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Registration number: 13638324

McDonnell Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

McDonnell Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

McDonnell Holdings Ltd

Company Information

Director

Mr P W McDonnell

Registered office

Unit 1 Gabwell Business Centre
Quadrant Way
Hardwicke
Gloucester
GL2 2JH

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

McDonnell Holdings Ltd

(Registration number: 13638324)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,839

1,775

Investment property

5

1,797,909

522,631

Investments

6

95,001

-

 

1,940,749

524,406

Current assets

 

Debtors

7

38,265

186

Cash at bank and in hand

 

77,092

58,944

 

115,357

59,130

Creditors: Amounts falling due within one year

8

(72,505)

(14,886)

Net current assets

 

42,852

44,244

Total assets less current liabilities

 

1,983,601

568,650

Creditors: Amounts falling due after more than one year

8

(1,798,578)

(554,838)

Provisions for liabilities

(253)

-

Net assets

 

184,770

13,812

Capital and reserves

 

Called up share capital

95,003

2

Retained earnings

89,767

13,810

Shareholders' funds

 

184,770

13,812

 

McDonnell Holdings Ltd

(Registration number: 13638324)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr P W McDonnell
Director

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1 Gabwell Business Centre
Quadrant Way
Hardwicke
Gloucester
GL2 2JH
England

These financial statements were authorised for issue by the director on 11 March 2024.

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.

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 current and deferred 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.

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

Fixtures & Fittings

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties determined on purchase by market value and thereafter annually by a directors review. The directors 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Trade 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.

Trade 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

2,219

2,219

Additions

46,508

46,508

At 30 September 2023

48,727

48,727

Depreciation

At 1 October 2022

444

444

Charge for the year

444

444

At 30 September 2023

888

888

Carrying amount

At 30 September 2023

47,839

47,839

At 30 September 2022

1,775

1,775

5

Investment properties

2023
£

At 1 October

522,631

Additions

1,275,278

At 30 September

1,797,909

The property is at fair value by market purchase in this period.

6

Investments

2023
£

2022
£

Investments in subsidiaries

95,001

-

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Subsidiaries

£

Cost or valuation

Additions

95,001

Provision

Carrying amount

At 30 September 2023

95,001

7

Debtors

Current

2023
£

2022
£

Trade debtors

55

-

Prepayments

943

186

Other debtors

37,267

-

 

38,265

186

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

(600)

412

Taxation and social security

7,628

4,474

Accruals and deferred income

55,228

1,250

Other creditors

10,249

8,750

72,505

14,886

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

1,798,578

554,838

9

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

At 30 September 2023
£

Mr P W McDonnell

(104,838)

(104,838)

     
   

 

2022

At 23 September 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr P W McDonnell

-

100,002

(204,840)

(104,838)

         
       

 

Summary of transactions with other related parties

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

McDonnell-Price (Roofing) Contractors Limited and Merriman Roofing Contractors Limited
 Companies in which the Director has a significant shareholding
 The companies loaned working capital for the purchase of the property. There are no repayment terms. McDonnell-Price (Roofing) Contractors Ltd is owed £1,474,240 (2022: £250,000) and Merriman Roofing Contractors Ltd is owed £219,500 (2022: £200,000.)