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REGISTERED NUMBER: NI055484 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

JOHN MCERLEAN LIMITED

JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


JOHN MCERLEAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J McErlean
G McErlean
N McErlean





REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI055484 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 871,659 871,659

CURRENT ASSETS
Cash at bank 1,779 134

CREDITORS
Amounts falling due within one year 5 444,687 375,757
NET CURRENT LIABILITIES (442,908 ) (375,623 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,751

496,036

CREDITORS
Amounts falling due after more than one
year

6

(143,015

)

(171,687

)

PROVISIONS FOR LIABILITIES (52,899 ) (52,899 )
NET ASSETS 232,837 271,450

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 231,837 270,450
SHAREHOLDERS' FUNDS 232,837 271,450

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

BALANCE SHEET - continued
31 MARCH 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 authorised for issue by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:




G McErlean - Director



N McErlean - Director


JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

John McErlean Limited is a private company, limited by shares , registered in Northern Ireland. 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 (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover relates to rental income from investment property leased out under operating leases is recognised in the income statement on a straight-line basis over the term of the lease.

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 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.

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.

JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 871,659
NET BOOK VALUE
At 31 March 2024 871,659
At 31 March 2023 871,659

During the year ended March 2016, the company acquired an investment property, the directors have considered the valuation and are satisfied that there has been no increase or decrease at 31 March 2024.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 36,470 36,470
Tax 7,323 11,044
Social security and other taxes 7,471 7,060
Amounts owed from related parties 378,439 302,041
Directors' current accounts 5,984 12,642
Accrued expenses 9,000 6,500
444,687 375,757

JOHN MCERLEAN LIMITED (REGISTERED NUMBER: NI055484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 36,470 36,470
Bank loans - 2-5 years 106,545 109,411
Bank loans more 5 yr by instal - 25,806
143,015 171,687

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 25,806

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 179,485 208,157

There is a fixed charge on the land, premises and fixtures and fittings of the business including the investment property.

8. RELATED PARTY DISCLOSURES

At the year end there is an amount payable to a related party of £378,438 (2023: £302,040). The amount is interest free, unsecured and repayable on demand.

There were no further transactions with related parties which were required to be disclosed in accordance with FRS 102 Section 1A.