Company registration number SC380993
WILLIAM MACLENNAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM MACLENNAN LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WILLIAM MACLENNAN LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,606
82,593
Investments
4
83
33
100,689
82,626
Current assets
Stocks
5,000
3,500
Debtors
5
493,863
842,967
Cash at bank and in hand
94,180
20,391
593,043
866,858
Creditors: amounts falling due within one year
6
(174,186)
(512,006)
Net current assets
418,857
354,852
Total assets less current liabilities
519,546
437,478
Creditors: amounts falling due after more than one year
7
(6,667)
(16,667)
Provisions for liabilities
Deferred tax liability
10
25,152
20,648
(25,152)
(20,648)
Net assets
487,727
400,163
Capital and reserves
Called up share capital
11
75
75
Capital redemption reserve
12
25
25
Profit and loss reserves
487,627
400,063
Total equity
487,727
400,163

The director of the company has 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 director acknowledges his 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.

WILLIAM MACLENNAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 July 2025
Mr A J Lewis
Director
Company Registration No. SC380993
WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

William MacLennan Limited is a private company limited by shares incorporated in Scotland. The registered office is Redwood, 19 Culduthel Road, Inverness, IV2 4AA.

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 £.

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year in respect of building and joinery services, excluding Value Added Tax.

 

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under its contracts.

 

For incomplete contracts, an assessment is made to the extent to which revenue has been earned. This assessment takes into account the nature of the work, its stage of completion and the relevant contract terms. Any unbilled revenue is included in debtors as gross amounts owed by contract customers.

1.3
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 over their useful lives on the following bases:

Tools and equipment
25% on reducing balance
Office and computer equipment
33.3% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.4
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies (Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 and bank loans, 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.

 

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies (Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
9
3
Tangible fixed assets
Tools and equipment
Office and computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
123,225
2,233
112,115
237,573
Additions
12,128
-
0
47,214
59,342
Disposals
(7,700)
-
0
(37,456)
(45,156)
At 31 October 2024
127,653
2,233
121,873
251,759
Depreciation and impairment
At 1 November 2023
80,751
2,046
72,183
154,980
Depreciation charged in the year
12,262
61
15,138
27,461
Eliminated in respect of disposals
(5,888)
-
0
(25,400)
(31,288)
At 31 October 2024
87,125
2,107
61,921
151,153
Carrying amount
At 31 October 2024
40,528
126
59,952
100,606
At 31 October 2023
42,474
187
39,932
82,593
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
83
33
WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Fixed asset investments (Continued)
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 November 2023
33
Additions
50
At 31 October 2024
83
Carrying amount
At 31 October 2024
83
At 31 October 2023
33
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
335,371
257,926
Gross amounts owed by contract customers
61,310
566,798
Other debtors
97,182
18,243
493,863
842,967
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
66,357
279,551
Taxation and social security
64,436
27,815
Other creditors
33,393
194,640
174,186
512,006
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,667
16,667
WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
16,667
26,667
Payable within one year
10,000
10,000
Payable after one year
6,667
16,667

The company received a Coronavirus Bounce Back Loan of £50,000 from the Bank of Scotland. This loan is secured by way of a government guarantee, attracts interest of 2.5% per annum, and is repayable over 6 years, with the first year payment free.

 

9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
1,669

Hire purchase and finance lease obligations were secured over the assets to which they related.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
25,152
20,648
2024
Movements in the year:
£
Liability at 1 November 2023
20,648
Charge to profit or loss
4,504
Liability at 31 October 2024
25,152
WILLIAM MACLENNAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" of £1 each
25
25
25
25
Ordinary "B" of £1 each
50
50
50
50
75
75
75
75
12
Capital redemption reserve

The capital redemption reserve was created on the redemption of preference shares on 28 February 2019.

13
Related party transactions

At the balance sheet date, gross amounts owed by contract customers included £28,840 (2023 - £Nil) of building and joinery services provided to associated company ADA Builders (Highland) Limited.

 

At the balance sheet date, the company was owed £36,967 (2023 - £16,967) by associated company ADA Builders (Highland) Limited. This loan is unsecured, interest-free and has no fixed terms of repayment.

 

At the balance sheet date, the company was owed £59,350 (2023 - £Nil) by associated company Highland Concrete Pumping Limited. This loan is unsecured, interest-free and has no fixed terms of repayment.

 

At the balance sheet date, the company owed the director, Mr A J Lewis, £24,702 (2023 - £67,969). This loan is unsecured, interest-free and has no fixed terms of repayment.

 

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