Registered number
SC258081
A & M MacLennan Limited
Unaudited Filleted Accounts
30 November 2023
A & M MacLennan Limited
Registered number: SC258081
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 160,802 132,046
Current assets
Stocks 4,848 9,619
Debtors 4 31,003 29,891
Cash at bank and in hand 17,081 3,875
52,932 43,385
Creditors: amounts falling due within one year 5 (80,155) (53,694)
Net current liabilities (27,223) (10,309)
Total assets less current liabilities 133,579 121,737
Creditors: amounts falling due after more than one year 6 (12,849) (25,774)
Provisions for liabilities (18,826) (7,746)
Net assets 101,904 88,217
Capital and reserves
Called up share capital 43,256 43,256
Profit and loss account 58,648 44,961
Shareholders' funds 101,904 88,217
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.
Mr R MacLennan
Director
Approved by the board on 31 August 2024
A & M MacLennan Limited
Notes to the Accounts
for the year ended 30 November 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).
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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:
Freehold buildings over 50 years
Plant and machinery 15% and 25% reducing balance
Motor vehicles 25% reducing balance
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 7,288 266,813 36,437 310,538
Additions - 57,857 - 57,857
Disposals - (13,500) - (13,500)
At 30 November 2023 7,288 311,170 36,437 354,895
Depreciation
At 1 December 2022 146 165,581 12,765 178,492
Charge for the year 146 17,719 5,918 23,783
On disposals - (8,182) - (8,182)
At 30 November 2023 292 175,118 18,683 194,093
Net book value
At 30 November 2023 6,996 136,052 17,754 160,802
At 30 November 2022 7,142 101,232 23,672 132,046
4 Debtors 2023 2022
£ £
Trade debtors 10,648 17,807
Other debtors 20,355 12,084
31,003 29,891
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,574 7,387
Obligations under finance lease and hire purchase contracts 5,351 5,495
Trade creditors 53,379 17,286
Taxation and social security costs - 908
Other creditors 13,851 22,618
80,155 53,694
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,384 19,958
Obligations under finance lease and hire purchase contracts 465 5,816
12,849 25,774
7 Other information
A & M MacLennan Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Roalma
Brae of Dunvournie
Duncanston
Dingwall
IV7 8JD
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