Company No: SC014050 (Scotland)

Contents

• Balance Sheet
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	359,387		368,894
Investment property	4	657,453		657,453
Investments	5	8,224		4,923
		1,025,064		1,031,270
Current assets
Debtors	6	18,413		866
Cash at bank and in hand	7	303,596		252,727
		322,009		253,593
Creditors
Amounts falling due within one year	8	( 49,699)		( 18,119)
Net current assets		272,310		235,474
Total assets less current liabilities		1,297,374		1,266,744
Provisions for liabilities	9	( 644)		( 759)
Net assets		1,296,730		1,265,985
Capital and reserves
Called-up share capital	10	2,308		2,308
Revaluation reserve		503,585		503,585
Capital redemption reserve		839		839
Profit and loss account		789,998		759,253
Total shareholders' funds		1,296,730		1,265,985

For the financial year ending 31 March 2021 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 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 13 December 2021. 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 etc.	3	-	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, of 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2021		2020
	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 etc.		Total
	£		£		£
Cost/Valuation
At 01 April 2020	445,000		38,634		483,634
At 31 March 2021	445,000		38,634		483,634
Accumulated depreciation
At 01 April 2020	80,100		34,640		114,740
Charge for the financial year	8,900		607		9,507
At 31 March 2021	89,000		35,247		124,247
Net book value
At 31 March 2021	356,000		3,387		359,387
At 31 March 2020	364,900		3,994		368,894

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2020	657,453
As at 31 March 2021	657,453

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at March 2021 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 2020	4,923		4,923
Movement in fair value	3,301		3,301
At 31 March 2021	8,224		8,224
Provisions for impairment
At 01 April 2020	0		0
At 31 March 2021	0		0
Carrying value at 31 March 2021	8,224		8,224
Carrying value at 31 March 2020	4,923		4,923

6. Debtors

	2021		2020
	£		£
Other debtors	18,413		866

7. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	303,596		252,727

8. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	0		237
Other creditors	38,813		14,396
Corporation tax	9,399		3,486
Other taxation and social security	1,487		0
	49,699		18,119

9. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 April 2020	759		759
Credited to the Profit and Loss Account	( 115)		( 115)
At 31 March 2021	644		644

Deferred tax

	2021		2020
	£		£
Accelerated capital allowances	644		759
Provision for deferred tax	644		759

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
2,308 Ordinary shares of £ 1.00 each	2,308		2,308

11. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Directors Current Account (balance owed to directors)	(33,746)		(10,346)

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