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COMPANY REGISTRATION NUMBER: 468011
McKINLAY WILLIAMS ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
McKINLAY WILLIAMS ESTATES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
McKINLAY WILLIAMS ESTATES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr T J Williams
Mrs J L Williams
Mr D J Williams
Miss S J Williams
Company secretary
Mrs J L Williams
Registered office
Numeric House
98 Station Road
Sidcup
Kent
United Kingdom
DA15 7BY
Accountants
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
Barclays Bank plc
Bexleyheath Business Centre
6 Market Place
Bexleyheath
Kent
DA6 7DY
Solicitors
Stuart Hurrion & Green
33 Crook Log
Bexleyheath
Kent
DA6 8EB
McKINLAY WILLIAMS ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
72,570
127,176
Investments
6
7,255,152
6,258,481
------------
------------
7,327,722
6,385,657
Current assets
Stocks
525
550,874
Debtors
7
62,983
56,416
Cash at bank and in hand
277,545
197,170
---------
---------
341,053
804,460
Creditors: amounts falling due within one year
8
218,605
576,056
---------
---------
Net current assets
122,448
228,404
------------
------------
Total assets less current liabilities
7,450,170
6,614,061
Creditors: amounts falling due after more than one year
9
300,000
85,108
Provisions
Taxation including deferred tax
1,383,957
912,111
------------
------------
Net assets
5,766,213
5,616,842
------------
------------
Capital and reserves
Called up share capital
131
131
Profit and loss account
10
5,766,082
5,616,711
------------
------------
Shareholders funds
5,766,213
5,616,842
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McKINLAY WILLIAMS ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 15 February 2024 , and are signed on behalf of the board by:
Mr T J Williams
Director
Company registration number: 468011
McKINLAY WILLIAMS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue refers to the amounts earned from the Company's principal activity; property investment. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Deferred tax is not provided on timing differences arising form the revaluation of fixed assets where there is no commitment to sell the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Structures and Buildings
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Structures and buildings
Total
£
£
£
£
£
Cost
At 1 June 2022
6,777
13,391
258,133
30,240
308,541
Additions
1,541
1,541
Disposals
( 105,245)
( 105,245)
-------
--------
---------
--------
---------
At 31 May 2023
8,318
13,391
152,888
30,240
204,837
-------
--------
---------
--------
---------
Depreciation
At 1 June 2022
5,117
9,292
163,932
3,024
181,365
Charge for the year
481
619
13,794
3,024
17,918
Disposals
( 67,016)
( 67,016)
-------
--------
---------
--------
---------
At 31 May 2023
5,598
9,911
110,710
6,048
132,267
-------
--------
---------
--------
---------
Carrying amount
At 31 May 2023
2,720
3,480
42,178
24,192
72,570
-------
--------
---------
--------
---------
At 31 May 2022
1,660
4,099
94,201
27,216
127,176
-------
--------
---------
--------
---------
6. Investments
Shares in group undertakings
Investment Properties
Total
£
£
£
Cost
At 1 June 2022
31
6,258,450
6,258,481
Additions
206,824
206,824
Fair value adjustment
789,847
789,847
----
------------
------------
At 31 May 2023
31
7,255,121
7,255,152
----
------------
------------
Impairment
At 1 June 2022 and 31 May 2023
----
------------
------------
Carrying amount
At 31 May 2023
31
7,255,121
7,255,152
----
------------
------------
At 31 May 2022
31
6,258,450
6,258,481
----
------------
------------
The company owns 100% of the issued share capital of Holm Glen Investments Limited.
The investment properties were valued by the Directors on 31 May 2023.
7. Debtors
2023
2022
£
£
Trade debtors
51,794
2,034
Other debtors
11,189
54,382
--------
--------
62,983
56,416
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
49,914
383,618
Amounts owed to group undertakings and undertakings in which the company has a participating interest
500
500
Corporation tax
3,200
Social security and other taxes
1,738
1,696
Other creditors
166,453
187,042
---------
---------
218,605
576,056
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
300,000
Other creditors
85,108
---------
--------
300,000
85,108
---------
--------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserves are non distributable amounts of £4,849,975 in relation to fair value adjustments and £655 in respect of a capital redemption reserve.