Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity1211falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12983114 2023-04-01 2024-03-31 12983114 2022-04-01 2023-03-31 12983114 2024-03-31 12983114 2023-03-31 12983114 c:Director1 2023-04-01 2024-03-31 12983114 c:RegisteredOffice 2023-04-01 2024-03-31 12983114 c:Agent1 2023-04-01 2024-03-31 12983114 d:MotorVehicles 2023-04-01 2024-03-31 12983114 d:MotorVehicles 2024-03-31 12983114 d:MotorVehicles 2023-03-31 12983114 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12983114 d:FurnitureFittings 2023-04-01 2024-03-31 12983114 d:FurnitureFittings 2024-03-31 12983114 d:FurnitureFittings 2023-03-31 12983114 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12983114 d:OfficeEquipment 2023-04-01 2024-03-31 12983114 d:OfficeEquipment 2024-03-31 12983114 d:OfficeEquipment 2023-03-31 12983114 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12983114 d:ComputerEquipment 2023-04-01 2024-03-31 12983114 d:ComputerEquipment 2024-03-31 12983114 d:ComputerEquipment 2023-03-31 12983114 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12983114 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12983114 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 12983114 d:FreeholdInvestmentProperty 2024-03-31 12983114 d:FreeholdInvestmentProperty 2023-03-31 12983114 d:CurrentFinancialInstruments 2024-03-31 12983114 d:CurrentFinancialInstruments 2023-03-31 12983114 d:Non-currentFinancialInstruments 2024-03-31 12983114 d:Non-currentFinancialInstruments 2023-03-31 12983114 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12983114 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12983114 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12983114 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12983114 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 12983114 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 12983114 d:ShareCapital 2024-03-31 12983114 d:ShareCapital 2023-03-31 12983114 d:SharePremium 2024-03-31 12983114 d:SharePremium 2023-03-31 12983114 d:RetainedEarningsAccumulatedLosses 2024-03-31 12983114 d:RetainedEarningsAccumulatedLosses 2023-03-31 12983114 c:FRS102 2023-04-01 2024-03-31 12983114 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12983114 c:FullAccounts 2023-04-01 2024-03-31 12983114 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12983114 2 2023-04-01 2024-03-31 12983114 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 12983114







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


MCCARTHY PROPERTIES (READING) LIMITED






































img4899.png                        

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
COMPANY INFORMATION


Director
R M McCarthy 




Registered number
12983114



Registered office
450 Oxford Road

Reading

Berkshire

RG30 1EE




Accountants
Menzies LLP
Chartered Accountants

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG




Bankers
HSBC Bank Plc
60 Queen Victoria Street

London

EC4N4TR





 


MCCARTHY PROPERTIES (READING) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


MCCARTHY PROPERTIES (READING) LIMITED
REGISTERED NUMBER:12983114



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
108,129
167,475

Investment property
 5 
43,674,766
44,605,000

  
43,782,895
44,772,475

Current assets
  

Debtors: amounts falling due within one year
 6 
767,809
357,988

Current asset investments
 7 
-
1,578,709

Cash at bank and in hand
  
378,650
328,273

  
1,146,459
2,264,970

Creditors: amounts falling due within one year
 8 
(2,536,388)
(515,190)

Net current (liabilities)/assets
  
 
 
(1,389,929)
 
 
1,749,780

Total assets less current liabilities
  
42,392,966
46,522,255

Creditors: amounts falling due after more than one year
 9 
(9,011,294)
(13,421,033)

  

Net assets
  
33,381,672
33,101,222


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
31,637,776
31,637,776

Profit and loss account
  
1,742,896
1,462,446

  
33,381,672
33,101,222


Page 1

 


MCCARTHY PROPERTIES (READING) LIMITED
REGISTERED NUMBER:12983114


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R M McCarthy
Director

Date: 7 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

McCarthy Properties (Reading) Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises rents receivable in connection with the company's freehold investment property.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis per annum:

Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Straight line
Office equipment
-
25%
Straight line
Computer equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the director. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 11).

Page 4

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
95,134
187,049
1,029
13,887
297,099


Additions
-
5,866
-
-
5,866



At 31 March 2024

95,134
192,915
1,029
13,887
302,965



Depreciation


At 1 April 2023
36,634
87,427
471
5,092
129,624


Charge for the year on owned assets
14,625
47,553
257
2,777
65,212



At 31 March 2024

51,259
134,980
728
7,869
194,836



Net book value



At 31 March 2024
43,875
57,935
301
6,018
108,129



At 31 March 2023
58,500
99,622
558
8,795
167,475


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
44,605,000


Additions at cost
9,766


Disposals
(940,000)



At 31 March 2024
43,674,766

The 2024 valuations were made by the director, on an open market value for existing use basis.





Page 5

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
36,652
18,506

Other debtors
578,861
82,500

Prepayments and accrued income
149,061
192,437

Deferred taxation
3,235
64,545

767,809
357,988



7.


Current asset investments

2024
2023
£
£

Money market deposits
-
1,578,709

-
1,578,709



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,213
-

Corporation tax
180,432
197,808

Other taxation and social security
7,224
6,336

Other creditors
2,262,794
233,699

Accruals and deferred income
74,725
77,347

2,536,388
515,190




Page 6

 


MCCARTHY PROPERTIES (READING) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,750,000
10,500,000

Other creditors
2,261,294
2,921,033

9,011,294
13,421,033


The bank loan is secured by a charge over some of the company's freehold investment property.
Included in other creditors is an amount due to the director of £2,261,294 (2023 - £2,750,000). This loan is interest free.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
6,750,000
10,500,000

6,750,000
10,500,000


6,750,000
10,500,000



11.


Prior year adjustment

The prior year adjustment is in respect of a correction of the market value of assets on incorporation.
This has in turn led to an increase in cost posted to the profit/(loss) on sale of investments properties of £45,000 in the prior year.

 
Page 7