McGuinness Holdings Limited 13063370 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Holding company Digita Accounts Production Advanced 6.30.9574.0 true 13063370 2023-04-01 2024-03-31 13063370 2024-03-31 13063370 core:RetainedEarningsAccumulatedLosses 2024-03-31 13063370 core:ShareCapital 2024-03-31 13063370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 13063370 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 13063370 core:CurrentFinancialInstruments 2024-03-31 13063370 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13063370 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13063370 core:MotorVehicles 2024-03-31 13063370 bus:SmallEntities 2023-04-01 2024-03-31 13063370 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13063370 bus:FilletedAccounts 2023-04-01 2024-03-31 13063370 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13063370 bus:RegisteredOffice 2023-04-01 2024-03-31 13063370 bus:Director1 2023-04-01 2024-03-31 13063370 bus:Director2 2023-04-01 2024-03-31 13063370 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13063370 core:MotorVehicles 2023-04-01 2024-03-31 13063370 core:AllSubsidiaries 2023-04-01 2024-03-31 13063370 countries:AllCountries 2023-04-01 2024-03-31 13063370 2023-03-31 13063370 core:MotorVehicles 2023-03-31 13063370 2022-01-01 2023-03-31 13063370 2023-03-31 13063370 core:RetainedEarningsAccumulatedLosses 2023-03-31 13063370 core:ShareCapital 2023-03-31 13063370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 13063370 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 13063370 core:CurrentFinancialInstruments 2023-03-31 13063370 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13063370 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-03-31 13063370 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-03-31 13063370 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13063370 core:MotorVehicles 2023-03-31 13063370 core:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13063370

McGuinness Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

McGuinness Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

McGuinness Holdings Limited

Company Information

Directors

Mr Shaun Colbeck McGuinness

Mrs Laura McGuinness

Registered office

Greenbank
Howick Cross Lane
Penwortham
Preston
Lancashire
PR1 0NS

 

McGuinness Holdings Limited

(Registration number: 13063370)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

74,694

87,875

Current assets

 

Debtors

5

12,278

1

Cash at bank and in hand

 

45,802

9,178

 

58,080

9,179

Creditors: Amounts falling due within one year

6

(118,894)

(42,870)

Net current liabilities

 

(60,814)

(33,691)

Total assets less current liabilities

 

13,880

54,184

Creditors: Amounts falling due after more than one year

6

(12,952)

(33,711)

Net assets

 

928

20,473

Capital and reserves

 

Called up share capital

100

100

Retained earnings

828

20,373

Shareholders' funds

 

928

20,473

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr Shaun Colbeck McGuinness
Director

.........................................
Mrs Laura McGuinness
Director

 
     
 

McGuinness Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Greenbank
Howick Cross Lane
Penwortham
Preston
Lancashire
PR1 0NS
England

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

McGuinness Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

McGuinness Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

McGuinness Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

95,000

95,000

At 31 March 2024

95,000

95,000

Depreciation

At 1 April 2023

7,125

7,125

Charge for the year

13,181

13,181

At 31 March 2024

20,306

20,306

Carrying amount

At 31 March 2024

74,694

74,694

At 31 March 2023

87,875

87,875

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

8

-

1

Other debtors

 

12,278

-

 

12,278

1

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

20,760

18,937

Amounts owed to group undertakings

8

98,134

21,884

Taxation and social security

 

-

669

Accruals

 

-

1,380

 

118,894

42,870

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

12,952

33,711

 

McGuinness Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

12,952

33,711

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

20,760

18,937

8

Related party transactions

Summary of transactions with subsidiaries


 The company received a loan from subsidiary company McGuinness Haulage Ltd.
The loan is interest free and repayable on demand.
At the balance sheet date the amount is presented in creditors.