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REGISTERED NUMBER: 03565598 (England and Wales)















Financial Statements for the Year Ended 31 May 2023

for

McComb Property Company Limited

McComb Property Company Limited (Registered number: 03565598)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


McComb Property Company Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: M W McComb
Mrs S M McComb
P M McComb





REGISTERED OFFICE: 9 Moorgate
Ormskirk
L39 4RT





REGISTERED NUMBER: 03565598 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

McComb Property Company Limited (Registered number: 03565598)

Balance Sheet
31 May 2023

31.5.23 31.5.22
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 11,085 26,986
Investment property 5 36,224,657 43,454,696
36,235,742 43,481,682

CURRENT ASSETS
Stocks 391,013 382,798
Debtors 6 845,362 991,251
Cash at bank and in hand 1,732,105 2,620,591
2,968,480 3,994,640
CREDITORS
Amounts falling due within one year 7 4,469,919 5,220,705
NET CURRENT LIABILITIES (1,501,439 ) (1,226,065 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,734,303

42,255,617

CREDITORS
Amounts falling due after more than one
year

8

(25,603,341

)

(26,300,000

)

PROVISIONS FOR LIABILITIES (857,379 ) (1,768,164 )
NET ASSETS 8,273,583 14,187,453

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non distributable reserve 10 3,727,063 10,113,837
Retained earnings 10 4,545,520 4,072,616
SHAREHOLDERS' FUNDS 8,273,583 14,187,453

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

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 9 October 2023 and were signed on its behalf by:




M W McComb - Director


McComb Property Company Limited (Registered number: 03565598)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

McComb Property Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Plant and machinery, vehicles etc - 33% on cost, 20% on cost and 25% on cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

McComb Property Company Limited (Registered number: 03565598)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 June 2022 328,960
Additions 2,783
Disposals (8,890 )
At 31 May 2023 322,853
DEPRECIATION
At 1 June 2022 301,974
Charge for year 18,684
Eliminated on disposal (8,890 )
At 31 May 2023 311,768
NET BOOK VALUE
At 31 May 2023 11,085
At 31 May 2022 26,986

McComb Property Company Limited (Registered number: 03565598)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 June 2022 43,454,696
Additions 469,975
Disposals (402,454 )
Revaluations (6,787,473 )
Release of revaluation
on disposals (510,087 )
At 31 May 2023 36,224,657
NET BOOK VALUE
At 31 May 2023 36,224,657
At 31 May 2022 43,454,696

During the year ended 31 May 2023 investment properties were professionally valued in accordance with the RICS Valuation - Global Standards effective from 31 January 2022, on an open market fair value basis by by Matthews & Goodman LLP (MRICS) and Lambert Smith Hampton (MRICS). The directors consider this to be fair value at 3 May 2023.

Fair value at 31 May 2023 is represented by:
£
Valuation in 2011 (1,864,261 )
Valuation in 2012 (1,437,667 )
Valuation in 2016 9,045,843
Valuation in 2017 2,139,025
Valuation in 2018 1,259,157
Valuation in 2019 370,437
Valuation in 2020 6,118
Valuation in 2021 1,530,024
Valuation in 2022 (28,432 )
Valuation in 2023 (6,787,473 )
Cost 31,991,886
36,224,657

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
as restated
£ £
Trade debtors 562,120 153,901
Other debtors 283,242 837,350
845,362 991,251

McComb Property Company Limited (Registered number: 03565598)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
as restated
£ £
Trade creditors 38,291 70,765
Taxation and social security 169,582 321,213
Other creditors 4,262,046 4,828,727
4,469,919 5,220,705

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
as restated
£ £
Bank loans 25,603,341 26,300,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
as restated
£ £
Bank loans 25,603,341 26,300,000

Handelsbanken PLC holds first legal charges over 34 separate properties held in either the name of the Company or the Director, M W McComb.

A personal Guarantee is also given by the director M W McComb.

10. RESERVES
Non
Retained distributable
earnings reserve Totals
£ £ £

At 1 June 2022 4,072,616 10,113,837 14,186,453
Deficit for the year (5,913,870 ) - (5,913,870 )
Revaluation of fixed assets 6,787,473 (6,787,473 ) -
Release of revaluation
on disposals 510,087 (510,087 ) -
Deferred tax movement (910,786 ) 910,786 -
At 31 May 2023 4,545,520 3,727,063 8,272,583

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Francis Murphy (Senior Statutory Auditor)
for and on behalf of Haines Watts

McComb Property Company Limited (Registered number: 03565598)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

12. RELATED PARTY DISCLOSURES

Included in other creditors falling due within one year is an amount of £3,543,241 (2022: £2,870,821), due to Mr M W McComb and Mrs S M McComb being directors and shareholders in the company. The loan is repayable on demand.

At 31 May 2023 £119,323 (2022: £96,861) was due to McComb (Bolton) Limited, a company under common control and was held in other creditors at the year end.

At 31 May 2023 £22.169 (2022: £648) was due to McComb Property Investments Limited, a company with common directors and was held in other creditors at the year end.