REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2022 TO 30 APRIL 2023 |
FOR |
MCNAMARA PROPERTY NORFOLK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2022 TO 30 APRIL 2023 |
FOR |
MCNAMARA PROPERTY NORFOLK LIMITED |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 November 2022 to 30 April 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MCNAMARA PROPERTY NORFOLK LIMITED |
COMPANY INFORMATION |
for the Period 1 November 2022 to 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Langley House |
Park Road |
East Finchley |
London |
N2 8EY |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
STATEMENT OF FINANCIAL POSITION |
30 April 2023 |
30.4.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
STATEMENT OF FINANCIAL POSITION - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 November 2022 to 30 April 2023 |
1. | STATUTORY INFORMATION |
McNamara Property Norfolk Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised once the risks and rewards of ownership have been transfers, and is recognised once the goods and service has been provided, or on completion of the sale. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Development property stock is valued at the lower of cost and net realisable value. |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion, borrowing costs and other costs incurred in bringing the stock to its present location and condition. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2022 to 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Impairment of assets |
A review of 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 reversals at each reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 30 April 2023 |
AMORTISATION |
Charge for period |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2022 to 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
DEPRECIATION |
Charge for period |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 30 April 2023 |
DEPRECIATION |
Charge for period |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 31.10.22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2022 to 30 April 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 31.10.22 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 31.10.22 |
£ | £ |
The bank has a charge on the company by way of fixed and floating charges over all undertakings and all property and assets of the company. |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors due within one year are amounts of £664,421, £642,996, £172,807 and £149,949 owed to the directors respectively. These amounts has been provided to the company on an interest free basis and are repayable on demand. |