Company registration number 07398723 (England and Wales)
MAHONEY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MAHONEY INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MAHONEY INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,086
469
Investment properties
5
3,175,942
2,856,244
3,201,028
2,856,713
Current assets
Debtors
6
11,342
5,768
Cash at bank and in hand
27,608
333,050
38,950
338,818
Creditors: amounts falling due within one year
7
(560,483)
(546,884)
Net current liabilities
(521,533)
(208,066)
Total assets less current liabilities
2,679,495
2,648,647
Creditors: amounts falling due after more than one year
8
(1,263,543)
(1,322,942)
Provisions for liabilities
9
(161,476)
(161,476)
Net assets
1,254,476
1,164,229
Capital and reserves
Called up share capital
10
3
3
Non-distributable profits reserve
580,915
580,915
Distributable profit and loss reserves
673,558
583,311
Total equity
1,254,476
1,164,229
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS102 Section 1A for small entities.
MAHONEY INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Mr P J Mahoney
Director
Company Registration No. 07398723
MAHONEY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
3
580,915
464,074
1,044,992
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
119,237
119,237
Balance at 31 March 2023
3
580,915
583,311
1,164,229
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
90,247
90,247
Balance at 31 March 2024
3
580,915
673,558
1,254,476
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Mahoney Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 5.1, 12 Tithebarn Street, Liverpool, L2 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rents receivable during the period and is recognised on an accruals basis in accordance with the relevant tenancy agreement.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Changes to the fair value of the investment properties will also affect the provision for deferred tax on the revaluation gains. Increases or decreases in the provision form part of the taxation charge in the profit and loss account.
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is recognised on all timing differences where thetransactions or events that give the company an obligation to pay more tax in future, or a right to pay less tax in future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using the rates of tax that have been enacted or substantively enacted by the balance sheet date. Deferred tax is not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the was 0 (2022 - 0).
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
14,993
27,859
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
552
552
Additions
25,663
1,399
27,062
At 31 March 2024
26,215
1,399
27,614
Depreciation and impairment
At 1 April 2023
83
83
Depreciation charged in the year
2,329
116
2,445
At 31 March 2024
2,412
116
2,528
Carrying amount
At 31 March 2024
23,803
1,283
25,086
At 31 March 2023
469
469
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 April 2023
2,856,244
Additions
319,698
At 31 March 2024
3,175,942
The majority of the properties were revalued externally over the past couple of years and the remainder have been valued on a current market value basis by the directors. The value as at 31 March 2024 is £3,175,942 (2022: £2,856,244).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,823
3,232
Other debtors
4,519
2,536
11,342
5,768
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,463
65,526
Trade creditors
2,611
920
Taxation and social security
14,629
27,859
Other creditors
480,780
452,579
560,483
546,884
Included within other creditors is £1,698 (2023: £1,698) payable to the company's directors.
Also included within other creditors is £116,455 (2023: £118,678) due to connected businesses.
MAHONEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,263,543
1,322,942
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,013,691
1,060,839
The bank loans are secured by fixed charges over the company's investment properties.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fair value adjustments to investment properties
161,476
161,476
There were no deferred tax movements in the year.
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 A Ordinary Share of £1 each
1
1
1 B Ordinary Share of £1 each
1
1
1 D Ordinary Share of £1 each
1
1
3
3
Both A Ordinary & B Ordinary shares may receive dividends and participate fully in the distribution of assets upon winding up but do not have the right to appoint directors.
D Ordinary shares are not entitled to dividends and have no entitlement in the distribution of assets upon winding up but do have the right to appoint the directors.
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