Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr C Maclean 07/12/2005 Mr L Maclean 07/12/2005 09 November 2023 no description of principal activity 05646942 2023-01-31 05646942 bus:Director1 2023-01-31 05646942 bus:Director2 2023-01-31 05646942 2022-01-31 05646942 core:CurrentFinancialInstruments 2023-01-31 05646942 core:CurrentFinancialInstruments 2022-01-31 05646942 core:Non-currentFinancialInstruments 2023-01-31 05646942 core:Non-currentFinancialInstruments 2022-01-31 05646942 core:ShareCapital 2023-01-31 05646942 core:ShareCapital 2022-01-31 05646942 core:RetainedEarningsAccumulatedLosses 2023-01-31 05646942 core:RetainedEarningsAccumulatedLosses 2022-01-31 05646942 core:LandBuildings 2022-01-31 05646942 core:PlantMachinery 2022-01-31 05646942 core:Vehicles 2022-01-31 05646942 core:FurnitureFittings 2022-01-31 05646942 core:LandBuildings 2023-01-31 05646942 core:PlantMachinery 2023-01-31 05646942 core:Vehicles 2023-01-31 05646942 core:FurnitureFittings 2023-01-31 05646942 2022-02-01 2023-01-31 05646942 bus:FullAccounts 2022-02-01 2023-01-31 05646942 bus:SmallEntities 2022-02-01 2023-01-31 05646942 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05646942 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05646942 bus:Director1 2022-02-01 2023-01-31 05646942 bus:Director2 2022-02-01 2023-01-31 05646942 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 05646942 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 05646942 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 05646942 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 05646942 2021-02-01 2022-01-31 05646942 core:LandBuildings 2022-02-01 2023-01-31 05646942 core:PlantMachinery 2022-02-01 2023-01-31 05646942 core:Vehicles 2022-02-01 2023-01-31 05646942 core:FurnitureFittings 2022-02-01 2023-01-31 05646942 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 05646942 (England and Wales)

MACLEAN INTERNATIONAL LTD

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

MACLEAN INTERNATIONAL LTD

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

MACLEAN INTERNATIONAL LTD

COMPANY INFORMATION

For the financial year ended 31 January 2023
MACLEAN INTERNATIONAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTORS Mr C Maclean
Mr L Maclean
SECRETARY Mr L Maclean
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
COMPANY NUMBER 05646942 (England and Wales)
CHARTERED ACCOUNTANTS Gravita III LLP
66 Prescot Street
London
E1 8NN
BANKERS HSBC
Milton Keynes
MACLEAN INTERNATIONAL LTD

BALANCE SHEET

As at 31 January 2023
MACLEAN INTERNATIONAL LTD

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 23,952 71,743
23,952 71,743
Current assets
Stocks 739,558 760,543
Debtors 4 336,896 525,032
Cash at bank and in hand 5 177,079 96,125
1,253,533 1,381,700
Creditors: amounts falling due within one year 6 ( 512,756) ( 756,654)
Net current assets 740,777 625,046
Total assets less current liabilities 764,729 696,789
Creditors: amounts falling due after more than one year 7 ( 221,597) ( 70,833)
Provision for liabilities ( 15,186) 0
Net assets 527,946 625,956
Capital and reserves
Called-up share capital 100 100
Profit and loss account 527,846 625,856
Total shareholder's funds 527,946 625,956

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maclean International Ltd (registered number: 05646942) were approved and authorised for issue by the Board of Directors on 09 November 2023. They were signed on its behalf by:

Mr C Maclean
Director
MACLEAN INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
MACLEAN INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

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.

General information and basis of accounting

Maclean International Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 4 years straight line
depreciated over the life of the lease
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 21

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2022 26,992 20,288 51,293 141,721 240,294
Additions 0 0 0 2,210 2,210
Disposals 0 0 ( 25,646) 0 ( 25,646)
At 31 January 2023 26,992 20,288 25,647 143,931 216,858
Accumulated depreciation
At 01 February 2022 26,992 18,023 25,646 97,890 168,551
Charge for the financial year 0 528 12,823 30,239 43,590
Disposals 0 0 ( 19,235) 0 ( 19,235)
At 31 January 2023 26,992 18,551 19,234 128,129 192,906
Net book value
At 31 January 2023 0 1,737 6,413 15,802 23,952
At 31 January 2022 0 2,265 25,647 43,831 71,743

4. Debtors

2023 2022
£ £
Trade debtors 180,953 136,090
Other debtors 155,943 388,942
336,896 525,032

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 177,079 96,125

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 99,167 50,000
Trade creditors 34,367 35,195
Taxation and social security 151,412 207,654
Other creditors 227,810 463,805
512,756 756,654

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 221,597 70,833

The bank loans are secured by a fixed and floating charge over the assets of the company.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
- within one year 40,000 40,000

9. Related party transactions

Dividends totalling £195,660 (2022: £234,126) were paid in the year in respect of shares held by the company's directors.