MacLeod Estates Ltd SC658444 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Hotel & Restaurant Digita Accounts Production Advanced 6.30.9574.0 true true SC658444 2023-04-01 2024-03-31 SC658444 2024-03-31 SC658444 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 SC658444 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC658444 core:OtherResidualIntangibleAssets 2024-03-31 SC658444 core:FurnitureFittingsToolsEquipment 2024-03-31 SC658444 bus:SmallEntities 2023-04-01 2024-03-31 SC658444 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC658444 bus:FilletedAccounts 2023-04-01 2024-03-31 SC658444 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC658444 bus:RegisteredOffice 2023-04-01 2024-03-31 SC658444 bus:Director1 2023-04-01 2024-03-31 SC658444 bus:Director2 2023-04-01 2024-03-31 SC658444 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 SC658444 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC658444 core:LicencesFranchises 2023-04-01 2024-03-31 SC658444 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC658444 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC658444 countries:Scotland 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC658444

MacLeod Estates Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

MacLeod Estates Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

MacLeod Estates Ltd

(Registration number: SC658444)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

14,375

Tangible assets

5

5,773

 

20,148

Current assets

 

Stocks

6

15,950

Cash at bank and in hand

 

17,262

 

33,212

Creditors: Amounts falling due within one year

7

(96,930)

Net current liabilities

 

(63,718)

Net liabilities

 

(43,570)

Capital and reserves

 

Called up share capital

8

2

Retained earnings

(43,572)

Shareholders' deficit

 

(43,570)

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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

 

MacLeod Estates Ltd

(Registration number: SC658444)
Statement of Financial Position as at 31 March 2024

.........................................
Claire MacLeod
Director

.........................................
Gary MacLeod
Director

 
     
 

MacLeod Estates Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Bein Inn
Glenfarg
Perth
PH2 9PY

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

MacLeod Estates Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% Straight Line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Rent Premium

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MacLeod Estates Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 12.

 

MacLeod Estates Ltd

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Revaluations

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

Amortisation charge

625

625

At 31 March 2024

625

625

Carrying amount

At 31 March 2024

14,375

14,375

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

6,217

6,217

At 31 March 2024

6,217

6,217

Depreciation

Charge for the year

444

444

At 31 March 2024

444

444

Carrying amount

At 31 March 2024

5,773

5,773

6

Stocks

2024
£

Other inventories

15,950

 

MacLeod Estates Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

19,885

Taxation and social security

14,246

Accruals and deferred income

3,850

Other creditors

58,949

96,930

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

2

2