Registered number
SC032302
D. McLeod and Son, Limited
Filleted Accounts
30 September 2023
D. McLeod and Son, Limited
Registered number: SC032302
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 460,536 431,132
Current assets
Debtors 4 2,048 1,644
Cash at bank and in hand 755,162 797,309
757,210 798,953
Creditors: amounts falling due within one year 6 (5,424) (5,020)
Net current assets 751,786 793,933
Net assets 1,212,322 1,225,065
Capital and reserves
Called up share capital 3,600 3,600
Capital redemption reserve 5,210 5,210
Revaluation reserve 7 52,127 22,723
Profit and loss reserves 1,151,385 1,193,532
Shareholders' funds 1,212,322 1,225,065
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.
Mrs C Cameron
Director
Approved by the board on 15 July 2024
D. McLeod and Son, Limited
Notes to the Accounts
for the year ended 30 September 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).
Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Turnover
During 2021 the company ceased to trade following the disposal of its remaining stock. Turnover was recognised at the fair value of the consideration received or receivable for stock items sold.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdr.afts are shown within borrowings in current liabilities
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Investments
Other
investments
£
Cost
At 1 October 2022 431,132
Valuation changes 29,404
At 30 September 2023 460,536
4 Debtors 2023 2022
£ £
Other debtors 2,048 1,644
5 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 29,404 (143,237)
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 5,424 5,020
7 Revaluation reserve 2023 2022
£ £
At 1 October 2022 22,723 22,723
Gain on revaluation of investments 29,404 -
At 30 September 2023 52,127 22,723
8 Related party transactions
During the current year, there were no advances and credits made.
9 Other information
D. McLeod and Son, Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
7 Craige Drive
Newton Mearns
Glasgow
G77 5DA
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