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Registered number: 11861644
McCracken Meek Property Developments Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11861644
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,511,329 1,162,300
1,511,329 1,162,300
CURRENT ASSETS
Debtors 5 23,753 27,605
Cash at bank and in hand 128,983 234,040
152,736 261,645
Creditors: Amounts Falling Due Within One Year 6 (624,661 ) (873,502 )
NET CURRENT ASSETS (LIABILITIES) (471,925 ) (611,857 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,039,404 550,443
Creditors: Amounts Falling Due After More Than One Year 7 (921,319 ) (351,339 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,121 ) (53,844 )
NET ASSETS 77,964 145,260
CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair Value Reserve 9 171,040 229,548
Income Statement (93,176 ) (84,388 )
SHAREHOLDERS' FUNDS 77,964 145,260
Page 1
Page 2
For the year ending 31 March 2024 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 Income Statement.
On behalf of the board
Mr Andrew Meek
Director
25 July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
McCracken Meek Property Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11861644 . The registered office is Unit 1c Eagle Industrial Estate, Church Green, Witney, Oxfordshire.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Tangible Assets
Investment Properties Plant & Machinery Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 1,159,500 3,775 1,968 1,165,243
Additions 421,597 349 280 422,226
Revaluation (72,231) - - (72,231 )
As at 31 March 2024 1,508,866 4,124 2,248 1,515,238
Depreciation
As at 1 April 2023 - 1,320 1,623 2,943
Provided during the period - 701 265 966
As at 31 March 2024 - 2,021 1,888 3,909
Net Book Value
As at 31 March 2024 1,508,866 2,103 360 1,511,329
As at 1 April 2023 1,159,500 2,455 345 1,162,300
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,602 6,057
Other debtors - 795
Deferred tax current asset 21,791 20,753
Amounts owed by group undertakings 360 -
23,753 27,605
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 157,164
Directors' loan accounts 624,661 716,338
624,661 873,502
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 921,319 351,339
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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Page 5
9. Reserves
Fair Value Reserve
£
As at 1 April 2023 229,548
Movements in fair value reserve (58,508)
As at 31 March 2024 171,040
Page 5