Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13172088 2022-03-01 2023-02-28 13172088 2021-02-01 2022-02-28 13172088 2023-02-28 13172088 2022-02-28 13172088 c:Director1 2022-03-01 2023-02-28 13172088 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 13172088 d:FreeholdInvestmentProperty 2023-02-28 13172088 d:FreeholdInvestmentProperty 2022-02-28 13172088 d:CurrentFinancialInstruments 2023-02-28 13172088 d:CurrentFinancialInstruments 2022-02-28 13172088 d:Non-currentFinancialInstruments 2023-02-28 13172088 d:Non-currentFinancialInstruments 2022-02-28 13172088 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13172088 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 13172088 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 13172088 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 13172088 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 13172088 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 13172088 d:ShareCapital 2023-02-28 13172088 d:ShareCapital 2022-02-28 13172088 d:RetainedEarningsAccumulatedLosses 2023-02-28 13172088 d:RetainedEarningsAccumulatedLosses 2022-02-28 13172088 c:FRS102 2022-03-01 2023-02-28 13172088 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 13172088 c:FullAccounts 2022-03-01 2023-02-28 13172088 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 13172088










MCGUINNESS HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MCGUINNESS HOMES LIMITED
REGISTERED NUMBER: 13172088

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
376,089
197,863

  
376,089
197,863

Current assets
  

Debtors: amounts falling due within one year
 5 
136
655

Cash at bank and in hand
 6 
2,234
40,070

  
2,370
40,725

Creditors: amounts falling due within one year
 7 
(118,823)
(104,501)

Net current liabilities
  
 
 
(116,453)
 
 
(63,776)

Total assets less current liabilities
  
259,636
134,087

Creditors: amounts falling due after more than one year
 8 
(271,913)
(142,500)

  

Net liabilities
  
(12,277)
(8,413)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(12,377)
(8,513)

  
(12,277)
(8,413)


Page 1

 
MCGUINNESS HOMES LIMITED
REGISTERED NUMBER: 13172088

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider 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 directors acknowledge their 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 on 8 November 2023.




A J McGuinness
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MCGUINNESS HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The company had net current liabilities of £116,453 (2022 : £63,776)  at 28 February 2023. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this factor, the director considers it appropriate to adopt the going concern basis in preparation of these financial statements.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
1.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

Page 3

 
MCGUINNESS HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies (continued)

 
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


2.


General information

McGuinness Homes Limited is a private limited company incorporated in England and Wales.
The registered office is 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE.

Page 4

 
MCGUINNESS HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
197,863


Additions at cost
178,226



At 28 February 2023
376,089

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
376,089
197,863

376,089
197,863


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
136
655

136
655



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,234
40,070

2,234
40,070


Page 5

 
MCGUINNESS HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,254
1,140

Other creditors
117,569
103,361

118,823
104,501



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
271,913
142,500

271,913
142,500


The following liabilities were secured:

2023
2022
£
£



Bank loans
271,913
142,500

271,913
142,500

Details of security provided:

The bank loans are secured by legal charge over the company's investment proprties.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
271,913
142,500

271,913
142,500



Page 6