REGISTERED NUMBER: 13564586 (England and Wales)

Financial Statements

for the Year Ended 31 January 2026

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:

The Mills

Canal Steet

Derby

Derbyshire

DE1 2RJ

REGISTERED NUMBER:

13564586 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Tangible assets

4

79,203

-

Investments

5

8,406,341

7,567,453

Investment property

6

4,103,120

3,553,120

12,588,664

11,120,573

CURRENT ASSETS

Debtors

7

23,296

427,777

Cash at bank

794,435

795,877

817,731

1,223,654

CREDITORS

Amounts falling due within one year

8

1,805,008

1,292,676

NET CURRENT LIABILITIES

(987,277

)

(69,022

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,601,387

11,051,551

PROVISIONS FOR LIABILITIES

9

307,000

207,000

NET ASSETS

11,294,387

10,844,551

CAPITAL AND RESERVES

Called up share capital

9,501,835

10,023,602

Fair value reserve

10

921,827

713,937

Retained earnings

10

870,725

107,012

11,294,387

10,844,551

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 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 24 July 2026 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

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

Listed investments are valued at their fair value at the balance sheet date and any changes between the previous year end or acquisition, as applicable are recognised in the profit and loss account and transferred to a fair value reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

100,046

At 31 January 2026

100,046

DEPRECIATION

Charge for year

20,843

At 31 January 2026

20,843

NET BOOK VALUE

At 31 January 2026

79,203

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 February 2025

7,567,453

Additions

1,702,704

Disposals

(1,243,832

)

Revaluations

380,016

At 31 January 2026

8,406,341

NET BOOK VALUE

At 31 January 2026

8,406,341

At 31 January 2025

7,567,453

Cost or valuation at 31 January 2026 is represented by:

Listed

investments

£

Valuation in 2026

8,406,341

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

2026

2025

£

£

Cost

7,177,513

6,646,516

6.	INVESTMENT PROPERTY

Total

£

COST

At 1 February 2025

3,553,120

Additions

550,000

At 31 January 2026

4,103,120

NET BOOK VALUE

At 31 January 2026

4,103,120

At 31 January 2025

3,553,120

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.

7.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Trade debtors

15,895

16,551

Other debtors

-

1,233

Tax

125

125

Prepayments

7,276

9,868

23,296

27,777

Amounts falling due after more than one year:

Other debtors

-

400,000

Aggregate amounts

23,296

427,777

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

9,211

7,467

Amounts owed to group undertakings

2,989

233,675

Tax

777

-

Social security and other taxes

1,344

1,494

Directors' current accounts

1,787,537

1,047,040

Accrued expenses

3,150

3,000

1,805,008

1,292,676

9.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

307,000

207,000

Deferred

tax

£

Balance at 1 February 2025

207,000

Provided during year

100,000

Balance at 31 January 2026

307,000

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 February 2025

107,012

713,937

820,949

Profit for the year

471,603

471,603

Dividends

(1,000,000

)

(1,000,000

)

Capital reduction

1,500,000

-

1,500,000

Movement in valuation

(380,016

)

380,016

-

Movement in deferred tax

100,000

(100,000

)

-

Transfer of realised gains

72,126

(72,126

)

-

At 31 January 2026

870,725

921,827

1,792,552