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Registered number: 12158581
Graeme Macleod Property Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 August 2024
SeavorChartered
Chartered Accountants & Tax Advisers
Clifford Court
Cooper Way
Carlisle
Cumbria
CA3 0JG
Contents
Page
Abridged Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Abridged Financial Statements 4—6
Page 1
Abridged Balance Sheet
Registered number: 12158581
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 15,617 66,923
15,617 66,923
CURRENT ASSETS
Debtors 68,391 87,737
Cash at bank and in hand 45,947 72,786
114,338 160,523
Creditors: Amounts Falling Due Within One Year (143,718 ) (161,582 )
NET CURRENT ASSETS (LIABILITIES) (29,380 ) (1,059 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,763 ) 65,864
Creditors: Amounts Falling Due After More Than One Year (52,345 ) (112,107 )
NET LIABILITIES (66,108 ) (46,243 )
CAPITAL AND RESERVES
Called up share capital 8 102 102
Profit and Loss Account (66,210 ) (46,345 )
SHAREHOLDERS' FUNDS (66,108) (46,243)
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 August 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Graeme MacLeod
Director
14 November 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 September 2022 102 108,976 109,078
Loss for the year and total comprehensive income - (155,321 ) (155,321)
Dividends paid - - -
As at 31 August 2023 and 1 September 2023 102 (46,345 ) (46,243)
Loss for the year and total comprehensive income - (19,865 ) (19,865)
As at 31 August 2024 102 (66,210 ) (66,108)
Page 3
Page 4
Notes to the Abridged Financial Statements
1. General Information
Graeme Macleod Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12158581 . The registered office is 56 Warwick Road, Carlisle, CA1 1DR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 20% Reducing balance
Computer Equipment 33% Straight-line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 4
Page 5
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets
and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related
parties investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at
amortised cost using the effective interest method. Debt instruments that are payable or receivable within on year,
typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash
or other consideration expected to be paid or received. However, if the the arrangements of a short-term instrument
consittutes a financial transaction, like the payment of a trade debt deferred beyond normal business terms or
financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate,
the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market
rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found , an impairment loss is recognised in
the Statement of comprehensive income.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 25)
20 25
4. Intangible Assets
Total
£
Cost
As at 1 September 2023 1
As at 31 August 2024 1
Amortisation
As at 1 September 2023 1
As at 31 August 2024 1
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
Page 5
Page 6
5. Tangible Assets
Total
£
Cost
As at 1 September 2023 111,015
Disposals (59,981 )
As at 31 August 2024 51,034
Depreciation
As at 1 September 2023 44,092
Provided during the period 9,559
Disposals (18,234 )
As at 31 August 2024 35,417
Net Book Value
As at 31 August 2024 15,617
As at 1 September 2023 66,923
6. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 54,466
Bank loans and overdrafts 69,728 85,574
7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 7,682
Later than one year and not later than five years - 47,956
- 55,638
- 55,638
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
Page 6