McLeod Transport (SW) Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

McLeod Transport (SW) Limited

(Registration number: 11864748)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	1,978,591	2,368,409
Current assets
Debtors	5	766,588	925,531
Cash at bank and in hand		384,342	157,900
		1,150,930	1,083,431
Creditors: Amounts falling due within one year	6	(1,953,830)	(1,602,346)
Net current liabilities		(802,900)	(518,915)
Total assets less current liabilities		1,175,691	1,849,494
Creditors: Amounts falling due after more than one year	6	(1,169,610)	(1,699,215)
Provisions for liabilities		(28,673)	(60,321)
Net (liabilities)/assets		(22,592)	89,958
Capital and reserves
Called up share capital		100	100
Profit and loss account		(22,692)	89,858
Shareholders' (deficit)/funds		(22,592)	89,958

For the financial period ending 31 March 2026 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 period 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 2026
 

McLeod Transport (SW) Limited

(Registration number: 11864748)
Statement of Financial Position as at 31 March 2026 (continued)

Mr C J McLeod Director

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026

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:
Unit 6a
Manor Farm
Collum Lane
Weston-super-Mare
North Somerset
BS22 9JL

Principal activity

The principal activity of the company is commercial haulier.

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.

Going concern

At the year end, the company's current liabilities exceeded its current assets by £802,900 (2025: £518,915). However, since that date, they have received a working capital loan so have the support of third party finance. They have also reviewed the low performing elements of the business and are taking steps to improve them, and therefore the accounts have been prepared on a going concern basis.

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Offices	10 years straight line

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

Plant and machinery	3 years straight line & 25% reducing balance
Motor vehicles	5 & 6 years straight line and 20% & 25% 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

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 statement of comprehensive income 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

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.

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 period, was 92 (2025 - 99).

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (continued)

4	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 7 April 2025	13,000	2,809,619	1,275,280	4,097,899
Additions	-	72,908	185,409	258,317
Disposals	-	-	(28,443)	(28,443)
At 31 March 2026	13,000	2,882,527	1,432,246	4,327,773
Depreciation
At 7 April 2025	9,235	1,314,036	406,219	1,729,490
Charge for the period	1,598	384,281	253,964	639,843
Eliminated on disposal	-	-	(20,151)	(20,151)
At 31 March 2026	10,833	1,698,317	640,032	2,349,182
Carrying amount
At 31 March 2026	2,167	1,184,210	792,214	1,978,591
At 6 April 2025	3,765	1,495,583	869,061	2,368,409

5

Debtors

	2026 £	2025 £
Trade debtors	593,989	791,366
Other debtors	10,170	5,220
Prepayments	61,166	128,945
Accrued income	101,263	-
	766,588	925,531

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings		752,524	669,978
Trade creditors		448,745	321,196
Taxation and social security		562,772	430,892
Accruals and deferred income		180,361	177,235
Other creditors		9,428	3,045
		1,953,830	1,602,346

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £752,524 (2025 - £669,978).

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings		1,169,610	1,699,215

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £1,169,610 (2025 - £1,699,215).

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

McLeod Transport (SW) Limited

Notes to the Unaudited Financial Statements for the Period from 7 April 2025 to 31 March 2026 (continued)

8	Obligations under leases and hire purchase contracts (continued)

	2026 £	2025 £
Not later than one year	457,579	488,477
Later than one year and not later than five years	633,600	336,781
	1,091,179	825,258

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £67,350 (2025 - £170,790).

10	Related party transactions

Transactions with the director

2026	At 7 April 2025 £	Advances to director £	Repayments by director £	At 31 March 2026 £
Director's loan	5,220	32,873	(29,459)	8,634

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 6 April 2025 £
Director's loan	-	26,720	(21,500)	5,220