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Registration number: 05963459

McGarry & Brett Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

McGarry & Brett Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

McGarry & Brett Limited

Company Information

Directors

Mr BB Vent

Mr A G Vent

Mr N A Vent

Company secretary

RT Secretarial Services Limited

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

McGarry & Brett Limited

(Registration number: 05963459)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

6,207

9,155

Investments

5

7,539

10,206

 

13,746

19,361

Current assets

 

Debtors

6

556,359

548,417

Cash at bank and in hand

 

407,308

430,848

 

963,667

979,265

Creditors: Amounts falling due within one year

7

(206,429)

(234,202)

Net current assets

 

757,238

745,063

Total assets less current liabilities

 

770,984

764,424

Provisions for liabilities

(3,017)

(3,577)

Net assets

 

767,967

760,847

capital and reserves

 

Called up share capital

10

10

Profit and loss account

767,957

760,837

Total equity

 

767,967

760,847

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

McGarry & Brett Limited

(Registration number: 05963459)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Mr A G Vent
Director

   
     
 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England/Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of estate agent services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that ture economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Tax

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

The current income 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% on cost

Fixtures and fittings

20% reducing balance

Office equipment

33% on cost

Investments

Investments comprise of quoted equity instruments. Where an active market exists, they are valued at closing mid-market price on the reporting date. Where an active market does not exist, they are valued by the application of an appropriate valuation method as if the relevant investment was unquoted. Changes in value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

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 profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

4,828

42,009

7,336

54,173

Disposals

-

(270)

-

(270)

At 28 February 2023

4,828

41,739

7,336

53,903

Depreciation

At 1 March 2022

4,828

34,577

5,613

45,018

Charge for the year

-

1,585

1,306

2,891

Eliminated on disposal

-

(213)

-

(213)

At 28 February 2023

4,828

35,949

6,919

47,696

Carrying amount

At 28 February 2023

-

5,790

417

6,207

At 28 February 2022

-

7,432

1,723

9,155

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Investments (current and non-current)

Investment assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

10,206

10,206

Fair value adjustments

(2,667)

(2,667)

At 28 February 2023

7,539

7,539

Carrying amount

At 28 February 2023

7,539

7,539

6

debtors

Note

2023
£

2022
£

Trade debtors

 

17,106

38,562

Amounts owed by related parties

507,326

496,745

Prepayments

 

10,970

10,552

Other debtors

 

20,957

2,558

   

556,359

548,417

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

15,100

26,652

Trade creditors

 

18,818

18,478

Taxation and social security

 

71,309

83,766

Accruals and deferred income

 

757

1,453

Other creditors

 

100,445

103,853

 

206,429

234,202

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director's loan account

15,100

26,652

The director’s loan account is non-interest bearing and has no formal repayment terms.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,947 (2022 - £4,764).