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REGISTERED NUMBER: 13429413 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

McNaught & Barker Properties Ltd

McNaught & Barker Properties Ltd (Registered number: 13429413)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McNaught & Barker Properties Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: D Barker
L R McNaught





SECRETARY:





REGISTERED OFFICE: 8 William Turner Road
Redcar
TS10 2GZ





REGISTERED NUMBER: 13429413 (England and Wales)





ACCOUNTANTS: RJB Accounts
26 Principal Road
Redcar
Cleveland
TS10 2GW

McNaught & Barker Properties Ltd (Registered number: 13429413)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 232,000 232,000

CURRENT ASSETS
Cash at bank 1,852 -

CREDITORS
Amounts falling due within one year 5 133,085 163,059
NET CURRENT LIABILITIES (131,233 ) (163,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

100,767

68,941

CREDITORS
Amounts falling due after more than
one year

6

230,684

165,995
NET LIABILITIES (129,917 ) (97,054 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (130,017 ) (97,154 )
SHAREHOLDERS' FUNDS (129,917 ) (97,054 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

McNaught & Barker Properties Ltd (Registered number: 13429413)

Balance Sheet - continued
31 May 2024


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

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 25 September 2024 and were signed on its behalf by:




D Barker - Director



L R McNaught - Director


McNaught & Barker Properties Ltd (Registered number: 13429413)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

McNaught & Barker Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Although the company had net current liabilities of £163059 as at 31 May 2023, these financial statements have been prepared on a going concern basis. The directors are of the opinion that future trading results will be sufficient to enable the company to continue in operation for the foreseeable future. The directors will provide additional financial support to the company if required.

These financial statements do not include any adjustments that would result should the company not continue to trade

Preparation of consolidated financial statements
The financial statements contain information about McNaught & Barker Properties Ltd 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.

Turnover
Turnover represents rental income earned in the period, exclusive of value added tax

Investment property
Investment property for which fair value can be measured reliably without undue cost or effort measured at fair value at each reporting date with changes in fair value recognized in profit or loss

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 balance sheet date.

McNaught & Barker Properties Ltd (Registered number: 13429413)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognized in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 232,000
NET BOOK VALUE
At 31 May 2024 232,000
At 31 May 2023 232,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other creditors 133,085 163,059

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Other creditors 230,684 165,995

McNaught & Barker Properties Ltd (Registered number: 13429413)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
BTL Mortgages 224,252 95,144
Investor loan 6,432 5,000
230,684 100,144

7. SECURED DEBTS

The loan is secured by fixing and floating charge over the investment property and by a personal guarantee provided by the director.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
D Barker
Balance outstanding at start of year (91,709 ) (74,633 )
Amounts advanced (922 ) (18,740 )
Amounts repaid 16,285 1,664
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (76,346 ) (91,709 )

L R McNaught
Balance outstanding at start of year (69,724 ) (61,756 )
Amounts advanced (730 ) (9,982 )
Amounts repaid 14,600 2,014
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (55,854 ) (69,724 )