Company No: SC014050 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	350,358		359,387
Investment property	4	657,453		657,453
Investments	5	7,068		8,224
		1,014,879		1,025,064
Current assets
Debtors	6	3,475		18,413
Cash at bank and in hand		313,431		303,596
		316,906		322,009
Creditors
Amounts falling due within one year	7	( 39,437)		( 49,699)
Net current assets		277,469		272,310
Total assets less current liabilities		1,292,348		1,297,374
Provision for liabilities	8	( 619)		( 644)
Net assets		1,291,729		1,296,730
Capital and reserves
Called-up share capital	9	2,308		2,308
Revaluation reserve		503,585		503,585
Capital redemption reserve		839		839
Profit and loss account		784,997		789,998
Total shareholders' funds		1,291,729		1,296,730

For the financial year ending 31 March 2022 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Malcolm Maclean & Son Limited (registered number: SC014050) were approved and authorised for issue by the Director on 05 September 2022. They were signed on its behalf by:

Mairi Claire Boyd Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Malcolm Maclean & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for rental income. Revenue from the provision of services is recognised as the service is provided.

Employee benefits

Short term 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	8 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities including creditors 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 April 2021	445,000		38,634		483,634
Additions	0		510		510
At 31 March 2022	445,000		39,144		484,144
Accumulated depreciation
At 01 April 2021	89,000		35,247		124,247
Charge for the financial year	8,900		639		9,539
At 31 March 2022	97,900		35,886		133,786
Net book value
At 31 March 2022	347,100		3,258		350,358
At 31 March 2021	356,000		3,387		359,387

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	657,453
As at 31 March 2022	657,453

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 March 2022 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 April 2021	8,224		8,224
Disposals	( 445)		( 445)
Movement in fair value	( 711)		( 711)
At 31 March 2022	7,068		7,068
Provisions for impairment
At 01 April 2021	0		0
At 31 March 2022	0		0
Carrying value at 31 March 2022	7,068		7,068
Carrying value at 31 March 2021	8,224		8,224

6. Debtors

	2022		2021
	£		£
Other debtors	3,475		18,413

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	1,399		0
Other creditors	37,178		38,813
Corporation tax	276		9,399
Other taxation and social security	584		1,487
	39,437		49,699

8. Provision for liabilities

	2022		2021
	£		£
Deferred tax	619		644

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
2,308 Ordinary shares of £ 1.00 each	2,308		2,308

10. Related party transactions

Transactions with the entity's directors

	2022		2021
	£		£
Key management personnel - amounts owed to directors	33,162		33,746

The loan is unsecured, interest free and has no fixed terms of repayment.