REGISTERED NUMBER: 13564586 (England and Wales)

Financial Statements

for the Year Ended 31 January 2025

for

McGarrett Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L A Roberts

A C Roberts

REGISTERED OFFICE:

158 Bye Pass Road

Chilwell

Nottingham

Nottinghamshire

NG9 5HQ

REGISTERED NUMBER:

13564586 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Investments

4

7,567,453

5,920,809

Investment property

5

3,553,120

3,130,000

11,120,573

9,050,809

CURRENT ASSETS

Debtors

6

427,777

241,720

Cash at bank

795,877

227,657

1,223,654

469,377

CREDITORS

Amounts falling due within one year

7

1,292,676

1,385,555

NET CURRENT LIABILITIES

(69,022

)

(916,178

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,051,551

8,134,631

PROVISIONS FOR LIABILITIES

8

207,000

72,200

NET ASSETS

10,844,551

8,062,431

CAPITAL AND RESERVES

Called up share capital

10,023,602

7,717,852

Fair value reserve

9

713,937

216,649

Retained earnings

9

107,012

127,930

10,844,551

8,062,431

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2025 and were signed on its behalf by:

L A Roberts - Director

1.	STATUTORY INFORMATION

McGarrett Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable from investment properties and is recognised as it falls due, in accordance with the lease to which it relates. Turnover also consists of dividends, interest and other investment income receivable. Income is recognised when it becomes due to the company.

Investment property

FRS 102 requires that investment properties are to be measured at their fair value at each reporting date with changes in fair values recognised in the statement of comprehensive income. In the opinion of the directors, accounting for investment property at cost enables easier comparison of overall profit and loss year on year. The company therefore follows the policy of including investment properties in the balance sheet at cost, which is a departure from the requirements of FRS 102.

Deferred tax

Provision is made at current rates for taxation deferred in respect of all material timing differences, including provisions made for potential tax arising on assets which have been revalued.

Fixed asset investments

Fixed asset investments are stated at market value and any gains or losses are recognised in profit and loss and transferred to the fair value reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 February 2024

5,920,809

Additions

2,453,953

Disposals

(1,574,666

)

Revaluations

767,357

At 31 January 2025

7,567,453

NET BOOK VALUE

At 31 January 2025

7,567,453

At 31 January 2024

5,920,809

Cost or valuation at 31 January 2025 is represented by:

Listed

investments

£

Valuation in 2025

7,567,453

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

6,646,516

5,630,997

5.	INVESTMENT PROPERTY

Total

£

COST

At 1 February 2024

3,130,000

Additions

423,120

At 31 January 2025

3,553,120

NET BOOK VALUE

At 31 January 2025

3,553,120

At 31 January 2024

3,130,000

Investment property was purchased from the company's immediate parent undertaking, W. Westerman Limited at its November 2021 valuation. The property was valued when owned by the parent company by Innes England Chartered Surveyors on an open market basis by reference to market evidence of transaction prices for similar properties. Further investment properties have been purchased during the year.

Investment property is included in the accounts at cost less impairment. As in the opinion of the directors, accounting for investment property at cost enables easier comparison of overall profit and loss year on year.

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

16,551

11,702

Other debtors

1,233

-

Tax

125

-

Prepayments

9,868

230,018

27,777

241,720

2025

2024

£

£

Amounts falling due after more than one year:

Other debtors

400,000

-

Aggregate amounts

427,777

241,720

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

7,467

1,637

Amounts owed to group undertakings

233,675

-

Tax

-

11,921

Social security and other taxes

1,494

1,332

Directors' current accounts

1,047,040

1,370,665

Accrued expenses

3,000

-

1,292,676

1,385,555

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

207,000

72,200

Deferred

tax

£

Balance at 1 February 2024

72,200

Provided during year

134,800

Balance at 31 January 2025

207,000

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 February 2024

127,930

216,649

344,579

Profit for the year

476,370

476,370

Movement in valuation

(767,357

)

767,357

-

Movement in deferred tax

134,800

(134,800

)

-

Transfer of realised gains

135,269

(135,269

)

-

At 31 January 2025

107,012

713,937

820,949