MCCLUSKEY HOLDINGS LIMITED

Company Registration Number:
SC128482 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

MCCLUSKEY HOLDINGS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

MCCLUSKEY HOLDINGS LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Fixed assets
Tangible assets: 3 367,639 550,820
Investments: 4 200,000 300,000
Total fixed assets: 567,639 850,820
Current assets
Debtors:   3,004 4,177
Cash at bank and in hand: 2,916 1,318
Total current assets: 5,920 5,495
Creditors: amounts falling due within one year:   (118,547) (460,753)
Net current assets (liabilities): (112,627) (455,258)
Total assets less current liabilities: 455,012 395,562
Creditors: amounts falling due after more than one year:   (10,000) (14,000)
Total net assets (liabilities): 445,012 381,562
Capital and reserves
Called up share capital: 1,000 1,000
Revaluation reserve:599,83599,835
Profit and loss account: 344,177 280,727
Shareholders funds: 445,012 381,562

The notes form part of these financial statements

MCCLUSKEY HOLDINGS LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 September 2023
and signed on behalf of the board by:

Name: William McCluskey
Status: Director

The notes form part of these financial statements

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from property rental, stated net of discounts.

Tangible fixed assets and depreciation policy

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Freehold property is not depreciated.

Intangible fixed assets and amortisation policy

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.

Valuation and information policy

Investment propertyInvestment property is initially recorded at cost or valuation, which includes purchase price and any directly attributable expenditure.Investment property has not been revalued to its fair value at the reporting date and no changes in fair value have been recognised in profit or loss.

Other accounting policies

Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.ConsolidationThe company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.TaxationThe taxation expense represents the amount of tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Operating leasesLease payments are recognised as an expense over the lease term on a straight-line basis.Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.Financial instrumentsA financial asset or a financial liability is recognised only when the entity becomes a 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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 1 1

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible Assets

Total
Cost £
At 01 January 2022 577,065
Disposals (183,181)
At 31 December 2022 393,884
Depreciation
At 01 January 2022 26,245
At 31 December 2022 26,245
Net book value
At 31 December 2022 367,639
At 31 December 2021 550,820

The company's freehold properties are held for rental and have therefore not been depreciated.Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.There is no current valuation of the properties but the directors will obtain such valuation in the future.

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Revaluation reserve

2022
£
Balance at 01 January 2022 99,835
Surplus or deficit after revaluation 0
Balance at 31 December 2022 99,835

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Financial commitments

Operating leasesThe total future minimum lease payments under non-cancellable operating leases are as follows:Payable not later than 1 year - 2022 -£8640 (2021 - £8640)

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Loans to directors

The director's loan account was never in debit in the year. The loan is interest free and repayable on demand.