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REGISTERED NUMBER: 13689106 (England and Wales)













FINANCIAL STATEMENTS

FOR THE PERIOD

31 OCTOBER 2022 TO 29 FEBRUARY 2024

FOR

MCCARTHY HOMES TORBAY LTD

MCCARTHY HOMES TORBAY LTD (REGISTERED NUMBER: 13689106)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MCCARTHY HOMES TORBAY LTD

COMPANY INFORMATION
FOR THE PERIOD 31 OCTOBER 2022 TO 29 FEBRUARY 2024







DIRECTORS: Mr S C McCarthy
Mr D McCarthy



REGISTERED OFFICE: The Rockery
St James Road
Torquay
Devon
TQ1 4FT



REGISTERED NUMBER: 13689106 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds
51-52 Fleet Street
Torquay
Devon
TQ2 5DW

MCCARTHY HOMES TORBAY LTD (REGISTERED NUMBER: 13689106)

BALANCE SHEET
29 FEBRUARY 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,763,914 -

CURRENT ASSETS
Debtors 5 177,424 451
Cash at bank 27,792 49,089
205,216 49,540
CREDITORS
Amounts falling due within one year 6 4,768,402 51,013
NET CURRENT LIABILITIES (4,563,186 ) (1,473 )
TOTAL ASSETS LESS CURRENT LIABILITIES 200,728 (1,473 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 200,727 (1,474 )
SHAREHOLDERS' FUNDS 200,728 (1,473 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr D McCarthy - Director


MCCARTHY HOMES TORBAY LTD (REGISTERED NUMBER: 13689106)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 29 FEBRUARY 2024


1. STATUTORY INFORMATION

McCarthy Homes Torbay 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.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 4,763,914
At 29 February 2024 4,763,914
NET BOOK VALUE
At 29 February 2024 4,763,914

MCCARTHY HOMES TORBAY LTD (REGISTERED NUMBER: 13689106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 29 FEBRUARY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 6,366 450
Amounts owed by associates 171,058 1
177,424 451

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 311 -
Amounts owed to associates 4,698,198 49,663
Tax 60,486 -
Other creditors 7,334 -
Accrued expenses 2,073 1,350
4,768,402 51,013

7. RELATED PARTY DISCLOSURES

Included in debtors is an amount owed from McCarthy Holdings SW Limited, the ultimate controlling party of this company. The amount owed to the company at the period end was £1.(2022: £1)

During the year the company loaned £171,057 to McCarthy Homes SW Ltd, a company also a subsidiary of McCarthy Holdings SW Ltd.. The amount still outstanding at the year end was £171,057.

Included in creditors is an amount owed to McCarthy Contracting & Development Limited, a company for which the directors are also directors of. The amount owed from the company at the period end was £4,698,198 (2022: £49,663).

8. ULTIMATE CONTROLLING PARTY

McCarthy Homes Torbay Ltd is a 100% subsidiary of McCarthy Holdings SW Ltd. The parent company registered office is: The Rockery, St James Road, Torquay, Devon, TQ1 4FT.