2024-01-012024-12-312024-12-31false12985773DAVID MCARDLE 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DAVID MCARDLE LIMITED

Registered Number
12985773
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

DAVID MCARDLE LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

MCARDLE, David John
MCARDLE, Jessica Adele

Registered Address

Park Lane Depot Park Lane
Balne
Goole
DN14 0EP

Registered Number

12985773 (England and Wales)
DAVID MCARDLE LIMITED
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3465,000386,171
465,000386,171
Current assets
Debtors4100199,902
Cash at bank and on hand11,85310,640
11,953210,542
Creditors amounts falling due within one year5(4,951)(31,395)
Net current assets (liabilities)7,002179,147
Total assets less current liabilities472,002565,318
Creditors amounts falling due after one year6(379,370)(578,894)
Provisions for liabilities9(14,980)-
Net assets77,652(13,576)
Capital and reserves
Called up share capital100100
Revaluation reserve63,849-
Profit and loss account13,703(13,676)
Shareholders' funds1077,652(13,576)
The financial statements were approved and authorised for issue by the Board of Directors on 9 April 2025, and are signed on its behalf by:
MCARDLE, David John
Director
Registered Company No. 12985773
DAVID MCARDLE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is carried at fair value determined by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the revaluation reserve.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured on the investment properties.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year22
3.Investment property
The investment property was valued by the directors on 31 December 2024 on an open market value for existing use basis. The historical cost of the property was £386,171 (2023: £386,171).

£
Fair value at 01 January 24386,171
Fair value adjustments78,829
At 31 December 24465,000
4.Debtors: amounts due within one year

2024

2023

££
Other debtors100199,902
Total100199,902
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-1,440
Bank borrowings and overdrafts2,0111,898
Other creditors1,20026,401
Accrued liabilities and deferred income1,7401,656
Total4,95131,395
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts180,170180,894
Other creditors199,200398,000
Total379,370578,894
7.Creditors: amounts due after 5 years
Mortgage loans to purchase investment properties outstanding at the year-end include instalments due after more than five years of £178,160 (2023: £178,884).
8.Secured creditors
The bank borrowings are mortgage loans secured on the investment properties to which they relate.
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. Deferred tax is provided on the fair value revaluation of investment property.

2024

2023

££
Net deferred tax liability (asset)14,980-
Total14,980-
10.Revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the investment property was revalued. The reserve represents non-distributable funds.

£
Revaluations of other assets78,829
Deferred Tax on Revaluations(14,980)
At 31 December 2463,849
11.Related party transactions
Included within other creditors, due within one year, is a balance of £nil (2023: £24,201) which is an interest free advance from a company controlled by one of the directors. Included within other debtors, due within one year, is a balance of £Nil (2023: £199,802) owed by the same company controlled by one of the directors. Included within other creditors, due after more than one year, is a balance of £146,000 (2023: £346,000) which is made up of two interest free loans from companies of which one of the directors of this company is also a director.