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Company Registration No. 06778934 (England and Wales)
McGimpsey Vallis Limited Unaudited accounts for the year ended 31 December 2023
McGimpsey Vallis Limited Unaudited accounts Contents
Page
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McGimpsey Vallis Limited Company Information for the year ended 31 December 2023
Directors
John McGimpsey Mark Vallis
Secretary
Tracey Vallis
Company Number
06778934 (England and Wales)
Registered Office
Oakley Road Chinnor OX39 4TW
Accountants
Akusika Business Services Ltd Sapphire House 116 Station Road Chinnor Oxon OX39 4QG
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McGimpsey Vallis Limited Accountants' report
Accountants' report to the board of directors of McGimpsey Vallis Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of McGimpsey Vallis Limited for the year ended 31 December 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of McGimpsey Vallis Limited, as a body, in accordance with the terms of our engagement letter dated 4 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of McGimpsey Vallis Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McGimpsey Vallis Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that McGimpsey Vallis Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of McGimpsey Vallis Limited. You consider that McGimpsey Vallis Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of McGimpsey Vallis Limited. For this reason, we have not verified the 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 accounts.
Akusika Business Services Ltd Sapphire House 116 Station Road Chinnor Oxon OX39 4QG 30 August 2024
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McGimpsey Vallis Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
- 
5,645 
Tangible assets
161,003 
113,807 
Investment property
328,575 
65,109 
Investments
- 
57,213 
489,578 
241,774 
Current assets
Debtors
177,236 
204,470 
Cash at bank and in hand
477,614 
546,522 
654,850 
750,992 
Creditors: amounts falling due within one year
(743,789)
(579,208)
Net current (liabilities)/assets
(88,939)
171,784 
Total assets less current liabilities
400,639 
413,558 
Creditors: amounts falling due after more than one year
(36,855)
(36,529)
Net assets
363,784 
377,029 
Capital and reserves
Called up share capital
700 
700 
Revaluation reserve
36,670 
36,670 
Profit and loss account
326,414 
339,659 
Shareholders' funds
363,784 
377,029 
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by
John McGimpsey Director Company Registration No. 06778934
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McGimpsey Vallis Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
McGimpsey Vallis Limited is a private company, limited by shares, registered in England and Wales, registration number 06778934. The registered office is Oakley Road, Chinnor, OX39 4TW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
NPV per year
Plant & machinery
18% reducing balance
Motor vehicles
18% reducing value
Fixtures & fittings
18% reducing balance
Computer equipment
18% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
20,728 
At 31 December 2023
20,728 
Amortisation
At 1 January 2023
15,083 
On disposals
5,645 
At 31 December 2023
20,728 
Net book value
At 31 December 2023
- 
At 31 December 2022
5,645 
Specialist motor and IT software amortised at 18% reducing balance
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McGimpsey Vallis Limited Notes to the Accounts for the year ended 31 December 2023
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
133,590 
296,883 
5,294 
5,110 
440,877 
Additions
- 
82,539 
- 
- 
82,539 
At 31 December 2023
133,590 
379,422 
5,294 
5,110 
523,416 
Depreciation
At 1 January 2023
105,301 
216,173 
3,303 
2,293 
327,070 
Charge for the year
5,092 
29,385 
359 
507 
35,343 
At 31 December 2023
110,393 
245,558 
3,662 
2,800 
362,413 
Net book value
At 31 December 2023
23,197 
133,864 
1,632 
2,310 
161,003 
At 31 December 2022
28,289 
80,710 
1,991 
2,817 
113,807 
6
Investment property
2023 
£ 
Fair value at 1 January 2023
65,109 
Additions
263,466 
At 31 December 2023
328,575 
2 Investment properties owned during the year
7
Investments
Other investments 
£ 
Valuation at 1 January 2023
57,213 
Disposals
(57,213)
Valuation at 31 December 2023
- 
8
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
41,077 
Trade debtors
177,236 
163,393 
177,236 
204,470 
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McGimpsey Vallis Limited Notes to the Accounts for the year ended 31 December 2023
9
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
91,256 
66,868 
Trade creditors
52,412 
95,562 
Taxes and social security
278,707 
205,214 
Proposed dividends
206,000 
151,000 
Other creditors
119 
126 
Loans from directors
114,380 
60,438 
Accruals
915 
- 
743,789 
579,208 
10
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
33,416 
33,416 
Taxes and social security
3,439 
3,113 
36,855 
36,529 
11
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
700 Ordinary shares of £1 each
700 
700 
12
Average number of employees
During the year the average number of employees was 9 (2022: 8).
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