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REGISTERED NUMBER: SC491745 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Macleod & Maccallum Limited

Macleod & Maccallum Limited (Registered number: SC491745)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Macleod & Maccallum Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs K L Ashbolt
Mrs L Bishop
Mrs F J Campbell
Mr S Dallas
Mrs C L Irwin
Mr G R Laughton
Mrs M S Macintosh
Mrs A M Martin
Mr P F Mason
Mrs J Thomson
Mrs G R McClelland





REGISTERED OFFICE: 28 Queensgate
Inverness
IV1 1DJ





REGISTERED NUMBER: SC491745 (Scotland)





ACCOUNTANTS: Mackay & Co CA
Unit 8
Golspie Business Park
Golspie
Sutherland
KW10 6UB

Macleod & Maccallum Limited (Registered number: SC491745)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,900 19,800
Tangible assets 5 858,935 861,214
868,835 881,014

CURRENT ASSETS
Debtors 6 1,022,271 929,323
Cash in hand 7 704 906
1,022,975 930,229
CREDITORS
Amounts falling due within one year 556,001 589,688
NET CURRENT ASSETS 466,974 340,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,335,809

1,221,555

CREDITORS
Amounts falling due after more than one
year

8

(270,766

)

(288,217

)

PROVISIONS FOR LIABILITIES (16,703 ) (17,063 )
NET ASSETS 1,048,340 916,275

Macleod & Maccallum Limited (Registered number: SC491745)

Abridged Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 99 90
Share premium 782,566 764,183
Deferred Share Premium 229,460 150,477
Retained earnings 36,215 1,525
SHAREHOLDERS' FUNDS 1,048,340 916,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 July 2024 and were signed on its behalf by:





Mr P F Mason - Director


Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Macleod & Maccallum 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in a period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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

Goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life of two years, three years and ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritable Property - Not depreciated
Renovations - 15% Straight line
Office furniture and equipment - 10% - 20% Straight line
Computer equipment - 20% Straight line
Library - Not depreciated

Heritable property and capital books are not depreciated as it is the policy of the company to maintain its heritable property and library to a high standard to ensure its residual value is at least equal to its book value. Consequently any depreciation would be considered to be not material.

Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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 blance 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 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest method, 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.

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.


Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalents
Cash and Cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

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.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the rights to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to client, including expenses and disbursements but excluding value added tax.

Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designed and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 54 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 236,636
AMORTISATION
At 1 April 2023 216,836
Amortisation for year 9,900
At 31 March 2024 226,736
NET BOOK VALUE

At 31 March 2024 9,900
At 31 March 2023 19,800

Goodwill generated from the incorporation of the Macleod & MacCallum partnership is amortised over 10 years.

Goodwill in relation to the acquisition of the MacNeilll & Critchley partnership was amortised over 3 years.

Goodwill in relation to the acquisition of the trade of Wilsons Solicitors and Estate Agents was amortised over 2 years.

Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 1,037,302
Additions 21,476
At 31 March 2024 1,058,778
DEPRECIATION
At 1 April 2023 176,088
Charge for year 23,755
At 31 March 2024 199,843
NET BOOK VALUE
At 31 March 2024 858,935
At 31 March 2023 861,214

Included within land and buildings is heritable property of £778,500 that is not depreciated.

Included within plant and machinery are capital books of £9,789 that are not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other debtors 349,923 248,236

7. CASH IN HAND
31.3.24 31.3.23
£    £   
Client Account 500 500
Cash in hand 204 406
704 906

Macleod & Maccallum Limited (Registered number: SC491745)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CASH IN HAND - continued


Clients' accounts

31.3.24 31.3.23
£ £
Rule 4 float 500 500
Clients' bank accounts 3,407,470 2,508,958
Clients' invested funds 8,083,614 11,726,580

11,491,584 14,236,038

Due to Clients 11,491,084 14,235,538
500 500





8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 200,433 221,093

Bank loans and overdrafts are secured by way of a floating charge over the company's assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
81 Ordinary Shares of £1 1 81 72
18 B Shares of £1 1 18 18
99 90