Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity1110falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12983114 2022-04-01 2023-03-31 12983114 2023-03-31 12983114 2020-10-29 2022-03-31 12983114 2022-03-31 12983114 c:Director1 2022-04-01 2023-03-31 12983114 c:RegisteredOffice 2022-04-01 2023-03-31 12983114 c:Agent1 2022-04-01 2023-03-31 12983114 d:MotorVehicles 2022-04-01 2023-03-31 12983114 d:MotorVehicles 2023-03-31 12983114 d:MotorVehicles 2022-03-31 12983114 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12983114 d:FurnitureFittings 2022-04-01 2023-03-31 12983114 d:FurnitureFittings 2023-03-31 12983114 d:FurnitureFittings 2022-03-31 12983114 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12983114 d:OfficeEquipment 2022-04-01 2023-03-31 12983114 d:OfficeEquipment 2023-03-31 12983114 d:OfficeEquipment 2022-03-31 12983114 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12983114 d:ComputerEquipment 2022-04-01 2023-03-31 12983114 d:ComputerEquipment 2023-03-31 12983114 d:ComputerEquipment 2022-03-31 12983114 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12983114 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12983114 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 12983114 d:FreeholdInvestmentProperty 2023-03-31 12983114 d:FreeholdInvestmentProperty 2022-03-31 12983114 d:CurrentFinancialInstruments 2023-03-31 12983114 d:CurrentFinancialInstruments 2022-03-31 12983114 d:Non-currentFinancialInstruments 2023-03-31 12983114 d:Non-currentFinancialInstruments 2022-03-31 12983114 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12983114 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12983114 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12983114 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 12983114 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 12983114 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 12983114 d:ShareCapital 2023-03-31 12983114 d:ShareCapital 2022-03-31 12983114 d:SharePremium 2023-03-31 12983114 d:SharePremium 2022-03-31 12983114 d:RetainedEarningsAccumulatedLosses 2023-03-31 12983114 d:RetainedEarningsAccumulatedLosses 2022-03-31 12983114 c:FRS102 2022-04-01 2023-03-31 12983114 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12983114 c:FullAccounts 2022-04-01 2023-03-31 12983114 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12983114 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 12983114







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


MCCARTHY PROPERTIES (READING) LIMITED






































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MCCARTHY PROPERTIES (READING) LIMITED
 


 
COMPANY INFORMATION


Director
R M McCarthy 




Registered number
12983114



Registered office
450 Oxford Road

Reading

Berkshire

RG30 1EE




Accountants
Menzies LLP
Chartered Accountants

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG




Bankers
HSBC Bank Plc
60 Queen Victoria Street

London

EC4N4TR





 


MCCARTHY PROPERTIES (READING) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


MCCARTHY PROPERTIES (READING) LIMITED
REGISTERED NUMBER:12983114



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
167,475
220,241

Investment property
 5 
42,751,000
43,531,000

  
42,918,475
43,751,241

Current assets
  

Debtors: amounts falling due within one year
 6 
357,988
249,552

Current asset investments
  
1,578,709
-

Cash at bank and in hand
  
328,273
1,063,486

  
2,264,970
1,313,038

Creditors: amounts falling due within one year
 8 
(686,223)
(1,166,964)

Net current assets
  
 
 
1,578,747
 
 
146,074

Total assets less current liabilities
  
44,497,222
43,897,315

Creditors: amounts falling due after more than one year
 9 
(13,250,000)
(13,250,000)

  

Net assets
  
31,247,222
30,647,315


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1
1

Share premium account
  
29,739,775
29,739,775

Profit and loss account
  
1,507,446
907,539

  
31,247,222
30,647,315


Page 1

 


MCCARTHY PROPERTIES (READING) LIMITED
REGISTERED NUMBER:12983114


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R M McCarthy
Director

Date: 29 June 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

McCarthy Properties (Reading) Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises rents receivable in connection with the company's freehold investment property.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis per annum:

Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
25%
Straight line
Office equipment
-
25%
Straight line
Computer equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the director. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).

Page 4

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2022
86,884
182,464
1,029
13,887
284,264


Additions
8,250
4,585
-
-
12,835



At 31 March 2023

95,134
187,049
1,029
13,887
297,099



Depreciation


At 1 April 2022
19,911
41,331
235
2,546
64,023


Charge for the year on owned assets
16,723
46,096
236
2,546
65,601



At 31 March 2023

36,634
87,427
471
5,092
129,624



Net book value



At 31 March 2023
58,500
99,622
558
8,795
167,475



At 31 March 2022
66,973
141,133
794
11,341
220,241


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
43,531,000


Disposals
(780,000)



At 31 March 2023
42,751,000

The 2023 valuations were made by the director, on an open market value for existing use basis.



At 31 March 2023




Page 5

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
18,506
21,314

Other debtors
82,500
1,623

Prepayments and accrued income
192,437
226,615

Deferred taxation
64,545
-

357,988
249,552



7.


Current asset investments

2023
2022
£
£

Money market deposits
1,578,709
-

1,578,709
-



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
197,808
226,186

Other taxation and social security
6,336
6,911

Other creditors
404,732
867,112

Accruals and deferred income
77,347
66,755

686,223
1,166,964


Included in other creditors is an amount due to the director of £168,065 (2022 - £655,991). This loan is interest free.

Page 6

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
10,500,000
10,500,000

Other creditors
2,750,000
2,750,000

13,250,000
13,250,000


The bank loan is secured by a charge over some of the company's freehold investment property.
Included in other creditors is an amount due to the director of £2,750,000 (2022 - £2,750,000). This loan is interest free.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
10,500,000
10,500,000

10,500,000
10,500,000


10,500,000
10,500,000


 
Page 7