Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Nadine Maclean 18/12/2019 Alan Maclean 18/12/2019 Darren Maclean 18/12/2019 Avril Maclean 18/12/2019 John Maclean 17/09/2015 12 September 2024 The principal activity of the Company during the financial year was that of property ownership and rental. SC515810 2024-03-31 SC515810 bus:Director1 2024-03-31 SC515810 bus:Director2 2024-03-31 SC515810 bus:Director3 2024-03-31 SC515810 bus:Director4 2024-03-31 SC515810 bus:Director5 2024-03-31 SC515810 2023-03-31 SC515810 core:CurrentFinancialInstruments 2024-03-31 SC515810 core:CurrentFinancialInstruments 2023-03-31 SC515810 core:Non-currentFinancialInstruments 2024-03-31 SC515810 core:Non-currentFinancialInstruments 2023-03-31 SC515810 core:ShareCapital 2024-03-31 SC515810 core:ShareCapital 2023-03-31 SC515810 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC515810 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC515810 core:OtherPropertyPlantEquipment 2023-03-31 SC515810 core:OtherPropertyPlantEquipment 2024-03-31 SC515810 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 SC515810 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC515810 core:MoreThanFiveYears 2024-03-31 SC515810 core:MoreThanFiveYears 2023-03-31 SC515810 2022-03-31 SC515810 bus:OrdinaryShareClass1 2024-03-31 SC515810 2023-04-01 2024-03-31 SC515810 bus:FilletedAccounts 2023-04-01 2024-03-31 SC515810 bus:SmallEntities 2023-04-01 2024-03-31 SC515810 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC515810 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC515810 bus:Director1 2023-04-01 2024-03-31 SC515810 bus:Director2 2023-04-01 2024-03-31 SC515810 bus:Director3 2023-04-01 2024-03-31 SC515810 bus:Director4 2023-04-01 2024-03-31 SC515810 bus:Director5 2023-04-01 2024-03-31 SC515810 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC515810 2022-04-01 2023-03-31 SC515810 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC515810 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC515810 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC515810 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC515810 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC515810 (Scotland)

MACLEAN PROPERTIES LIMITED

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

MACLEAN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MACLEAN PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MACLEAN PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 54,375 65,625
Investment property 4 5,000,000 5,000,000
5,054,375 5,065,625
Current assets
Debtors 5 96,229 5,343
Cash at bank and in hand 11,072 25,549
107,301 30,892
Creditors: amounts falling due within one year 6 ( 3,622,680) ( 2,880,165)
Net current liabilities (3,515,379) (2,849,273)
Total assets less current liabilities 1,538,996 2,216,352
Creditors: amounts falling due after more than one year 7 ( 761,404) ( 1,556,992)
Provision for liabilities 8, 9 ( 156,301) ( 120,926)
Net assets 621,291 538,434
Capital and reserves
Called-up share capital 10 102 102
Profit and loss account 621,189 538,332
Total shareholders' funds 621,291 538,434

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 Maclean Properties Limited (registered number: SC515810) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

John Maclean
Director
MACLEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MACLEAN PROPERTIES 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

Maclean Properties 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 Unit 1 Greenhill Business Park, Tore, IV6 7AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for rental income net of VAT and is recognised on an accruals basis.

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:

Plant and machinery etc. 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 5 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 112,500 112,500
At 31 March 2024 112,500 112,500
Accumulated depreciation
At 01 April 2023 46,875 46,875
Charge for the financial year 11,250 11,250
At 31 March 2024 58,125 58,125
Net book value
At 31 March 2024 54,375 54,375
At 31 March 2023 65,625 65,625

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 5,000,000
As at 31 March 2024 5,000,000

Valuation

On 21 August 2023 the company's investment property was valued by Graham & Sibbald Chartered Surveyors at an open market value of £5,000,000. The directors believe that the value of £5,000,000 is an appropriate valuation as at 31 March 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 4,799,873 4,799,873

5. Debtors

2024 2023
£ £
Trade debtors 90,000 0
Other debtors 6,229 5,343
96,229 5,343

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 512,976 210,667
Trade creditors 0 4,274
Amounts owed to related parties 1,527,331 1,116,831
Taxation and social security 58,161 23,555
Other creditors 1,524,212 1,524,838
3,622,680 2,880,165

The bank term loan of £1,274,380 (2023 - £1,767,659), £61,939 of which is included within creditors due within one year and £1,212,441 of which is included within creditors due after one year, is subject to a standard security and floating bond and charge over the assets of the company. The connected company Ord Industrial & Commercial Supplies Limited has also provided security in the form of a standard security and floating bond and charge over their own company assets as well as a £3,000,000 guarantee. Also, the director loan balance has agreed to be subordinated as part of the loan agreement security.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 761,404 1,556,992

Details of the bank loan security are included in the creditors: amounts falling due within one year note.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 0 588,666

8. Provision for liabilities

2024 2023
£ £
Deferred tax 156,301 120,926

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 120,926) ( 73,468)
Charged to the Profit and Loss Account ( 35,375) ( 47,458)
At the end of financial year ( 156,301) ( 120,926)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
102 Ordinary shares of £ 1.00 each 102 102

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 1,517,364 1,517,364

Other related party transactions

2024 2023
£ £
Amounts owed to other related parties 1,527,331 1,116,831
Amounts owed from other related parties 90,000 0

All loans due by the company are unsecured, interest fee and have no fixed terms of repayment.

Other related parties comprise of other business interests controlled by the directors.