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Registration number: 13638324

McDonnell Holdings Ltd

Unaudited Filleted Financial Statements

for the Period from 1 October 2023 to 30 April 2024

 

McDonnell Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

McDonnell Holdings Ltd

Company Information

Directors

Mr P W McDonnell

Mr B P McDonnell

Registered office

Unit 1 Gabwell Business Centre
Quadrant Way
Hardwicke
Gloucester
GL2 2JH

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

McDonnell Holdings Ltd

(Registration number: 13638324)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,588

47,839

Investment property

5

1,797,909

1,797,909

Investments

6

95,001

95,001

 

1,939,498

1,940,749

Current assets

 

Debtors

7

1,571

38,265

Cash at bank and in hand

 

74,063

77,092

 

75,634

115,357

Creditors: Amounts falling due within one year

8

(84,803)

(72,505)

Net current (liabilities)/assets

 

(9,169)

42,852

Total assets less current liabilities

 

1,930,329

1,983,601

Creditors: Amounts falling due after more than one year

8

(888,551)

(1,798,578)

Provisions for liabilities

(8,852)

(253)

Net assets

 

1,032,926

184,770

Capital and reserves

 

Called up share capital

95,003

95,003

Retained earnings

937,923

89,767

Shareholders' funds

 

1,032,926

184,770

 

McDonnell Holdings Ltd

(Registration number: 13638324)
Balance Sheet as at 30 April 2024

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr P W McDonnell
Director

.........................................
Mr B P McDonnell
Director

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1 Gabwell Business Centre
Quadrant Way
Hardwicke
Gloucester
GL2 2JH
England

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The current period has been shortened in line with the other group companies. This means that the prior period figures will not be entirely comparable with the current period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties determined on purchase by market value and thereafter annually by a directors review. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.The company has decided not to consolidate its accounts with its subsidiaries.

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2023 - 1).

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

48,727

48,727

At 30 April 2024

48,727

48,727

Depreciation

At 1 October 2023

888

888

Charge for the period

1,251

1,251

At 30 April 2024

2,139

2,139

Carrying amount

At 30 April 2024

46,588

46,588

At 30 September 2023

47,839

47,839

5

Investment properties

2024
£

At 1 October

1,797,909

At 30 April

1,797,909

The property is at fair value by market purchase in this period.

6

Investments

2024
£

2023
£

Investments in subsidiaries

95,001

95,001

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 October 2023

95,001

Provision

Carrying amount

At 30 April 2024

95,001

At 30 September 2023

95,001

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

55

Prepayments

1,571

943

Other debtors

-

37,267

 

1,571

38,265

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

(600)

Taxation and social security

20,605

7,628

Accruals and deferred income

53,948

55,228

Other creditors

10,250

10,249

84,803

72,505

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

888,551

1,798,578

 

McDonnell Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 30 April 2024

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

A charge containing a negative pledge is held over the freehold property known as Unit 2, Gabwell Business Centre, Gloucester, GL2 2JH by HSBC UK Bank plc. The charge will be satisfied post year end.

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

(104,838)

191,049

(86,211)

-

 

2023

At 1 October 2022
£

At 30 September 2023
£

(104,838)

(104,838)

 

Summary of transactions with subsidiaries

McDonnell Holdings Limited has taken advantage of the exemption available under FRS102 Section 1A not to disclose transactions with other wholly owned members of the group.