MCCLUSKEY HOLDINGS LIMITED

Company Registration Number:
SC128482 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

MCCLUSKEY HOLDINGS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

MCCLUSKEY HOLDINGS LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 321,913 367,639
Investments: 4 100,000 200,000
Total fixed assets: 421,913 567,639
Current assets
Debtors:   10,634 3,004
Cash at bank and in hand: 800 2,916
Total current assets: 11,434 5,920
Creditors: amounts falling due within one year:   (24,118) (118,547)
Net current assets (liabilities): (12,684) (112,627)
Total assets less current liabilities: 409,229 455,012
Creditors: amounts falling due after more than one year:   (6,333) (10,000)
Total net assets (liabilities): 402,896 445,012
Capital and reserves
Called up share capital: 1,000 1,000
Revaluation reserve:599,83599,835
Profit and loss account: 302,061 344,177
Shareholders funds: 402,896 445,012

The notes form part of these financial statements

MCCLUSKEY HOLDINGS LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 September 2024
and signed on behalf of the board by:

Name: William McCluskey
Status: Director

The notes form part of these financial statements

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from property rental, stated net of discounts.

Tangible fixed assets and depreciation policy

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property is not depreciated

Other accounting policies

Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Consolidation The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Taxation The taxation expense represents the amount of tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost or valuation, which includes purchase price and any directly attributable expenditure. Investment property has not been revalued to its fair value at the reporting date and no changes in fair value have been recognised in profit or loss. Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 1 1

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 393,884
Disposals (45,726)
At 31 December 2023 348,158
Depreciation
At 01 January 2023 26,245
At 31 December 2023 26,245
Net book value
At 31 December 2023 321,913
At 31 December 2022 367,639

The company's freehold properties are held for rental and have therefore not been depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view. There is no current valuation of the properties but the directors will obtain such valuation in the future.

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed investments

Cost At 1 January 2023 and 31 December 2023 £454793 Impairment At 1 January 2023 £254793 Impairment losses £100000 Carrying amount At 31 December 2023 £100000

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Revaluation reserve

2023
£
Balance at 01 January 2023 99,835
Surplus or deficit after revaluation 0
Balance at 31 December 2023 99,835

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Financial commitments

The total future minimum lease payments under non-cancellable operating leases are as follows : Not later than 1 year £8640

MCCLUSKEY HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Loans to directors

The director's loan account balance at the year end was £8,630 debit (2022 - £29,030 credit). The loan is interest free and repayable on demand.