REGISTERED NUMBER: |
Financial Statements for the Period 1 July 2023 to 31 May 2024 |
for |
McComb (Bolton) Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 July 2023 to 31 May 2024 |
for |
McComb (Bolton) Limited |
McComb (Bolton) Limited (Registered number: 12044336) |
Contents of the Financial Statements |
for the Period 1 July 2023 to 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
McComb (Bolton) Limited |
Company Information |
for the Period 1 July 2023 to 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
McComb (Bolton) Limited (Registered number: 12044336) |
Balance Sheet |
31 May 2024 |
31.5.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 10 |
Retained earnings | 10 | 3,310,255 | 2,630,982 |
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 |
McComb (Bolton) Limited (Registered number: 12044336) |
Notes to the Financial Statements |
for the Period 1 July 2023 to 31 May 2024 |
1. | STATUTORY INFORMATION |
McComb (Bolton) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
As described in note 7, investment properties are stated at their fair value based on the valuation performed by an independent professional valuer, Avison Young (MRICS). The valuer used |
an open market fair value basis for its valuation. |
However, external factors such as global conflict, political changes, the COVID-19 pandemic, inflation and changes in the macro-economic environment in relation to online commerce, have caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation at 31 May 2024. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 10% on cost |
Computer equipment | - 33% on cost |
Motor vehicles | - 20% reducing balance |
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. |
McComb (Bolton) Limited (Registered number: 12044336) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Plant and | Motor |
to property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 June 2023 |
McComb (Bolton) Limited (Registered number: 12044336) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 May 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Revaluations | 2,500,000 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 June 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2022 | 8,926,052 |
Valuation in 2023 | 9,390,630 |
Valuation in 2024 | 2,500,000 |
Cost | 6,683,318 |
27,500,000 |
On 01 March 2024 investment property was professionally valued in accordance with the RICS Valuation - Global Standards effective from 31 January 2022 on an open market fair value basis by Avison Young (MRICS). The directors consider this to be fair value at 31 May 2024. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 30.6.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
McComb (Bolton) Limited (Registered number: 12044336) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 May 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 30.6.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Bank loans are interest only loans and are therefore due over 1 year. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 30.6.23 |
£ | £ |
Bank loans |
The bank loans are secured by way of fixed and floating charges issued on the 29 October 2021. |
10. | RESERVES |
Non |
Retained | distributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 |
Prior year adjustment | ( |
) | - | ( |
) |
15,905,277 | 18,536,259 |
Profit for the period | - |
Revaluation of fixed assets | (2,500,000 | ) | 2,500,000 | - |
Deferred tax movement | 2,866,243 | (2,866,243 | ) | - |
At 31 May 2024 | 18,849,289 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
At 31 May 2024, other debtors also included an amount of £91,746 (2023: £118,789) due from McComb Property Company Limited, a company under common control. |