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REGISTERED NUMBER: 01047488 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

MCGRATH BROS. (PLUMBING) LIMITED

MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCGRATH BROS. (PLUMBING) LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: A McGrath
D A McGrath
Mrs M McGrath





SECRETARY: Mrs M McGrath





REGISTERED OFFICE: 353 High Road
London
N22 4JA





REGISTERED NUMBER: 01047488 (England and Wales)





ACCOUNTANTS: Christopher & Co
Chartered Accountants
51a Anson Road
Tufnell Park
London
N7 0AR

MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,440 4,663
Investments 5 1,200,000 1,200,000
1,204,440 1,204,663

CURRENT ASSETS
Debtors 6 9,163 4,765
Cash at bank 113,714 121,239
122,877 126,004
CREDITORS
Amounts falling due within one year 7 10,798 10,426
NET CURRENT ASSETS 112,079 115,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,316,519

1,320,241

CREDITORS
Amounts falling due after more than one year 8 (28,770 ) (22,866 )

PROVISIONS FOR LIABILITIES (820 ) (857 )
NET ASSETS 1,286,929 1,296,518

CAPITAL AND RESERVES
Called up share capital 9 500 500
Revaluation reserve 10 980,201 980,201
Retained earnings 306,228 315,817
SHAREHOLDERS' FUNDS 1,286,929 1,296,518

MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)

BALANCE SHEET - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





D A McGrath - Director


MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

McGrath Bros. (Plumbing) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified in respect of the revaluation of the company's freehold property.

Turnover
This represents rents receivable arise from the letting of units in the company's freehold property.

Fixed assets and depreciation
The company's freehold property is treated as an investment property and stated at open market value and is not depreciated..

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided on all other tangible fixed assets at the following annual rates in order to write off each asset over its estimated useful life on a reducing balance basis:

Fixtures and Fittings 15%
Plant and Machinery 20%


Depreciation is charged for a full year in the year of acquisition of an asset. No depreciation is charged in the year of disposal of an asset.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognized in the Income Statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognized at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognized only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 26,143
Additions 643
At 31 August 2023 26,786
DEPRECIATION
At 1 September 2022 21,480
Charge for year 866
At 31 August 2023 22,346
NET BOOK VALUE
At 31 August 2023 4,440
At 31 August 2022 4,663

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2022
and 31 August 2023 1,200,000
NET BOOK VALUE
At 31 August 2023 1,200,000
At 31 August 2022 1,200,000

Cost or valuation at 31 August 2023 is represented by:

Other
investments
£   
Valuation in 2023 1,200,000

The company's freehold property was valued by Mr A McGrath, a director of the company, at the balance sheet date using an existing use open market value basis.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 9,163 4,765

MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 1,852 1,852
Accrued expenses 8,946 8,574
10,798 10,426

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loan 10,019 11,555
Directors' loan account 18,751 11,311
28,770 22,866

An unsecured bank loan was taken out during the previous year with an interest of 2.5% per annum with an option to extend. This loan was initially for five years but was later extended to ten years. The directors' loan account is unsecured, is interest free and has no specified repayment terms. However, interest of 4% per annum is charged on temporary debit balances, if any,

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
500 Ordinary £1 500 500

10. RESERVES
Revaluation
reserve
£   
At 1 September 2022
and 31 August 2023 980,201

11. OTHER FINANCIAL COMMITMENTS

There were no commitments for capital expenditure at the end of the year. (2022: Nil).

12. RELATED PARTY DISCLOSURES

During the period a unit in the company's freehold property was let to a close family member of the directors at a rent of £6,880 (2022: £6,460).