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Unaudited Financial Statements for the Year Ended 31 October 2023

for

John McLeod Principal Contractors Ltd

John McLeod Principal Contractors Ltd (Registered number: SC309255)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John McLeod Principal Contractors Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: J F McLeod





REGISTERED OFFICE: Unit 4
Station Wynd
Doune
FK16 6EH





REGISTERED NUMBER: SC309255 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

John McLeod Principal Contractors Ltd (Registered number: SC309255)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 926,304 644,764

CURRENT ASSETS
Stocks 89,500 48,290
Debtors 5 100,471 44,313
Cash at bank 72,249 40,951
262,220 133,554
CREDITORS
Amounts falling due within one year 6 357,640 223,569
NET CURRENT LIABILITIES (95,420 ) (90,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

830,884

554,749

CREDITORS
Amounts falling due after more than one year 7 (580,322 ) (370,761 )

PROVISIONS FOR LIABILITIES (48,436 ) (32,450 )
NET ASSETS 202,126 151,538

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 202,026 151,438
SHAREHOLDERS' FUNDS 202,126 151,538

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

John McLeod Principal Contractors Ltd (Registered number: SC309255)

Balance Sheet - continued
31 October 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 director and authorised for issue on 31 July 2024 and were signed by:





J F McLeod - Director


John McLeod Principal Contractors Ltd (Registered number: SC309255)

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

1. STATUTORY INFORMATION

John McLeod Principal Contractors Ltd 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

John McLeod Principal Contractors Ltd (Registered number: SC309255)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 27 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 483,589 363,413 847,002
Additions 223,138 117,018 340,156
At 31 October 2023 706,727 480,431 1,187,158
DEPRECIATION
At 1 November 2022 - 202,238 202,238
Charge for year - 58,616 58,616
At 31 October 2023 - 260,854 260,854
NET BOOK VALUE
At 31 October 2023 706,727 219,577 926,304
At 31 October 2022 483,589 161,175 644,764

John McLeod Principal Contractors Ltd (Registered number: SC309255)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2022 130,161
Additions 83,458
Transfer to ownership (58,013 )
At 31 October 2023 155,606
DEPRECIATION
At 1 November 2022 58,259
Charge for year 32,824
Transfer to ownership (35,324 )
At 31 October 2023 55,759
NET BOOK VALUE
At 31 October 2023 99,847
At 31 October 2022 71,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 100,471 44,313

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 53,178 30,723
Hire purchase contracts 25,725 13,082
Trade creditors 169,632 83,536
Taxation and social security 105,601 93,004
Other creditors 3,504 3,224
357,640 223,569

John McLeod Principal Contractors Ltd (Registered number: SC309255)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 514,185 346,811
Hire purchase contracts 66,137 23,950
580,322 370,761

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 567,363 377,534

The company's borrowings are secured by a standard security over its property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary £1 100 100