IRIS Accounts Production v24.2.0.383 02447479 Board of Directors 1.1.23 31.12.23 31.12.23 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh024474792022-12-31024474792023-12-31024474792023-01-012023-12-31024474792021-12-31024474792022-01-012022-12-31024474792022-12-3102447479ns15:EnglandWales2023-01-012023-12-3102447479ns14:PoundSterling2023-01-012023-12-3102447479ns10:Director12023-01-012023-12-3102447479ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102447479ns10:SmallEntities2023-01-012023-12-3102447479ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102447479ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102447479ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102447479ns10:FullAccounts2023-01-012023-12-3102447479ns10:Director22023-01-012023-12-3102447479ns10:Director32023-01-012023-12-3102447479ns10:CompanySecretary12023-01-012023-12-3102447479ns10:RegisteredOffice2023-01-012023-12-3102447479ns5:CurrentFinancialInstruments2023-12-3102447479ns5:CurrentFinancialInstruments2022-12-3102447479ns5:ShareCapital2023-12-3102447479ns5:ShareCapital2022-12-3102447479ns5:RetainedEarningsAccumulatedLosses2023-12-3102447479ns5:RetainedEarningsAccumulatedLosses2022-12-3102447479ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102447479ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 02447479 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

McMahon Associates Limited

McMahon Associates Limited (Registered number: 02447479)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


McMahon Associates Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P A McMahon
E D M McMahon
R R M McMahon





SECRETARY: E D M McMahon





REGISTERED OFFICE: 60 Kingsland Wharves
305 Kingsland Road
London
London
E8 4EG





REGISTERED NUMBER: 02447479 (England and Wales)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

McMahon Associates Limited (Registered number: 02447479)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 853,000 813,000

CURRENT ASSETS
Debtors 5 45,236 16,801
Cash at bank 50,404 323,524
95,640 340,325
CREDITORS
Amounts falling due within one year 6 900,009 1,196,873
NET CURRENT LIABILITIES (804,369 ) (856,548 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,631

(43,548

)

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Retained earnings 42,631 (49,548 )
SHAREHOLDERS' FUNDS 48,631 (43,548 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 3 September 2024 and were signed on its behalf by:



P A McMahon - Director


McMahon Associates Limited (Registered number: 02447479)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

McMahon Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Rents received
Rentals receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Investment property
Investment property is measured at fair value, based on an assessment of the open market value for similar assets in a similar condition and location. Where such a measure is unavailable, assets are held at cost less impairment.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

McMahon Associates Limited (Registered number: 02447479)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 813,000
Impairments 40,000
At 31 December 2023 853,000
NET BOOK VALUE
At 31 December 2023 853,000
At 31 December 2022 813,000

The directors have re-assessed the value of the property which was impaired in the prior year, and it has been revalued to its fair value in the current year.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2022 (116,679 )
Valuation in 2023 40,000
Cost 929,679
853,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 45,236 16,801

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security 3,294 6,123
Other creditors 896,715 1,190,750
900,009 1,196,873

7. SECURED DEBTS

The trustees of the McMahon Associates Retirement and Death Benefit Scheme hold security over the property held within the company as well as a floating charge over its assets.