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REGISTERED NUMBER: SC287777















J & H MCKENNA LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,909 9,886
Investment property 5 385,923 346,159
393,832 356,045

CURRENT ASSETS
Debtors 6 2,100 -
Cash at bank 3,762 24,453
5,862 24,453
CREDITORS
Amounts falling due within one year 7 694,476 663,644
NET CURRENT LIABILITIES (688,614 ) (639,191 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(294,782

)

(283,146

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (294,882 ) (283,246 )
SHAREHOLDERS' FUNDS (294,782 ) (283,146 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Profit and Loss Account has not been delivered.

J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

BALANCE SHEET - continued
31 JULY 2024



The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:





Mrs E J C Simpson - Director


J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

J & H McKenna Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Going concern
The company is dependent on the support of the creditors. If the creditors were to demand immediate payment of amounts payable, the company would be unable to comply. In these circumstances, adjustments may have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. The directors consider however, that it is still appropriate to prepare the financial statements on a going concern basis despite this uncertainty. The directors have also confirmed they will not withdraw any of their loan account until all other creditor balances have been satisfied.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider that there are no such significant judgements.

Turnover
Turnover represents rental income from the company's investment property. Rental income is recognised in the period in which it is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets
At each reporting date, non-financial assets not carried at fair value like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Investment property
The company's investment property is held for long term investment and is accounted for as follows:-

(i) Investment property is initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment property is revalued at each balance sheet date to its fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the Profit and Loss Account for that year. Revaluation gains and losses are accumulated in the Profit and Loss Account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable fair value reserve in the Balance Sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

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 accounts receivable and payable and loans from related parties.

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

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are included within current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 9,886
DEPRECIATION
Charge for year 1,977
At 31 July 2024 1,977
NET BOOK VALUE
At 31 July 2024 7,909
At 31 July 2023 9,886

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 346,159
Additions 39,764
At 31 July 2024 385,923
NET BOOK VALUE
At 31 July 2024 385,923
At 31 July 2023 346,159

The fair value of the company's investment property at 31 July 2024 has been arrived at on the basis of a valuation carried out by the company's directors, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the current state of the rental market in the area where the property is situated. The directors consider that cost equates to market value as at 31 July 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,100 -

J & H MCKENNA LIMITED (REGISTERED NUMBER: SC287777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 694,476 663,644

8. RELATED PARTY DISCLOSURES

At the year end, a balance of £692,476 (2023: £660,043) was due to the directors. The loans are unsecured, interest free and repayable on demand.