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COMPANY REGISTRATION NUMBER: SC270960
DAVID McLEOD MOTOR ENGINEERS LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2025
DAVID McLEOD MOTOR ENGINEERS LTD.
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2025
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
DAVID McLEOD MOTOR ENGINEERS LTD.
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr D McLeod
Registered office
15 Perimeter Road
Pinefield Industrial Estate
Elgin
IV30 6AF
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
DAVID McLEOD MOTOR ENGINEERS LTD.
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DAVID McLEOD MOTOR ENGINEERS LTD.
YEAR ENDED 28 FEBRUARY 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David McLeod Motor Engineers Ltd. for the year ended 28 February 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of David McLeod Motor Engineers Ltd.. Our work has been undertaken solely to prepare for your approval the financial statements of David McLeod Motor Engineers Ltd. and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David McLeod Motor Engineers Ltd. and its director for our work or for this report.
It is your duty to ensure that David McLeod Motor Engineers Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of David McLeod Motor Engineers Ltd.. You consider that David McLeod Motor Engineers Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of David McLeod Motor Engineers Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
21 August 2025
DAVID McLEOD MOTOR ENGINEERS LTD.
STATEMENT OF FINANCIAL POSITION
28 February 2025
2025
2024
Note
£
£
FIXED ASSETS
Tangible assets
6
52,350
19,310
CURRENT ASSETS
Stocks
9,717
10,732
Debtors
7
7,086
363
Cash at bank and in hand
260,962
241,674
---------
---------
277,765
252,769
CREDITORS: amounts falling due within one year
8
46,841
44,220
---------
---------
NET CURRENT ASSETS
230,924
208,549
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
283,274
227,859
---------
---------
NET ASSETS
283,274
227,859
---------
---------
CAPITAL AND RESERVES
Called up share capital
120
120
Profit and loss account
283,154
227,739
---------
---------
SHAREHOLDERS FUNDS
283,274
227,859
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:
Mr D McLeod
Director
Company registration number: SC270960
DAVID McLEOD MOTOR ENGINEERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 15 Perimeter Road, Pinefield Industrial Estate, Elgin, IV30 6AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tennant improvements
-
10% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
25,000
--------
Amortisation
At 1 March 2024 and 28 February 2025
25,000
--------
Carrying amount
At 28 February 2025
--------
At 29 February 2024
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2024
43,303
34,032
78,492
750
156,577
Additions
4,752
45,470
242
50,464
--------
--------
---------
----
---------
At 28 February 2025
43,303
38,784
123,962
992
207,041
--------
--------
---------
----
---------
Depreciation
At 1 March 2024
43,303
31,221
61,993
750
137,267
Charge for the year
1,893
15,494
37
17,424
--------
--------
---------
----
---------
At 28 February 2025
43,303
33,114
77,487
787
154,691
--------
--------
---------
----
---------
Carrying amount
At 28 February 2025
5,670
46,475
205
52,350
--------
--------
---------
----
---------
At 29 February 2024
2,811
16,499
19,310
--------
--------
---------
----
---------
7. Debtors
2025
2024
£
£
Other debtors
7,086
363
-------
----
8. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,984
1,579
Corporation tax
11,993
29,025
Social security and other taxes
287
6,577
Other creditors
28,577
7,039
--------
--------
46,841
44,220
--------
--------
9. Related party transactions
At 28 February 2025, the company owed the director £7,423 (2024: £5,839) by way of a director's loan account. During the year the company paid dividends of £25,000 (2024: £25,000) to the directors.