Registered number
SC628567
Macleod Organics Ltd
Unaudited Filleted Accounts
31 March 2023
Macleod Organics Ltd
Registered number: SC628567
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 7,419 12,959
Tangible assets 4 30,504 41,323
37,923 54,282
Current assets
Stocks 11,300 10,815
Debtors 5 43,612 25,007
Cash at bank and in hand 8,496 43,344
63,408 79,166
Creditors: amounts falling due within one year 6 (127,736) (148,533)
Net current liabilities (64,328) (69,367)
Net liabilities (26,405) (15,085)
Capital and reserves
Called up share capital 100 100
Profit and loss account (26,505) (15,185)
Shareholders' funds (26,405) (15,085)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Macleod
Director
Approved by the board on 15 November 2023
Macleod Organics Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).They are presented in £ sterling which is the company's functional currency. The accounts have been prepared on a going concern basis which is considered appropriate by the directors. As at 31 March 2023 the company had net current liabilities of £64,328 (2022 - £69,367) and total net liabilities of £26,405 (2022 - £15,085). The company relies upon continued support from its directors and related parties to be able to meet its liabilities as they fall due and the appropriateness of the going concern basis is dependent on this support being continued.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised over their expected useful life of 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% per annum on a reducing balance basis
Fixtures, fittings, tools and equipment 25% per annum on a reducing balance basis
Motor vehicles 25% per annum on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and loan's to the company. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Loan's to the company, which are repayable on demand, are measured at the undiscounted amount of the cash expected to be paid.
Government Grants
Government grants are recognised 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 using the accrual model.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined benefit contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 9
3 Intangible fixed assets £
Goodwill and website:
Cost
At 1 April 2022 27,699
At 31 March 2023 27,699
Amortisation
At 1 April 2022 14,740
Provided during the year 5,540
At 31 March 2023 20,280
Net book value
At 31 March 2023 7,419
At 31 March 2022 12,959
Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 5,097 1,887 70,978 77,962
At 31 March 2023 5,097 1,887 70,978 77,962
Depreciation
At 1 April 2022 2,973 734 32,932 36,639
Charge for the year 1,019 288 9,512 10,819
At 31 March 2023 3,992 1,022 42,444 47,458
Net book value
At 31 March 2023 1,105 865 28,534 30,504
At 31 March 2022 2,124 1,153 38,046 41,323
5 Debtors 2023 2022
£ £
Trade debtors 21,704 13,528
Other debtors 21,908 11,479
43,612 25,007
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 56,513 60,603
Other creditors 71,223 87,930
127,736 148,533
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1,710 -
8 Other information
Macleod Organics Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Kylerona Farm
Ardersier
Inverness
Highland
IV2 7QZ
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