Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Ms M Jackson 04/08/2010 Mr G Mcleod 08/08/2011 20 March 2025 The principal activity of the Company during the financial year was the hire of plant and machinery. SC343703 2023-12-31 SC343703 bus:Director1 2023-12-31 SC343703 bus:Director2 2023-12-31 SC343703 2022-12-31 SC343703 core:CurrentFinancialInstruments 2023-12-31 SC343703 core:CurrentFinancialInstruments 2022-12-31 SC343703 core:Non-currentFinancialInstruments 2023-12-31 SC343703 core:Non-currentFinancialInstruments 2022-12-31 SC343703 core:ShareCapital 2023-12-31 SC343703 core:ShareCapital 2022-12-31 SC343703 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC343703 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC343703 core:OtherPropertyPlantEquipment 2022-12-31 SC343703 core:OtherPropertyPlantEquipment 2023-12-31 SC343703 bus:OrdinaryShareClass1 2023-12-31 SC343703 2023-01-01 2023-12-31 SC343703 bus:FilletedAccounts 2023-01-01 2023-12-31 SC343703 bus:SmallEntities 2023-01-01 2023-12-31 SC343703 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC343703 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC343703 bus:Director1 2023-01-01 2023-12-31 SC343703 bus:Director2 2023-01-01 2023-12-31 SC343703 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC343703 2022-01-01 2022-12-31 SC343703 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC343703 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC343703 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC343703 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC343703 (Scotland)

GORDON MCLEOD PLANT HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

GORDON MCLEOD PLANT HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

GORDON MCLEOD PLANT HIRE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
GORDON MCLEOD PLANT HIRE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,605,014 1,710,884
1,605,014 1,710,884
Current assets
Debtors 4 391,947 407,567
Cash at bank and in hand 34,919 21,047
426,866 428,614
Creditors: amounts falling due within one year 5 ( 1,083,759) ( 912,514)
Net current liabilities (656,893) (483,900)
Total assets less current liabilities 948,121 1,226,984
Creditors: amounts falling due after more than one year 6 ( 283,368) ( 436,420)
Provision for liabilities 7 ( 235,914) ( 203,097)
Net assets 428,839 587,467
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 428,739 587,367
Total shareholder's funds 428,839 587,467

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gordon Mcleod Plant Hire Limited (registered number: SC343703) were approved and authorised for issue by the Board of Directors on 20 March 2025. They were signed on its behalf by:

Ms M Jackson
Director
GORDON MCLEOD PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
GORDON MCLEOD PLANT HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Gordon Mcleod Plant Hire 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 from the hire of plant is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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. 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 3,135,267 3,135,267
Additions 168,889 168,889
At 31 December 2023 3,304,156 3,304,156
Accumulated depreciation
At 01 January 2023 1,424,383 1,424,383
Charge for the financial year 274,759 274,759
At 31 December 2023 1,699,142 1,699,142
Net book value
At 31 December 2023 1,605,014 1,605,014
At 31 December 2022 1,710,884 1,710,884

4. Debtors

2023 2022
£ £
Trade debtors 376,581 334,736
Other debtors 15,366 72,831
391,947 407,567

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 29,823 150,221
Amounts owed to Group undertakings 768,581 498,581
Other taxation and social security 18,887 18,684
Obligations under finance leases and hire purchase contracts 259,616 235,667
Other creditors 6,852 9,361
1,083,759 912,514

Obligations under finance leases and hire purchase contracts are secured by fixed charges over the assets to which they relate.
Amounts owed to Group undertakings are repayable on demand and do not bear interest.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 283,368 436,420

The long-term loans and obligations under finance leases and hire purchase contracts are secured by fixed charges over the assets to which they relate.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 235,914 203,097

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors (856) (856)

Other related party transactions

2023 2022
£ £
Amounts owed to fellow group companies (768,581) (498,581)

10. Ultimate controlling party

Parent Company:

Marbill Holdings (Scotland) Limited
227 West George Street, Glasgow, G2 2ND