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REGISTRAR OF COMPANIES

Registration number: 07204111

Dr P G McNally Limited

Directors' Report and Unaudited Financial Statements

Year Ended 31 March 2024

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Dr P G McNally Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dr P G McNally Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dr P G McNally Limited for the year ended 31 March 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dr P G McNally Limited, as a body, in accordance with the terms of our engagement letter dated 12 July 2022. Our work has been undertaken solely to prepare for your approval the accounts of Dr P G McNally Limited and state those matters that we have agreed to state to the Board of Directors of Dr P G McNally Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dr P G McNally Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dr P G McNally Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dr P G McNally Limited. You consider that Dr P G McNally Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dr P G McNally Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

14 October 2024

 

Dr P G McNally Limited

(Registration number: 07204111)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,881

3,910

Investment property

5

1,023,735

1,023,735

 

1,026,616

1,027,645

Current assets

 

Debtors

6

122,174

154,012

Cash at bank and in hand

 

822,757

658,549

 

944,931

812,561

Creditors: Amounts falling due within one year

7

(173,554)

(135,703)

Net current assets

 

771,377

676,858

Total assets less current liabilities

 

1,797,993

1,704,503

Provisions for liabilities

(1,307)

(1,618)

Net assets

 

1,796,686

1,702,885

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Non-distributable reserve

 

11,851

11,851

Profit and loss account

1,784,735

1,690,934

Total equity

 

1,796,686

1,702,885

 

Dr P G McNally Limited

(Registration number: 07204111)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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 year 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 14 October 2024 and signed on its behalf by:
 

.........................................

Dr S A May

Director

.........................................

Dr P G McNally

Director

 

Dr P G McNally Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The principal place of business is:
Brooke House
16 Church Street
Braunston
OAKHAM
LE15 8QT

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

 

Dr P G McNally Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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

Furniture, fittings and office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors.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.

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 the sale of goods 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. Trade creditors 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 where due after more than one year.

 

Dr P G McNally Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Dr P G McNally Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

13,276

13,276

Additions

283

283

At 31 March 2024

13,559

13,559

Depreciation

At 1 April 2023

9,366

9,366

Charge for the year

1,312

1,312

At 31 March 2024

10,678

10,678

Carrying amount

At 31 March 2024

2,881

2,881

At 31 March 2023

3,910

3,910

5

Investment properties

£

At 1 April 2023

1,023,735

At 31 March 2024

1,023,735

The fair value of £1,023,735 was determined by the directors.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Trade debtors

122,174

154,012

122,174

154,012

 

Dr P G McNally Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,210

2,281

Taxation and social security

 

53,688

47,632

Corporation tax liability

 

114,141

81,357

Other creditors

 

4,515

4,433

 

173,554

135,703

8

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

11,851

Transfer

-

Other movement

-

Deferred tax

-

Carried forward

11,851

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

1,210

2,281