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frs-countries:EnglandWales 2021-06-01 2022-05-31
Registered number: 06034373
Macneil Bootsey Brogan Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Price Mann Limited
Chartered Certified Accountants
Magnolia House, Spring Villa Park
11 Spring Villa Road
Edgware
HA8 7EB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06034373
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,704,704 3,705,370
Investments 5 100 100
3,704,804 3,705,470
CURRENT ASSETS
Debtors 6 1,213,464 1,213,213
Cash at bank and in hand 48,899 6,670
1,262,363 1,219,883
Creditors: Amounts Falling Due Within One Year 7 (110,451 ) (105,391 )
NET CURRENT ASSETS (LIABILITIES) 1,151,912 1,114,492
TOTAL ASSETS LESS CURRENT LIABILITIES 4,856,716 4,819,962
Creditors: Amounts Falling Due After More Than One Year 8 (3,231,397 ) (3,297,977 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (64,042 ) (48,654 )
NET ASSETS 1,561,277 1,473,331
CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 885,022 885,022
Profit and Loss Account 676,155 588,209
SHAREHOLDERS' FUNDS 1,561,277 1,473,331
Page 1
Page 2
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nilesh Lukka
Director
29 November 2023
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Macneil Bootsey Brogan Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06034373 . The registered office is 1st Floor, Macneil House 407 Nether Street, Finchley Central, London, N3 1QG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents rental income earned from investment and development properties.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing Balance Method
2.4. Investment Properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently these are measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "revaluation reserve" together with the associated deferred tax.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors, loans to companies under common control and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including bank loans and loans from companies under common control that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
2.8. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.9. Revaluation Reserve
The revaluation reserve comprises the fair value uplift on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 4
Page 5
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2022 3,700,926 20,895 3,721,821
As at 31 May 2023 3,700,926 20,895 3,721,821
Depreciation
As at 1 June 2022 - 16,451 16,451
Provided during the period - 666 666
As at 31 May 2023 - 17,117 17,117
Net Book Value
As at 31 May 2023 3,700,926 3,778 3,704,704
As at 1 June 2022 3,700,926 4,444 3,705,370
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2023 by the directors on an open market value basis.
5. Investments
Listed
£
Cost
As at 1 June 2022 100
As at 31 May 2023 100
Provision
As at 1 June 2022 -
As at 31 May 2023 -
Net Book Value
As at 31 May 2023 100
As at 1 June 2022 100
Page 5
Page 6
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,263 1,012
1,263 1,012
Due after more than one year
Amounts owed by related parties 1,212,201 1,212,201
1,212,201 1,212,201
1,213,464 1,213,213
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 66,601 66,601
Corporation tax 25,932 21,456
VAT 4,287 3,772
Accruals and deferred income 13,631 13,562
110,451 105,391
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 905,691 972,271
Amounts owed to related parties 2,325,706 2,325,706
3,231,397 3,297,977
9. Secured Creditors
The bank loans are secured by a first legal charge over the investment property and a debenture over the assets of the associated companies.
2023 2022
£ £
Bank loans and overdrafts 972,291 1,038,872
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 64,042 48,654
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Reserves
Revaluation Reserve
£
As at 1 June 2022 885,022
As at 31 May 2023 885,022
13. Related Party Transactions
Amounts owed from related parties include amounts from companies with shared directorships totalling to £1,212,201 (2022: £1,212,201). Amounts owed from subsdiaries is £nil (2021: £25,000).
Amounts owed to related parties include amounts owed to companies with shared directorships totalling to £2,325,706 (2022: £2,325,706)
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