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Registration number: SC421882

MacLellans (Think On) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

MacLellans (Think On) Limited

Contents

Company Information | 1
Statement of Financial Position | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

MacLellans (Think On) Limited

Company Information

Directors | Mr Angus John MacLellan Mrs Fiona M MacLellan Mr Lewis MacLellan

Registered office | 6 Atholl Crescent PERTH PH1 5JN

Accountants | Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

MacLellans (Think On) Limited

(Registration number: SC421882)
Statement of Financial Position as at 31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 2,484,755 | 2,554,035
Current assets |  |  |
Stocks | 6 | 32,040 | 28,028
Debtors | 7 | 1,208,118 | 1,149,218
Cash at bank and in hand |  | 91,815 | 201,456
|  | 1,331,973 | 1,378,702
Creditors: Amounts falling due within one year | 8 | (678,842) | (691,419)
Net current assets |  | 653,131 | 687,283
Total assets less current liabilities |  | 3,137,886 | 3,241,318
Creditors: Amounts falling due after more than one year | 8 | (939,321) | (1,148,994)
Provisions for liabilities |  | (119,112) | (133,736)
Net assets |  | 2,079,453 | 1,958,588
Capital and reserves |  |  |
Called up share capital | 9 | 700 | 700
Capital redemption reserve |  | (1,113,520) | (1,113,520)
Retained earnings |  | 3,192,273 | 3,071,408
Shareholders' funds |  | 2,079,453 | 1,958,588

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

MacLellans (Think On) Limited

(Registration number: SC421882)
Statement of Financial Position as at 31 March 2025

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2026 and signed on its behalf by:

......................................... Mr Angus John MacLellan Director
......................................... Mrs Fiona M MacLellan Director

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Atholl Crescent
PERTH
PH1 5JN

The principal place of business is:
The Old Mill Inn
Mill Lane
Pitlochry
Perthshire
PH16 5BH

These financial statements were authorised for issue by the Board on 28 January 2026.

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.

Government grants

The Government have provided various packages to help companies during the Covid 19 pandemic. The company has benefited directly from this assistance in the form of the job retention scheme and hospitality grants.. The grants have been recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Fixtures and fittings | 10 - 20% Reducing balance
Plant & machinery | 15% Reducing balance
Motor vehicles | 25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the latest purchase price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2024 - 45).

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 April 2024 | 130,000 | 130,000
At 31 March 2025 | 130,000 | 130,000
Amortisation
At 1 April 2024 | 130,000 | 130,000
At 31 March 2025 | 130,000 | 130,000
Carrying amount
At 31 March 2025 | - | -

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 1,959,189 | 1,441,046 | 3,078 | 3,403,313
Additions | - | 20,557 | - | 20,557
At 31 March 2025 | 1,959,189 | 1,461,603 | 3,078 | 3,423,870
Depreciation
At 1 April 2024 | - | 846,763 | 2,515 | 849,278
Charge for the year | - | 89,696 | 141 | 89,837
At 31 March 2025 | - | 936,459 | 2,656 | 939,115
Carrying amount
At 31 March 2025 | 1,959,189 | 525,144 | 422 | 2,484,755
At 31 March 2024 | 1,959,189 | 594,283 | 563 | 2,554,035

Included within the net book value of land and buildings above is £1,959,189 (2024 - £1,959,189) in respect of freehold land and buildings.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6 | Stocks

| 31 March 2025 £ | 31 March 2024 £
Other inventories | 32,040 | 28,028

7 | Debtors

Current | 31 March 2025 £ | 31 March 2024 £
Trade debtors | - | 1,407
Prepayments | 20,720 | 12,965
Other debtors | 1,187,398 | 1,134,846
| 1,208,118 | 1,149,218

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8 | Creditors

Creditors: amounts falling due within one year

| Note | 31 March 2025 £ | 31 March 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 228,000 | 228,000
Trade creditors |  | 123,188 | 128,686
Taxation and social security |  | 189,607 | 257,085
Accruals and deferred income |  | 69,901 | 77,648
Other creditors |  | 68,146 | -
|  | 678,842 | 691,419

Creditors: amounts falling due after more than one year

| Note | 31 March 2025 £ | 31 March 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 939,321 | 1,148,994

| 31 March 2025 £ | 31 March 2024 £
Due after more than five years |  |
After more than five years by instalments | 534,169 | 511,497

| - | -

Creditors include bank loans repayable by instalments of £534,169.00 (2024 - £511,497.00) due after more than five years.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9 | Share capital

Allotted, called up and fully paid shares

| 31 March 2025 | 31 March 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 700 | 700 | 700 | 700

10 | Loans and borrowings

Non-current loans and borrowings

| 31 March 2025 £ | 31 March 2024 £
Bank borrowings | 939,321 | 1,148,994

Current loans and borrowings

| 31 March 2025 £ | 31 March 2024 £
Bank borrowings | 228,000 | 228,000

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of 7.46%%, and the final instalment is due on 1 August 2033. The carrying amount at year end is £974,169 (2024 - £1,061,497). The loan is secured over The Old Mill Inn, Mill Lane, Pitlochry
Bank loan is denominated in £ with a nominal interest rate of 5%, and the final instalment is due on 30 March 2027. The carrying amount at year end is £119,485 (2024 - £173,831). The loan is secured over Bank House, Mill Lane, Pitlochry.
Bank loan is denominated in £ with a nominal interest rate of 3%, and the final instalment is due on 23 April 2026. The carrying amount at year end is £73,667 (2024 - £141,667). The loan is secured over the The Old Mill Inn, Mill Lane , Pitlochry.

MacLellans (Think On) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11 | Related party transactions

Summary of transactions with other related parties

Director's family & partnership directors are partners of.
During the year the company has provided funds and paid expenses on behalf of Victoria's Restaurant & Coffee Shop, a partnership the directors are also partners of. Victoria's Restaurant & Coffee Shop has also provided funds and paid expenses on behalf of the company.

Loans to related parties

2025 | Other related parties £ | Total £
At start of period | 760,116 | 760,116
Advanced | 243,184 | 243,184
Repaid | (112,000) | (112,000)
At end of period | 891,300 | 891,300

2024 | Other related parties £ | Total £
At start of period | 723,890 | 723,890
Advanced | 201,226 | 201,226
Repaid | (165,000) | (165,000)
At end of period | 760,116 | 760,116