Company Registration No. 12835080 (England and Wales)
MCGOAD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
MCGOAD LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCGOAD LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
30 April 2025
28 February 2025
Notes
£
£
£
£
Fixed assets
Investment property
3
950,000
950,000
Current assets
Debtors
4
581
-
0
Cash at bank and in hand
6,644
4,558
7,225
4,558
Creditors: amounts falling due within one year
5
(223,059)
(157,502)
Net current liabilities
(215,834)
(152,944)
Total assets less current liabilities
734,166
797,056
Creditors: amounts falling due after more than one year
6
(197,568)
(200,086)
Provisions for liabilities
(132,523)
(132,523)
Net assets
404,075
464,447
Capital and reserves
Called up share capital
200
200
Revaluation reserve
7
397,570
397,570
Profit and loss reserves
6,305
66,677
Total equity
404,075
464,447
MCGOAD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2025
30 April 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 1 April 2026 and are signed on its behalf by:
Mr D W Goad
Director
Company registration number 12835080 (England and Wales)
MCGOAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

McGoad Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vivian House, Newham Road, Truro, Cornwall, United Kingdom, TR1 2DP.

1.1
Reporting period

These financial statements cover the period from 1 March 2025 to 30 April 2025. This is a short reporting period of two months, and therefore the comparative figures presented being for an eighteen month reporting period, are not comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis, which the directors consider appropriate. The company generates rental income from its investment property, providing a stable source of cash inflows. At the balance sheet date, the company reported net current liabilities. The directors have assessed the company’s position and expect that it will be able to meet its obligations as they fall due. Accordingly, the directors do not believe that there are any material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern for at least twelve months from the date of approval of these financial statements.true

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MCGOAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MCGOAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2025
Number
Number
Total
0
0
3
Investment property
2025
£
Fair value
At 1 March 2025 and 30 April 2025
950,000
MCGOAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
3
Investment property
(Continued)
- 6 -

Investment property comprises the historical cost of £419,907, increased to market valuation through a £530,093 valuation uplift, to arrive at the market value of £950,000. The fair value of the investment property has been arrived at on the basis of a valuation undertaken by the directors as of the balance sheet date.

4
Debtors
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
581
-
0
5
Creditors: amounts falling due within one year
2025
2025
£
£
Bank loans
14,911
14,834
Trade creditors
5,501
-
0
Taxation and social security
76,089
70,775
Other creditors
124,083
70,017
Accruals and deferred income
2,475
1,876
223,059
157,502

The short-term loans are secured by way of fixed and floating charges over the company’s freehold property and all its assets and undertakings.

6
Creditors: amounts falling due after more than one year
2025
2025
Notes
£
£
Bank loans and overdrafts
197,568
200,086

The long-term loans are secured by way of fixed and floating charges over the company’s freehold property and all its assets and undertakings.

MCGOAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 7 -
7
Revaluation reserve
2025
2025
£
£
At the beginning of the period
397,570
262,500
Deferred tax on revaluation of tangible assets
-
(45,023)
Other movements
-
180,093
At the end of the period
397,570
397,570
8
Related party transactions

The company has a loan facility that is secured by way of fixed and floating charge s over the company’s assets, as registered at Companies House.

In addition, the loan is supported by a cross guarantee provided by Buttermilk Confections Ltd, a fellow subsidiary under common control.

No amounts are due to or from Buttermilk Confections Ltd in respect of this arrangement.

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