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Registration number: NI626171

MCK PROPERTY MANAGEMENT LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

MCK PROPERTY MANAGEMENT LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

MCK PROPERTY MANAGEMENT LIMITED

Company Information

Directors

Mr Shane Mc Keown

Mrs Lorraine McKeown

Registered office

5 Lower Catherine Street
Newry
Co Down
BT35 6BE

Bankers

Santander
Newry
Po Box 383
21 Prescot Street
London
E1 8RP

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

MCK PROPERTY MANAGEMENT LIMITED

(Registration number: NI626171)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,022

1,404

Investment property

5

4,418,327

2,177,936

 

4,419,349

2,179,340

Current assets

 

Debtors

6

18,414

29,193

Cash at bank and in hand

 

8,199

89,969

 

26,613

119,162

Creditors: Amounts falling due within one year

7

(1,607,745)

(187,386)

Net current liabilities

 

(1,581,132)

(68,224)

Total assets less current liabilities

 

2,838,217

2,111,116

Creditors: Amounts falling due after more than one year

7

(2,108,707)

(1,689,555)

Net assets

 

729,510

421,561

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

729,410

421,461

Shareholders' funds

 

729,510

421,561

For the financial 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.

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 and 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 6 May 2025 and signed on its behalf by:
 

.........................................
Mr Shane Mc Keown
Director

   
     
 

MCK PROPERTY MANAGEMENT LIMITED

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

1

General information

The company is a private company limited by share capital, incorporated in N Ireland.

The address of its registered office is:
5 Lower Catherine Street
Newry
Co Down
BT35 6BE
Northern Ireland

These financial statements were authorised for issue by the Board on 6 May 2025.

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.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MCK PROPERTY MANAGEMENT LIMITED

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

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.

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:

Asset class

Depreciation method and rate

Computer equipment

20% SL Depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

 

MCK PROPERTY MANAGEMENT LIMITED

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

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.

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.

3

Staff numbers

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

 

MCK PROPERTY MANAGEMENT LIMITED

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

2,550

2,550

At 31 August 2024

2,550

2,550

Depreciation

At 1 September 2023

1,146

1,146

Charge for the year

382

382

At 31 August 2024

1,528

1,528

Carrying amount

At 31 August 2024

1,022

1,022

At 31 August 2023

1,404

1,404

5

Investment properties

2024
£

At 1 September

4,418,327

At 31 August

4,418,327

The Company holds investment properties, which are properties held to earn rental income and/or for capital appreciation, in accordance with the requirements of Section 16 of FRS 102.

Measurement Basis: The investment properties are measured at cost in accordance with the cost model as permitted by FRS 102. The cost includes acquisition costs and directly attributable expenses.

Valuation: Due to the unavailability of external valuations, the investment properties are carried at their historical cost as at the acquisition date. The historical cost of investment properties is considered to approximate their fair value due to the absence of significant changes in market conditions since the acquisition date.
The Directors are of the opinion that the carrying amount of investment properties at historical cost provides a reasonable approximation of their fair value, given the absence of significant changes in market conditions and no material impairments identified.

There has been no valuation of investment property by an independent valuer.

 

MCK PROPERTY MANAGEMENT LIMITED

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

14,093

Prepayments

18,314

15,000

Other debtors

100

100

 

18,414

29,193

 

MCK PROPERTY MANAGEMENT LIMITED

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

28,020

21,948

Taxation and social security

-

27,381

Accruals and deferred income

47,218

47,218

Other creditors

1,532,507

90,839

1,607,745

187,386

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,108,707

1,689,555

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

2,108,707

1,689,555

10

Related party transactions

 

MCK PROPERTY MANAGEMENT LIMITED

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

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr Shane Mc Keown

Director Loan

(83,384)

703,852

(2,144,025)

(1,523,557)

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Shane Mc Keown

Director Loan

(53,071)

1,689,599

(1,719,912)

(83,384)