REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
MCCLARRONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
MCCLARRONS LIMITED |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MCCLARRONS LIMITED |
COMPANY INFORMATION |
for the year ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
STATEMENT OF FINANCIAL POSITION |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
STATEMENT OF FINANCIAL POSITION - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
1. | STATUTORY INFORMATION |
McClarrons Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about McClarrons Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
Critical judgements in applying the company's policies |
No significant judgements have had to be made by management in preparing these financial statements. |
Critical accounting estimates and assumptions |
The directors do not consider that any estimates or assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Revenue |
Revenue represents commissions and fees receivable and services supplied. Services are recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. Commissions and fees are recognised as due when the underlying insurance premium has been paid. |
Goodwill |
Goodwill connected with the purchase of a trade is initially measured at cost. Goodwill connected with the purchase of a subsidiary business, where this is followed by a 'hive up' of the trade, is initially measured as the excess of the cost of the investment in the subsidiary over the fair value of the net assets acquired. After initial recognition all goodwill is measured at either cost or excess over fair value less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. |
Business acquisitions | - 20% on straight line basis |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost of each asset overs its estimated useful life. |
Improvements to property | - 4% on straight line basis |
Plant and machinery | - 25% on reducing balance basis |
Fixtures and fittings | - 25% on reducing balance basis |
Computer equipment | - 25% on straight line basis |
Investments in subsidiaries |
Investments in subsidiary undertakings are initially measured at cost. If the acquisition is followed by a 'hive up' of the trade then part of the cost is allocated to goodwill (being the excess of the cost in the subsidiary undertaking over the fair value of the net assets acquired). After initial recognition investments in subsidiary undertakings are reduced by any accumulated impairment losses. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leases |
Operating lease rentals are charged against profits of the period to which they relate. |
Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
MCCLARRONS LIMITED (REGISTERED NUMBER: 01171712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CONTINGENT LIABILITIES |
The company has given unlimited guarantees to its bankers by way of fixed and floating charge over its assets and undertaking in favour of a group company. The bank borrowings of the group company at 31 January 2024 were £375,102 (2023 - £404,886). |
10. | OTHER FINANCIAL COMMITMENTS |
The company had total operating lease commitments at the balance sheet date in the sum of £275,346 (2023 - £334,084). |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Two of the directors operate a loan account with the company which is repayable on demand. The following advances and credits subsisted during the years ended 2024 and 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | - | - |
Amounts advanced | 23,661 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 23,661 | - |
Interest has been charged at the HMRC beneficial loan rate whilst overdrawn. |
12. | RELATED PARTY DISCLOSURES |
Two of the company's directors have made an interest free loan to the company which is repayable on demand. At the year end the total amount owed to them was nil (2023 £117,736). |