a personal guarantee of £15,000.

9. RELATED PARTY DISCLOSURES

Included within creditors falling due after one year is a balance due to W Mitchell, director of £8,217 (2022 - £8,217). There are no repayment terms in place and interest is not charged on the balance.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W M Mitchell.