McGrath Davies Property Services Limited

(Registration number: 07671439)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	100,000	150,000
Tangible assets	5	210,283	293,590
		310,283	443,590
Current assets
Stocks	6	20,250	23,282
Debtors	7	285,286	329,451
Investments	8	-	207,986
Cash at bank and in hand		187,301	84,972
		492,837	645,691
Creditors: Amounts falling due within one year	9	(356,245)	(264,859)
Net current assets		136,592	380,832
Total assets less current liabilities		446,875	824,422
Creditors: Amounts falling due after more than one year	9	(765,485)	(756,361)
Provisions for liabilities		(77,500)	(28,542)
Net (liabilities)/assets		(396,110)	39,519
Capital and reserves
Called up share capital	10	100	100
Profit and loss account		(396,210)	39,419
Total equity		(396,110)	39,519

McGrath Davies Property Services Limited

(Registration number: 07671439)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 26 September 2025 and signed on its behalf by:
 

.........................................

Mr J McGrath
Director

.........................................

Mr P Davies
Director

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	Statutory information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
1st Floor 143 Connaught Avenue
Frinton on Sea
Essex
CO13 9AB
United Kingdom

2	Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

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.

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Property Improvements	10% Reducing balance
Fixtures and Fittings	10% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Brokerage	10% Straight line

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.

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Stocks

Stocks are stated at the lower of cost and net realisable value.

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

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.

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 33 (2023 - 29).

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4	Intangible fixed assets

	Goodwill  £
Cost
At 1 October 2023	500,000
At 30 September 2024	500,000
Amortisation
At 1 October 2023	350,000
Amortisation charge	50,000
At 30 September 2024	400,000
Carrying amount
At 30 September 2024	100,000
At 30 September 2023	150,000

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5	Tangible fixed assets

	Leasehold Improvements £	Furniture, fittings and equipment  £	Total £
Cost
At 1 October 2023	276,926	172,588	449,514
Disposals	(109,368)	(47,654)	(157,022)
At 30 September 2024	167,558	124,934	292,492
Depreciation
At 1 October 2023	97,502	58,422	155,924
Charge for the year	13,911	11,852	25,763
Eliminated on disposal	(67,076)	(32,402)	(99,478)
At 30 September 2024	44,337	37,872	82,209
Carrying amount
At 30 September 2024	123,221	87,062	210,283
At 30 September 2023	179,424	114,166	293,590

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	20,250	23,282

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7	Debtors: amounts falling due within one year

	Note	2024 £	2023 £
Amounts owed by group undertakings		-	194,470
Prepayments		20,500	20,500
Other debtors		66,670	-
Directors' loan accounts		198,116	114,481
		285,286	329,451

8	Current asset investments

	2024 £	2023 £
Shares in group undertakings	-	207,986

The current asset investment written off in the year was McGrath Davies Public Houses Ltd which was liquidated in July 2024. McGrath Davies Property Services Limited was the 100% owner.

McGrath Davies Property Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Creditors

	2024 £	2023 £
Amounts falling due within one year
Trade creditors	53,625	46,344
Taxation and social security	42,022	45,560
Other creditors	9,139	12,122
Accruals	4,000	1,800
Corporation tax	197,738	72,174
Bank borrowings	49,721	86,859
	356,245	264,859

	2024 £	2023 £
Due after one year
Bank borrowings	765,485	756,361