REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
MCGRATH BROS. (PLUMBING) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
MCGRATH BROS. (PLUMBING) LIMITED (REGISTERED NUMBER: 01047488) |
BALANCE SHEET - continued |
31 August 2023 |
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. |
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 |
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 |
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 |
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 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
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 |
Accrued expenses |
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 |
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: | £ | £ |
Ordinary | £1 | 500 | 500 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 September 2022 |
and 31 August 2023 |
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). |