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Registered number: 13918011
MCCARTHY DEVELOPMENTS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MCCARTHY DEVELOPMENTS LTD
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CONTENTS
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Statement of Financial Position
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MCCARTHY DEVELOPMENTS LTD
REGISTERED NUMBER:13918011
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STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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MCCARTHY DEVELOPMENTS LTD
REGISTERED NUMBER:13918011
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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MCCARTHY DEVELOPMENTS LTD
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The company's legal form is that of a limited liability company incorporated in England and Wales.
The Company's registered office address is at 110 London Road, Wheatley, Oxford, Oxfordshire, OX33 1YH.
The principal activity of the company continued to be that of renting, buying and selling of own real estate
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover comprises amounts chargeable in respect of the rent from investment property during the year.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Investment property is carried at fair value determined annually by the director 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. Changes in fair value are recognised in the Statement of Comprehensive Income.
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MCCARTHY DEVELOPMENTS LTD
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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MCCARTHY DEVELOPMENTS LTD
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Charge for the year on owned assets
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Long term leasehold investment property
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The 2025 valuations were made by the director, on an open market value for existing use basis.
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MCCARTHY DEVELOPMENTS LTD
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The mortgage is secured by a charge over the leasehold property.
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MCCARTHY DEVELOPMENTS LTD
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Allotted, called up and fully paid
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2 (2024 - 2) Ordinary shares shares of £1.00 each
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