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Registration number: 05963459

McGarry & Brett Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2025

 

McGarry & Brett Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 9

 

McGarry & Brett Limited

Company Information

Directors

Mr BB Vent

Mr A G Vent

Mr N A Vent

Company secretary

RT Secretarial Services Limited

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

McGarry & Brett Limited

(Registration number: 05963459)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

5,231

6,791

Current assets

 

Debtors

5

176,085

111,671

Cash at bank and in hand

 

431,285

287,781

 

607,370

399,452

Creditors: Amounts falling due within one year

6

(228,592)

(153,818)

Net current assets

 

378,778

245,634

Total assets less current liabilities

 

384,009

252,425

Provisions for liabilities

(1,308)

(1,698)

Net assets

 

382,701

250,727

Capital and reserves

 

Called up share capital

10

10

Retained earnings

382,691

250,717

Shareholders' funds

 

382,701

250,727

For the financial year ending 28 February 2025 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.

 

McGarry & Brett Limited

(Registration number: 05963459)
Balance Sheet as at 28 February 2025

Approved and authorised by the Board on 18 August 2025 and signed on its behalf by:
 

.........................................
Mr A G Vent
Director

   
     
 

McGarry & Brett Limited

Statement of Changes in Equity for the Year Ended 28 February 2025

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

10

767,957

767,967

Loss for the year

-

(423,740)

(423,740)

Dividends

-

(93,500)

(93,500)

At 29 February 2024

10

250,717

250,727

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2024

10

250,717

250,727

Profit for the year

-

232,974

232,974

Total comprehensive income

-

232,974

232,974

Dividends

-

(101,000)

(101,000)

At 28 February 2025

10

382,691

382,701

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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 provision of estate agent 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 ture 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 current and deferred 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.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold improvements

10% on cost

Fixtures and fittings

20% reducing balance

Office equipment

33% on cost

Investments

Investments comprise of quoted equity instruments. Where an active market exists, they are valued at closing mid-market price on the reporting date. Where an active market does not exist, they are valued by the application of an appropriate valuation method as if the relevant investment was unquoted. Changes in 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.

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.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

4

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2024

4,828

41,739

10,826

57,393

Additions

-

-

1,082

1,082

At 28 February 2025

4,828

41,739

11,908

58,475

Depreciation

At 1 March 2024

4,828

37,275

8,499

50,602

Charge for the year

-

1,118

1,524

2,642

At 28 February 2025

4,828

38,393

10,023

53,244

Carrying amount

At 28 February 2025

-

3,346

1,885

5,231

At 29 February 2024

-

4,464

2,327

6,791

5

debtors

Current

2025
£

2024
£

Trade debtors

108,963

68,716

Prepayments

12,254

10,888

Other debtors

54,868

32,067

 

176,085

111,671

 

McGarry & Brett Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

2,378

-

Trade creditors

 

18,648

14,554

Taxation and social security

 

108,305

43,539

Other creditors

 

99,261

95,725

 

228,592

153,818

7

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Director's loan account

2,378

-

The director’s loan account is non-interest bearing and has no formal repayment terms.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,947 (2024 - £5,947).