REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
McComb Property Company Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
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 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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. |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Additions |
Disposals | ( |
) |
Revaluations | (6,787,473 | ) |
Release of revaluation |
on disposals | (510,087 | ) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Other debtors |
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 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Bank loans |
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 | 14,186,453 |
Deficit for the year | ( |
) | - | ( |
) |
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 | 8,272,583 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |