Registration number: NI049832

McFarland Properties Limited

(Registration number: NI049832)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	400,964	401,286
Current assets
Cash at bank and in hand		1,130	3,924
Creditors: Amounts falling due within one year	5	(252,789)	(277,582)
Net current liabilities		(251,659)	(273,658)
Net assets		149,305	127,628
Capital and reserves
Called up share capital	6	2	2
Retained earnings		149,303	127,626
Shareholders' funds		149,305	127,628

For the financial year ending 31 March 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.

Approved and authorised by the Board on 29 December 2025 and signed on its behalf by:
 

......................................... Mr David McFarland Director

McFarland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 83 Loughview Road, Crumlin, Co Antrim, BT29 4EE.

These financial statements were authorised for issue by the Board on 29 December 2025.

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 sale of development properties. Turnover is recognised at the contract date. Rental income comprises rents received and receivable for the year.

Tax

The tax expense for the period comprises current 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.

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:

McFarland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Asset class	Depreciation method and rate
Plant and equipment	15% reducing balance basis
Motor vehicles	15% reducing balance basis

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Properties for development are valued at the lower of cost and net realisable value. Net realisable value is calculated on anticipated selling price less additional costs to completion.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

McFarland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Investment property £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 April 2024	399,217	27,941	35,728	462,886
At 31 March 2025	399,217	27,941	35,728	462,886
Depreciation
At 1 April 2024	-	27,831	33,769	61,600
Charge for the year	-	28	294	322
At 31 March 2025	-	27,859	34,063	61,922
Carrying amount
At 31 March 2025	399,217	82	1,665	400,964
At 31 March 2024	399,217	110	1,959	401,286

5	Creditors: due within one year

	2025 £	2024 £
Trade creditors	2,160	2,160
Taxation and social security	5,395	5,340
Other creditors	245,234	270,082
	252,789	277,582