Company registration number 06586342 (England and Wales)
MCLAREN CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MCLAREN CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MCLAREN CAPITAL LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
515,517
521,407
Investments
4
106,129
106,129
621,646
627,536
Current assets
Debtors
5
30,388
45,300
Cash at bank and in hand
873,259
625,312
903,647
670,612
Creditors: amounts falling due within one year
6
(293,240)
(210,702)
Net current assets
610,407
459,910
Total assets less current liabilities
1,232,053
1,087,446
Creditors: amounts falling due after more than one year
7
(195,525)
(239,846)
Provisions for liabilities
(3,743)
(3,218)
Net assets
1,032,785
844,382
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,022,785
834,382
Total equity
1,032,785
844,382
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MCLAREN CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Mr R St Johnston
Director
Company Registration No. 06586342
MCLAREN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
McLaren Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Forge, Shackstead Lane, Godalming, Surrey, England, GU7 1RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property
2% on cost
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
1.4
Financial instruments
Investments in ordinary shares that are not publicly traded are stated at cost, less any impairment in value.
Debt instruments that are payable or receivable within one year are stated at the undiscounted value of the anticipated consideration.
1.5
Taxation
Taxation for the year comprises of 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 tax
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.
MCLAREN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Hire Purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
18
MCLAREN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Tangible fixed assets
Freehold property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2022
525,520
96,100
22,217
643,837
Additions
3,346
6,251
9,597
At 31 May 2023
525,520
99,446
28,468
653,434
Depreciation and impairment
At 1 June 2022
21,044
86,496
14,890
122,430
Depreciation charged in the year
5,309
4,711
5,467
15,487
At 31 May 2023
26,353
91,207
20,357
137,917
Carrying amount
At 31 May 2023
499,167
8,239
8,111
515,517
At 31 May 2022
504,476
9,604
7,327
521,407
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
106,129
106,129
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,100
13,379
Other debtors
17,288
31,921
30,388
45,300
MCLAREN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,892
33,487
Trade creditors
23,638
12,102
Corporation tax
131,680
95,901
Other taxation and social security
31,635
33,473
Other creditors
62,395
35,739
293,240
210,702
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
195,525
239,846