Company registration number 07399708 (England and Wales)
MCLEOD PARTNERSHIPS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MCLEOD PARTNERSHIPS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MCLEOD PARTNERSHIPS LTD (REGISTERED NUMBER: 07399708)
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
94,368
52,227
Current assets
Debtors
4
153,500
200,361
Cash at bank and in hand
243,112
83,035
396,612
283,396
Creditors: amounts falling due within one year
5
(307,410)
(247,037)
Net current assets
89,202
36,359
Total assets less current liabilities
183,570
88,586
Creditors: amounts falling due after more than one year
6
(6,667)
(16,667)
Provisions for liabilities
(23,592)
(13,722)
Net assets
153,311
58,197
Capital and reserves
Called up share capital
7
102
102
Profit and loss reserves
153,209
58,095
Total equity
153,311
58,197
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MCLEOD PARTNERSHIPS LTD (REGISTERED NUMBER: 07399708)
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
Mr C G A McLeod
Mrs O McLeod
Director
Director
MCLEOD PARTNERSHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
McLeod Partnerships Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, United Kingdom, WC2R 0LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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 the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria also must be met before turnover is recognised.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - The amount of turnover can be measure reliably. - It is probable that the company will receive the consideration under the contract. - The stage of completion of the contract at the end of the reporting period can be measure reliably; and - The costs incurred and the costs to complete the contract can be measure reliably. |
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
MCLEOD PARTNERSHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
2,913
12,159
45,884
60,956
Additions
2,481
65,431
67,912
At 31 October 2024
2,913
14,640
111,315
128,868
Depreciation and impairment
At 1 November 2023
2,412
3,449
2,868
8,729
Depreciation charged in the year
125
2,624
23,022
25,771
At 31 October 2024
2,537
6,073
25,890
34,500
Carrying amount
At 31 October 2024
376
8,567
85,425
94,368
At 31 October 2023
501
8,710
43,016
52,227
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,500
100,361
Other debtors
150,000
100,000
153,500
200,361
MCLEOD PARTNERSHIPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Taxation and social security
294,162
222,122
Other creditors
3,248
14,915
307,410
247,037
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,667
16,667
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
102
102
102
102
8
Financial commitments, guarantees and contingent liabilities
Included within loans is an amount of £16,667 (2023 : £26,667) borrowed as part of the CBIL scheme in 2021.
The initial amount borrowed was £50,000 and as part of the loan scheme the UK government guaranteed the advance and paid the interest and fees due for the first 12 months.
The loan now attracts an interest rate of 2.5%.