REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
MCFARLANES PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
MCFARLANES PROPERTIES LTD |
MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MCFARLANES PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve |
Retained earnings | ( |
) | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
Turnover |
Turnover represents the following types of income |
- Rental income |
- Income from the sale of properties |
All income is recognised on a receivable basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2019 | 18,014 |
Valuation in 2022 | 31,000 |
Cost | 531,986 |
581,000 |
MCFARLANES PROPERTIES LTD (REGISTERED NUMBER: 11349523) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' loan accounts | 82,257 | 72,080 |
Accrued expenses |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more 5 yr by instal |
Directors' loan accounts | 200,000 | 200,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 292,598 | 292,598 |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year, Ms J E Mcfarlane increased her loan to the company. As at 31 May 2023, the company owed her £282,257 (2022: £272,080). This balance represent the maximum amount outstanding during the year and the loan is interest free.£200,000 of the loan is non repayable within 12 months of the year end, with the balance of £82,257 repayable on demand. |
7. | ULTIMATE CONTROLLING PARTY |
The controlling party is Ms J E Mcfarlane. |
This was by virtue of her 100% holding of the issued share capital. |
8. | ACCOUNTING BASIS |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the current liabilities exceeded current assets by £43,908. |
The validity of this basis depends upon the continued support of the company's director. The director confirms that she will give the required support. |