Company registration number 09998914 (England and Wales)
MCDONALD AND HAMILTON ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MCDONALD AND HAMILTON ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MCDONALD AND HAMILTON ESTATES LIMITED
BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,316
21,369
Tangible assets
5
3,634
4,846
Investment property
6
3,268,451
3,060,759
3,290,401
3,086,974
Current assets
Debtors
7
711,933
552,143
Cash at bank and in hand
10,000
11,756
721,933
563,899
Creditors: amounts falling due within one year
8
(1,010,364)
(641,095)
Net current liabilities
(288,431)
(77,196)
Total assets less current liabilities
3,001,970
3,009,778
Creditors: amounts falling due after more than one year
9
(2,350,876)
(2,350,901)
Provisions for liabilities
(119,646)
(119,646)
Net assets
531,448
539,231
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
531,438
539,221
Total equity
531,448
539,231
MCDONALD AND HAMILTON ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024
30 March 2024
- 2 -

For the financial year ended 30 March 2024 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
Mr William Turriff
Director
Company registration number 09998914 (England and Wales)
MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
1
Accounting policies
Company information

McDonald and Hamilton Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 155 Newton Drive, Blackpool, FY3 8LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rents and goods and services net of VAT.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Lease options
Over their useful life
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance
Computers
33.3% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
5
4
Intangible fixed assets
Lease options
£
Cost
At 31 March 2023 and 30 March 2024
30,526
Amortisation and impairment
At 31 March 2023
9,157
Amortisation charged for the year
3,053
At 30 March 2024
12,210
Carrying amount
At 30 March 2024
18,316
At 30 March 2023
21,369
MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 March 2023 and 30 March 2024
8,731
Depreciation and impairment
At 31 March 2023
3,885
Depreciation charged in the year
1,212
At 30 March 2024
5,097
Carrying amount
At 30 March 2024
3,634
At 30 March 2023
4,846
6
Investment property
2024
£
Fair value
At 31 March 2023
3,060,758
Additions
252,248
Disposals
(44,555)
At 30 March 2024
3,268,451

Investment property comprises of an amount of £2,932,161 (2023: £2,932,161) for which a first charge over the underlying assets has been given to the lenders. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director at the year end.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
213
-
0
Other debtors
711,720
552,143
711,933
552,143
MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,484
5,041
Trade creditors
32
1,170
Other creditors
1,005,848
634,884
1,010,364
641,095
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,210,876
2,210,901
Other creditors
140,000
140,000
2,350,876
2,350,901

Bank Loans includes £2,175,587 (2023: £2,173,036) secured by way of a fixed first charge over the underlying assets.

 

Other Loans includes £140,000 (2023: £140,000) secured by way of a fixed first charge over the underlying assets.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
2,175,587
2,173,036
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
McDonald and Hamilton Commercial Estates Ltd
210,052
208,301

The amount outstanding to McDonald and Hamilton Commercial Estates Limited, a company in which Mr W Turriff is a director and shareholder, is in respect of a loan. No interest was charged on the loan during the year.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Kensington & Falkner Estates Ltd
536,291
340,529
MCDONALD AND HAMILTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
10
Related party transactions
(Continued)
- 9 -

The amount outstanding from Kensington & Falkner Estates Limited, a company in which Mr W Turriff is a director and shareholder, is in respect of a loan. No interest was charged on the loan during the year.

MCDONALD AND HAMILTON ESTATES LIMITED
SCHEDULES TO THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 MARCH 2024
Year ended
Year ended
30 March
30 March
2024
2023
£
£
Staff costs
Wages and salaries
5,200
101
Directors' remuneration
2,476
-
Directors' pension costs
79,445
-
87,121
101
Depreciation and other amounts written off tangible and intangible fixed assets
Amortisation
3,053
3,053
Depreciation
1,212
2,373
Profit or loss on sale of investment property
2,618
-
6,883
5,426
Other operating expenses
Staff training
157
-
Rates
74
657
Property repairs and maintenance
46,273
125,048
Premises insurance
5,429
4,716
Legal and professional fees
44,443
30,229
Advertising
158
872
Subcontract labour
6,609
979
Rates
5,775
1,435
Computer running costs
473
-
Travelling expenses
16,818
6,839
Accountancy
2,610
2,454
Charitable donations
3,083
305
Printing and stationery
1,187
140
Telecommunications
5
413
Entertaining
300
299
Sundry expenses
(2)
2
Share of profit or loss on properties
(4,195)
(3,110)
129,197
171,278
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