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Registration number: 08394186

McBro Property Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

McBro Property Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

McBro Property Investments Ltd

Company Information

Directors

Mr I McNally

Mrs S J McNally

Mrs L M McNally

Mr A R McNally

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

McBro Property Investments Ltd

(Registration number: 08394186)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,840

15,786

Investment property

6

1,249,326

1,249,326

 

1,261,166

1,265,112

Current assets

 

Debtors

7

1,037,711

1,101,844

Cash at bank and in hand

 

11,609

114,103

 

1,049,320

1,215,947

Creditors: Amounts falling due within one year

8

(487,712)

(463,380)

Net current assets

 

561,608

752,567

Total assets less current liabilities

 

1,822,774

2,017,679

Creditors: Amounts falling due after more than one year

8

(1,543,412)

(1,706,773)

Provisions for liabilities

(57,030)

(57,030)

Net assets

 

222,332

253,876

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

305,479

305,479

Profit and loss account

(83,151)

(51,607)

Total equity

 

222,332

253,876

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 and the option not to file the Profit and Loss Account has been taken.

 

McBro Property Investments Ltd

(Registration number: 08394186)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr A R McNally
Director

   
     
 

McBro Property Investments Ltd

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 and Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 15 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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 future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

McBro Property Investments Ltd

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

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

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair 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.

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.

 

McBro Property Investments Ltd

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

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,947

5,262

 

McBro Property Investments Ltd

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

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

28,064

28,064

At 28 February 2023

28,064

28,064

Depreciation

At 1 March 2022

12,278

12,278

Charge for the year

3,946

3,946

At 28 February 2023

16,224

16,224

Carrying amount

At 28 February 2023

11,840

11,840

At 28 February 2022

15,786

15,786

6

Investment properties

2023
£

At 1 March

1,249,326

There has been no valuation of investment property by an independent valuer.

7

Debtors

2023
£

2022
£

Trade debtors

3,404

951

Prepayments

17,142

893

Other debtors

1,017,165

1,100,000

1,037,711

1,101,844

 

McBro Property Investments Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

462,669

457,620

Trade creditors

 

20,340

840

Taxation and social security

 

1

218

Other creditors

 

4,702

4,702

 

487,712

463,380

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,543,412

1,706,773

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

386,257

418,935

HP and finance lease liabilities

4,894

10,576

Other borrowings

1,152,261

1,277,262

1,543,412

1,706,773

 

McBro Property Investments Ltd

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

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

5,682

5,682

Other borrowings

456,987

451,938

462,669

457,620

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Other payments made to company by director
£

At 28 February 2023
£

Mr I McNally

Interest free loan repayable on demand

637,589

(105,000)

532,589

       
     

Mr A R McNally

Interest free loan repayable on demand

639,672

(20,000)

619,672

       
     

 

2022

At 1 March 2021
£

Other payments made to company by director
£

At 28 February 2022
£

Mr I McNally

Interest free loan repayable on demand

374,579

263,010

637,589

       
     

Mr A R McNally

Interest free loan repayable on demand

374,579

265,093

639,672

       
     

 

Summary of transactions with entities with joint control or significant interest

McBro Holdings Partnership
 McBro Holdings Partnership is a related party due to common ownership held by Mr I K McNally and Mr A R McNally.
 During the year there was a transfer of loan from the Partnership to the company. As at 28 February 2023 the company owes the partnership £456,987 (2022 : £451,938)