Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M C Boyd 30/09/1995 H J Maclean 30/09/1995 13 August 2024 The principal activity of the Company during the financial year continued to be that of property letting and furnished holiday lets. SC014050 2024-03-31 SC014050 bus:Director1 2024-03-31 SC014050 bus:Director2 2024-03-31 SC014050 2023-03-31 SC014050 core:CurrentFinancialInstruments 2024-03-31 SC014050 core:CurrentFinancialInstruments 2023-03-31 SC014050 core:ShareCapital 2024-03-31 SC014050 core:ShareCapital 2023-03-31 SC014050 core:RevaluationReserve 2024-03-31 SC014050 core:RevaluationReserve 2023-03-31 SC014050 core:CapitalRedemptionReserve 2024-03-31 SC014050 core:CapitalRedemptionReserve 2023-03-31 SC014050 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC014050 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC014050 core:LandBuildings 2023-03-31 SC014050 core:PlantMachinery 2023-03-31 SC014050 core:LandBuildings 2024-03-31 SC014050 core:PlantMachinery 2024-03-31 SC014050 core:CostValuation 2023-03-31 SC014050 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 SC014050 core:CostValuation 2024-03-31 SC014050 bus:OrdinaryShareClass1 2024-03-31 SC014050 2023-04-01 2024-03-31 SC014050 bus:FilletedAccounts 2023-04-01 2024-03-31 SC014050 bus:SmallEntities 2023-04-01 2024-03-31 SC014050 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC014050 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC014050 bus:Director1 2023-04-01 2024-03-31 SC014050 bus:Director2 2023-04-01 2024-03-31 SC014050 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 SC014050 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC014050 2022-04-01 2023-03-31 SC014050 core:LandBuildings 2023-04-01 2024-03-31 SC014050 core:PlantMachinery 2023-04-01 2024-03-31 SC014050 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC014050 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC014050 (Scotland)

MALCOLM MACLEAN & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MALCOLM MACLEAN & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MALCOLM MACLEAN & SON LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MALCOLM MACLEAN & SON LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 331,999 340,543
Investment property 4 657,453 657,453
Investments 5 7,945 6,426
997,397 1,004,422
Current assets
Debtors 6 600 3,845
Cash at bank and in hand 347,342 352,970
347,942 356,815
Creditors: amounts falling due within one year 7 ( 53,027) ( 64,810)
Net current assets 294,915 292,005
Total assets less current liabilities 1,292,312 1,296,427
Provision for liabilities 8 ( 1,033) ( 663)
Net assets 1,291,279 1,295,764
Capital and reserves
Called-up share capital 9 2,308 2,308
Revaluation reserve 503,585 503,585
Capital redemption reserve 839 839
Profit and loss account 784,547 789,032
Total shareholders' funds 1,291,279 1,295,764

For the financial year ending 31 March 2024 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 Malcolm Maclean & Son Limited (registered number: SC014050) were approved and authorised for issue by the Board of Directors on 13 August 2024. They were signed on its behalf by:

M C Boyd
Director
H J Maclean
Director
MALCOLM MACLEAN & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MALCOLM MACLEAN & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Malcolm Maclean & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received for rental income received. Turnover is recognised on the accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 50 years straight line
Plant and machinery 8 years straight line
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

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 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 445,000 23,719 468,719
At 31 March 2024 445,000 23,719 468,719
Accumulated depreciation
At 01 April 2023 107,948 20,228 128,176
Charge for the financial year 7,752 792 8,544
At 31 March 2024 115,700 21,020 136,720
Net book value
At 31 March 2024 329,300 2,699 331,999
At 31 March 2023 337,052 3,491 340,543

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 657,453
As at 31 March 2024 657,453

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 6,426 6,426
Movement in fair value 1,519 1,519
At 31 March 2024 7,945 7,945
Carrying value at 31 March 2024 7,945 7,945
Carrying value at 31 March 2023 6,426 6,426

6. Debtors

2024 2023
£ £
Other debtors 600 3,845

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 610 3,214
Taxation and social security 660 3,557
Other creditors 51,757 58,039
53,027 64,810

8. Provision for liabilities

2024 2023
£ £
Deferred tax 1,033 663

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,308 Ordinary shares of £ 1.00 each 2,308 2,308

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel - amounts owed to directors 47,693 35,039

The loan is unsecured, interest free and has no fixed terms of repayment.