Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Mr D Mcgovern 23/08/2007 Mr T J Mcgovern 01/09/2011 19 September 2024 no description of principal activity 06351800 2023-11-30 06351800 bus:Director1 2023-11-30 06351800 bus:Director2 2023-11-30 06351800 2022-11-30 06351800 core:CurrentFinancialInstruments 2023-11-30 06351800 core:CurrentFinancialInstruments 2022-11-30 06351800 core:ShareCapital 2023-11-30 06351800 core:ShareCapital 2022-11-30 06351800 core:RetainedEarningsAccumulatedLosses 2023-11-30 06351800 core:RetainedEarningsAccumulatedLosses 2022-11-30 06351800 core:LeaseholdImprovements 2022-11-30 06351800 core:PlantMachinery 2022-11-30 06351800 core:FurnitureFittings 2022-11-30 06351800 core:ComputerEquipment 2022-11-30 06351800 core:LeaseholdImprovements 2023-11-30 06351800 core:PlantMachinery 2023-11-30 06351800 core:FurnitureFittings 2023-11-30 06351800 core:ComputerEquipment 2023-11-30 06351800 core:CostValuation 2022-11-30 06351800 core:CostValuation 2023-11-30 06351800 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-11-30 06351800 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-11-30 06351800 2022-12-01 2023-11-30 06351800 bus:FilletedAccounts 2022-12-01 2023-11-30 06351800 bus:SmallEntities 2022-12-01 2023-11-30 06351800 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 06351800 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 06351800 bus:Director1 2022-12-01 2023-11-30 06351800 bus:Director2 2022-12-01 2023-11-30 06351800 core:LeaseholdImprovements core:TopRangeValue 2022-12-01 2023-11-30 06351800 core:PlantMachinery core:TopRangeValue 2022-12-01 2023-11-30 06351800 core:FurnitureFittings core:TopRangeValue 2022-12-01 2023-11-30 06351800 core:ComputerEquipment core:TopRangeValue 2022-12-01 2023-11-30 06351800 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Company No: 06351800 (England and Wales)

MCGOVERN GROUP LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

MCGOVERN GROUP LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

MCGOVERN GROUP LTD

COMPANY INFORMATION

For the financial year ended 30 November 2023
MCGOVERN GROUP LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mr D Mcgovern
Mr T J Mcgovern
SECRETARY Mr T J Mcgovern
REGISTERED OFFICE 39 Blackbird Hill
London
NW9 8RS
England
United Kingdom
COMPANY NUMBER 06351800 (England and Wales)
CHARTERED ACCOUNTANTS Gravita III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
MCGOVERN GROUP LTD

BALANCE SHEET

As at 30 November 2023
MCGOVERN GROUP LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investments 4 101 101
101 101
Current assets
Debtors 5 332,562 332,246
Cash at bank and in hand 266,154 288,969
598,716 621,215
Creditors: amounts falling due within one year 6 ( 972,191) ( 974,090)
Net current liabilities (373,475) (352,875)
Total assets less current liabilities (373,374) (352,774)
Net liabilities ( 373,374) ( 352,774)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 373,376 ) ( 352,776 )
Total shareholders' deficit ( 373,374) ( 352,774)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of McGovern Group Ltd (registered number: 06351800) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Mr D Mcgovern
Director
MCGOVERN GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
MCGOVERN GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

McGovern Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 39 Blackbird Hill, London, NW9 8RS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

The company has taken advantage of the exemption, under the terms of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries/entities within the group.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line
Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 December 2022 8,551 80,743 3,308 1,050 93,652
At 30 November 2023 8,551 80,743 3,308 1,050 93,652
Accumulated depreciation
At 01 December 2022 8,551 80,743 3,308 1,050 93,652
At 30 November 2023 8,551 80,743 3,308 1,050 93,652
Net book value
At 30 November 2023 0 0 0 0 0
At 30 November 2022 0 0 0 0 0

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 100
At 30 November 2023 100
Carrying value at 30 November 2023 100
Carrying value at 30 November 2022 100

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 December 2022 1 1
At 30 November 2023 1 1
Carrying value at 30 November 2023 1 1
Carrying value at 30 November 2022 1 1

5. Debtors

2023 2022
£ £
Other debtors 332,562 332,246

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,740 5,189
Amounts owed to own subsidiaries 100 100
Other creditors 969,351 968,801
972,191 974,090

7. Related party transactions

At the balance sheet date, the company owed £124,000 (2022: £112,000) to McGovern Construction Services Limited, a company under common control.

At the balance sheet date, the company owed £63,000 (2022: £55,000) to McGovern Builders and Contractors Limited, a company under common control.

At the balance sheet date, the company was owed £330,397 (2022: £330,397) by Blackbird Lands Limited, an entity that the company owns 50% of. Prior to incorporation this amount was due from Kaden Management S.A., a BVI company.

8. Director's transactions

At the reporting date, the company owned £NIL (2022: £800,000) to the directors of the companies.