BrightAccountsProduction v1.0.0 v1.0.0 2022-12-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of property investment and rental. 28 August 2024 1 1 09726555 2023-11-30 09726555 2022-11-30 09726555 2021-11-30 09726555 2022-12-01 2023-11-30 09726555 2021-12-01 2022-11-30 09726555 uk-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09726555 uk-curr:PoundSterling 2022-12-01 2023-11-30 09726555 uk-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 09726555 uk-bus:FullAccounts 2022-12-01 2023-11-30 09726555 uk-bus:Director1 2022-12-01 2023-11-30 09726555 uk-bus:RegisteredOffice 2022-12-01 2023-11-30 09726555 uk-bus:Agent1 2022-12-01 2023-11-30 09726555 uk-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 09726555 uk-core:ShareCapital 2023-11-30 09726555 uk-core:ShareCapital 2022-11-30 09726555 uk-core:RetainedEarningsAccumulatedLosses 2023-11-30 09726555 uk-core:RetainedEarningsAccumulatedLosses 2022-11-30 09726555 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-11-30 09726555 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-11-30 09726555 uk-bus:FRS102 2022-12-01 2023-11-30 09726555 uk-core:WithinOneYear 2023-11-30 09726555 uk-core:WithinOneYear 2022-11-30 09726555 uk-core:WithinOneYear 2023-11-30 09726555 uk-core:WithinOneYear 2022-11-30 09726555 uk-core:AfterOneYear 2023-11-30 09726555 uk-core:AfterOneYear 2022-11-30 09726555 uk-core:BetweenOneTwoYears 2023-11-30 09726555 uk-core:BetweenOneTwoYears 2022-11-30 09726555 uk-core:BetweenTwoFiveYears 2023-11-30 09726555 uk-core:BetweenTwoFiveYears 2022-11-30 09726555 uk-core:MoreThanFiveYears 2023-11-30 09726555 uk-core:MoreThanFiveYears 2022-11-30 09726555 2022-12-01 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 09726555
 
 
MCD Property Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023



MCD Property Ltd
DIRECTOR AND OTHER INFORMATION

 
Director Sean McDonagh
 
 
Company Registration Number 09726555
 
 
Registered Office and Business Address Avoca House
The Pavilion Business Centre
6 Kinetic Crescent
Enfield
Middlesex
EN3 7FJ
England
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Barclays Bank
  20 The Town
  Enfield
  Middlesex
  EN2 6LS
  England



MCD Property Ltd

CHARTERED ACCOUNTANTS' REPORT
to the Director on the Compilation of the unaudited financial statements of MCD Property Ltd
for the financial year ended 30 November 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2023 as set out on pages  to 11 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of MCD Property Ltd, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 30 November 2023 your duty to ensure that MCD Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MCD Property Ltd. You consider that MCD Property Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of MCD Property Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
28 August 2024



MCD Property Ltd
Company Registration Number: 09726555
STATEMENT OF FINANCIAL POSITION
as at 30 November 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 663,022 663,022
───────── ─────────
 
Current Assets
Receivables 5 303 -
Cash and cash equivalents 3,165 7,318
───────── ─────────
3,468 7,318
───────── ─────────
Payables: amounts falling due within one year 6 (150,404) (159,812)
───────── ─────────
Net Current Liabilities (146,936) (152,494)
───────── ─────────
Total Assets less Current Liabilities 516,086 510,528
 
Payables:
amounts falling due after more than one year 7 (366,829) (375,516)
───────── ─────────
Net Assets 149,257 135,012
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 149,157 134,912
───────── ─────────
Equity attributable to owners of the company 149,257 135,012
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 28 August 2024
           
           
________________________________          
Sean McDonagh          
Director          
           



MCD Property Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2023

   
1. General Information
 
MCD Property Ltd is a company limited by shares incorporated in the England. Avoca House, The Pavilion Business Centre, 6 Kinetic Crescent, Enfield, Middlesex, EN3 7FJ, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2022 - 1).
 
  2023 2022
  Number Number
 
Director 1 1
  ═════════ ═════════
       
4. Property, plant and equipment
  Investment Total
  properties  
     
  £ £
Cost
At 1 December 2022 663,022 663,022
  ───────── ─────────
 
At 30 November 2023 663,022 663,022
  ───────── ─────────
Depreciation
At 1 December 2022 - -
  ───────── ─────────
At 30 November 2023 - -
  ───────── ─────────
Carrying amount
At 30 November 2023 663,022 663,022
  ═════════ ═════════
At 30 November 2022 663,022 663,022
  ═════════ ═════════
       
5. Receivables 2023 2022
  £ £
 
Prepayments and accrued income 303 -
  ═════════ ═════════
       
6. Payables 2023 2022
Amounts falling due within one year £ £
 
Bank loan 29,748 29,146
Amounts owed to related parties (Note 10) 60,022 60,022
Taxation  (Note 8) 3,519 6,576
Director's current account 51,818 51,818
Accruals and deferred income 5,297 12,250
  ───────── ─────────
  150,404 159,812
  ═════════ ═════════
 
MCD Property Ltd provided a mortgage debenture to Barclarys Bank PLC on 1st Feburary 2016 for fixed and floating charges over the undertaking and all property assets present and future including uncalled capital buildings and fixtures plant and machinery.
       
7. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 366,829 375,516
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 29,748 29,146
Repayable between one and two years 29,748 29,147
Repayable between two and five years 87,438 87,436
Repayable in five years or more 249,643 258,933
  ───────── ─────────
  396,577 404,662
  ═════════ ═════════
 
       
8. Taxation 2023 2022
  £ £
 
Payables:
VAT 1,876 1,975
Corporation tax 1,643 4,601
  ───────── ─────────
  3,519 6,576
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
           
10. Related party transactions
 
      2023 2022
      £ £
 
Finance amounts owed to related parties     60,022 60,022
      ═════════ ═════════
 
Sean McDonagh is a director in MCD Property Ltd & Tony McDonagh & Co Ltd.
As at the 1st December 2022 there was £60,022 owing between MCD Property Ltd and Tony McDonagh & Co Ltd.
During the financial year there were net transactions of £nil.
As at 30th November 2023 MCD Property Ltd owed £60,022 to Tony McDonagh & Co Ltd.

During the financial year MCD Property Ltd charged Tony McDonagh & Co Ltd £47,220 inclusive of VAT.
Tony McDonagh & Co Ltd paid the balance in full.
MCD Property Ltd have also deferred income, in relation to Tony McDonagh & Co Ltd, totalling £2,650 at 30th November 2023.
   
11. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.