MacLean (South West) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

MacLean (South West) Limited

(Registration number: 03267955)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	2,580	3,066
Current assets
Stocks	5	100	100
Debtors	6	101	387
Cash at bank and in hand		321	46
		522	533
Creditors: Amounts falling due within one year	7	(59,347)	(54,873)
Net current liabilities		(58,825)	(54,340)
Net liabilities		(56,245)	(51,274)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(56,247)	(51,276)
Shareholders' deficit		(56,245)	(51,274)

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 24 September 2025
 

Mr A D Maclean Director

MacLean (South West) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Stables
Knowle
Colyton
Devon
EX24 6PU

Principal activity

The principal activity of the company is that of plant hire and importation of vehicles on a commercial basis.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

MacLean (South West) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fittings fixtures and equipment	15% reducing balance
Motor vehicles	20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

MacLean (South West) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

MacLean (South West) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2024 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	4,574	39,869	13,000	57,443
At 31 December 2024	4,574	39,869	13,000	57,443
Depreciation
At 1 January 2024	4,201	37,719	12,457	54,377
Charge for the year	48	329	109	486
At 31 December 2024	4,249	38,048	12,566	54,863
Carrying amount
At 31 December 2024	325	1,821	434	2,580
At 31 December 2023	373	2,150	543	3,066

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	100	100

6

Debtors

	2024 £	2023 £
Other debtors	101	387
	101	387

MacLean (South West) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	3,873	4,063
Accruals and deferred income	1,017	969
Other creditors	54,457	49,841
	59,347	54,873

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.