IRIS Accounts Production v24.2.0.383 13748990 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh137489902023-04-30137489902024-04-30137489902023-05-012024-04-30137489902022-10-31137489902022-11-012023-04-30137489902023-04-3013748990ns15:EnglandWales2023-05-012024-04-3013748990ns14:PoundSterling2023-05-012024-04-3013748990ns10:Director12023-05-012024-04-3013748990ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3013748990ns10:SmallEntities2023-05-012024-04-3013748990ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3013748990ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3013748990ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3013748990ns10:FullAccounts2023-05-012024-04-301374899012023-05-012024-04-3013748990ns10:Director22023-05-012024-04-3013748990ns10:Director32023-05-012024-04-3013748990ns10:Director42023-05-012024-04-3013748990ns10:RegisteredOffice2023-05-012024-04-3013748990ns5:CurrentFinancialInstruments2024-04-3013748990ns5:CurrentFinancialInstruments2023-04-3013748990ns5:Non-currentFinancialInstruments2024-04-3013748990ns5:Non-currentFinancialInstruments2023-04-3013748990ns5:ShareCapital2024-04-3013748990ns5:ShareCapital2023-04-3013748990ns5:RetainedEarningsAccumulatedLosses2024-04-3013748990ns5:RetainedEarningsAccumulatedLosses2023-04-3013748990ns5:NetGoodwill2023-05-012024-04-3013748990ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3013748990ns5:PlantMachinery2023-05-012024-04-3013748990ns5:NetGoodwill2023-04-3013748990ns5:NetGoodwill2024-04-3013748990ns5:NetGoodwill2023-04-3013748990ns5:PlantMachinery2023-04-3013748990ns5:PlantMachinery2024-04-3013748990ns5:PlantMachinery2023-04-3013748990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3013748990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-012024-04-3013748990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-04-3013748990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3013748990ns5:CurrentFinancialInstruments2023-05-012024-04-30
REGISTERED NUMBER: 13748990 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

MCNAMARA PROPERTY NORFOLK LIMITED

MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MCNAMARA PROPERTY NORFOLK LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mrs C. J. McNamara
M L McNamara
R. P. McNamara
G R McNamara





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 13748990 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

STATEMENT OF FINANCIAL POSITION
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 800,000 900,000
Tangible assets 5 66,400 84,132
866,400 984,132

CURRENT ASSETS
Stocks 77,104 117,772
Debtors 6 844,319 1,156,092
Cash at bank and in hand 115,145 7,267
1,036,568 1,281,131
CREDITORS
Amounts falling due within one year 7 2,152,507 2,150,587
NET CURRENT LIABILITIES (1,115,939 ) (869,456 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(249,539

)

114,676

CREDITORS
Amounts falling due after more than one
year

8

3,893

21,507
NET (LIABILITIES)/ASSETS (253,432 ) 93,169

CAPITAL AND RESERVES
Called up share capital 1,800 1,400
Retained earnings (255,232 ) 91,769
(253,432 ) 93,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

STATEMENT OF FINANCIAL POSITION - continued
30 April 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 31 January 2025 and were signed on its behalf by:





M L McNamara - Director


MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

McNamara Property Norfolk Limited 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.

The financial statements have been prepared on the going concern basis, the applicability of which is dependent upon the continued support of the company's creditors and financiers. The Statement of Financial Position shows net liabilities, the director is of the opinion that the creditors and financiers will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised once the risks and rewards of ownership have been transfers, and is recognised once the goods and service has been provided, or on completion of the sale.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 25% on reducing balance

Stocks
Development property stock is valued at the lower of cost and net realisable value.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion, borrowing costs and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Impairment of assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 1,000,000
AMORTISATION
At 1 May 2023 100,000
Charge for year 100,000
At 30 April 2024 200,000
NET BOOK VALUE
At 30 April 2024 800,000
At 30 April 2023 900,000

MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 113,056
Additions 13,599
Disposals (5,203 )
At 30 April 2024 121,452
DEPRECIATION
At 1 May 2023 28,924
Charge for year 28,202
Eliminated on disposal (2,074 )
At 30 April 2024 55,052
NET BOOK VALUE
At 30 April 2024 66,400
At 30 April 2023 84,132

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 64,500
Disposals (5,203 )
At 30 April 2024 59,297
DEPRECIATION
At 1 May 2023 11,813
Charge for year 12,993
Eliminated on disposal (1,301 )
At 30 April 2024 23,505
NET BOOK VALUE
At 30 April 2024 35,792
At 30 April 2023 52,687

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included in other debtors due within one year are prepayments of £25,149 (2023: £Nil)

MCNAMARA PROPERTY NORFOLK LIMITED (REGISTERED NUMBER: 13748990)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 17,579 17,377
Trade creditors 296,122 163,960
Taxation and social security 22,955 50,185
Other creditors 1,815,851 1,919,065
2,152,507 2,150,587

Included in other creditors are accrued expenses of £18,000 (2023: £19,653)

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 3,893 21,507

9. SECURED DEBTS

The bank has a charge on the company relating to a bank overdrawn facility. The charge is by way of fixed and floating charges over all undertakings and all property and assets of the company.

10. RELATED PARTY DISCLOSURES

Included in other creditors due within one year are amounts of £671,991 (2023: £689,421), £649,986 (2023: £667,996), £94,807 (2023: £172,807) and £34,950 (2023: £149,949) owed to the directors respectively. These amounts has been provided to the company on an interest free basis and are repayable on demand.