Acorah Software Products - Accounts Production 16.1.300 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 12685546 Mr J R McGill Mr A J McGill iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12685546 2023-08-31 12685546 2024-08-31 12685546 2023-09-01 2024-08-31 12685546 frs-core:CurrentFinancialInstruments 2024-08-31 12685546 frs-core:Non-currentFinancialInstruments 2024-08-31 12685546 frs-core:ShareCapital 2024-08-31 12685546 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 12685546 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12685546 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 12685546 frs-bus:SmallEntities 2023-09-01 2024-08-31 12685546 frs-bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12685546 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12685546 frs-bus:OrdinaryShareClass1 2023-09-01 2024-08-31 12685546 frs-bus:OrdinaryShareClass1 2024-08-31 12685546 frs-core:DeferredTaxation 2023-09-01 2024-08-31 12685546 frs-core:DeferredTaxation 2023-08-31 12685546 frs-core:DeferredTaxation 2024-08-31 12685546 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-01 2024-08-31 12685546 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 12685546 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-08-31 12685546 frs-bus:Director1 2023-09-01 2024-08-31 12685546 frs-bus:Director2 2023-09-01 2024-08-31 12685546 frs-countries:EnglandWales 2023-09-01 2024-08-31 12685546 2022-08-31 12685546 2023-08-31 12685546 2022-09-01 2023-08-31 12685546 frs-core:CurrentFinancialInstruments 2023-08-31 12685546 frs-core:Non-currentFinancialInstruments 2023-08-31 12685546 frs-core:ShareCapital 2023-08-31 12685546 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 12685546 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 12685546 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31
Registered number: 12685546
McGill Property Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of McGill Property Limited for the year ended 31 August 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of McGill Property Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of McGill Property Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of McGill Property Limited and state those matters that we have agreed to state to the directors of McGill Property Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McGill Property Limited and its directors as a body for our work or for this report.
It is your duty to ensure that McGill Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of McGill Property Limited . You consider that McGill Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of McGill Property Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
20 March 2025
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 12685546
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,617,050 1,375,500
1,617,050 1,375,500
CURRENT ASSETS
Debtors 5 241 -
Cash at bank and in hand 4,361 40,658
4,602 40,658
Creditors: Amounts Falling Due Within One Year 6 (378,167 ) (340,524 )
NET CURRENT ASSETS (LIABILITIES) (373,565 ) (299,866 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,243,485 1,075,634
Creditors: Amounts Falling Due After More Than One Year 7 (1,052,171 ) (909,671 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,303 ) (30,486 )
NET ASSETS 156,011 135,477
CAPITAL AND RESERVES
Called up share capital 10 10 10
Fair value reserve 11 166,987 131,280
Profit and Loss Account (10,986 ) 4,187
SHAREHOLDERS' FUNDS 156,011 135,477
Page 2
Page 3
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 20 March 2025 and were signed on its behalf by:
Mr A J McGill
Director
20 March 2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
McGill Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12685546 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Investment Property
2024
£
Fair Value
As at 1 September 2023 1,375,500
Additions 197,467
Revaluations 44,083
As at 31 August 2024 1,617,050
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,410,893 1,213,426
The investment properties were valued on an open market basis basis on 31 August 2024 by the directors.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 241 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to participating interests 376,734 338,000
Other creditors 1,433 2,524
378,167 340,524
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,052,171 909,671
8. Secured Creditors
Of the creditors the following amounts are secured upon the properties for which they were advanced to purchase.
2024 2023
£ £
Bank loans and overdrafts 1,052,171 909,671
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 30,486 30,486
Deferred taxation 4,817 4,817
Balance at 31 August 2024 35,303 35,303
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10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
11. Reserves
Fair Value Reserve
£
As at 1 September 2023 131,280
Transfer to profit and loss 35,707
As at 31 August 2024 166,987
12. Related Party Transactions
The directors have provided loans to the company that are unsecured, interest-free, and repayable on demand. As of the year-end, the outstanding balances were £569 (2023: £1,690).
Amounts owed to Fizz Digital Limited, a company in which one of the directors is the majority shareholder, totaled £306,734 at the year-end (2023: £267,000). This loan is unsecured, interest-free, and repayable on demand.
Amounts owed to Fizz Photography Limited, another company in which one of the directors is the majority shareholder, totaled £7,000 at the year-end. This loan is also unsecured, interest-free, and repayable on demand.
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