| McCaul Investments Limited |
| Notes to the Accounts |
| for the year ended 30 June 2026 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Consolidation |
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In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
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Cash flow statement |
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The director has taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is small. |
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Turnover |
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Turnover is measured at the fair value of the rent received or receivable, net of value added taxes. |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets - investment properties |
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Investment properties are properties that are held for their investment potential and not for use by the company and so their current value is of prime importance. Investment properties are included at market fair value. Changes in the current values of investment properties are recognised in the income statement. Deferred tax is provided on the changes in current values at the rate expected to apply when the property is sold. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to the Director's self administered pension scheme are expensed in the period to which they relate. |
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| 2 |
Exceptional items |
2026 |
|
2025 |
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Profit (or loss) on the disposal of tangible fixed assets |
£ |
£ |
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- Investment Properties |
6,595 |
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(214,791) |
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| 3 |
Employees |
2026 |
|
2025 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 4 |
Tangible fixed assets |
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Investment properties |
| £ |
£ |
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Valuation |
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At 1 July 2025 |
6,380,738 |
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Disposals |
(1,621,778) |
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At 30 June 2026 |
4,758,960 |
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Depreciation |
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At 1 July 2025 |
- |
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At 30 June 2026 |
- |
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Net book value |
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At 30 June 2026 |
4,758,960 |
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At 30 June 2025 |
6,380,738 |
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Investment properties at 361 St Andrew's Retail Park, Hessle Road, Hull (which is owned jointly by McCaul Investments Limited and the Trustees of McCaul Investments Limited's Directors Pension Scheme) and 9 High Street, Ormesby, Middlesborough have been valued by Colliers International in December 2013 at an open market value of £1,317,740. |
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The investment property at 31 Townhall Street, Enniskillen, County Fermanagh has been valued by Savills at an open market value of £250,000 in December 2014. |
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The investment property at Spring Road, Itchen, Southampton, SO19 2NT was sold in the current year. |
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Investment properties at Ivymeade Road, Macclesfield purchased on 19 December 2019 and High Street, Sunninghill on 24 June 2022 have been included at cost. |
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In the opinion of the directors, investment properties are valued at open market value. |
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The cost and depreciation values of Investment Properties, based on historical cost, was as follows: |
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Investment Properties: |
2026 |
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2025 |
| £ |
£ |
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Historical cost |
6,027,459 |
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7,649,237 |
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Cumulative depreciation based on historical cost |
- |
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- |
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6,027,459 |
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7,649,237 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
£ |
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Historical cost |
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At 1 July 2025 |
1 |
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Disposals |
(1) |
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At 30 June 2026 |
- |
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The company owned 100% of the issued share capital of the following companies: |
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Country of |
Class of |
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registration/ |
shares |
Capital and |
Profit for |
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Company |
incorporation |
held |
reserves |
the year |
|
Vitton Limited |
England |
Ordinary |
- |
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- |
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Vitton Limited was dormant and made neither a profit nor a loss during the year. Certain items of expenditure were paid by McCaul Investments Limited on behalf of the company. |
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The company was dissolved and the cost of McCaul Investments Limited's investment in its subsidiary undertsking was written off during the year. |
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Under the provisions of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so. Therefore, these accounts show information about the company as an individual entity. |
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| 6 |
Debtors |
2026 |
|
2025 |
| £ |
£ |
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Other debtors |
2,616 |
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390,356 |
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| 7 |
Creditors: amounts falling due within one year |
2026 |
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2025 |
| £ |
£ |
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Bank loans and overdrafts |
142,684 |
|
256,630 |
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Taxation and social security costs |
71,103 |
|
169,729 |
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Other creditors |
172,209 |
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245,289 |
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385,996 |
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671,648 |
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| 8 |
Creditors: amounts falling due after one year |
2026 |
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2025 |
| £ |
£ |
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Bank loans |
521,050 |
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1,978,641 |
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| 9 |
Loans |
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Secured bank loans |
657,262 |
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2,228,799 |
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Bank loans are secured as follows:- |
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Bank of Ireland |
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A first legal charge over the following properties: 9 High Street, Ormesby, Middlesborough; Ivymeade Road, Macclesfield; and High Street, Sunninghill; and the assignment of rental income and charge over the rent account in relation to all four properties. |
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A debenture charging all of the assets and undetakings of McCaul Investments Limited. |
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| 10 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
£ |
|
Mr H P Morgan |
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- loan payments during the year |
(311) |
|
12,515 |
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(12,500) |
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(296) |
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- loan interest charge |
- |
|
192 |
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- |
|
192 |
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(311) |
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12,707 |
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(12,500) |
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(104) |
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The Director's loan account which was was overdrawn by £12,396 during the current financial year has been repaid by way of dividend payments of £12,500 to Mr H P Morgan. As a result, there is a credit balance of £104 on the director's current account as at the balance sheet date. |
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Interest of £192 (last year, £18,647) has been charged on the overdrawn Director's current account, based on HM Revenue & Customs official rate of interest for beneficial loans. |
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| 11 |
Related party transactions |
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McCaul Investments Limited was under the control of Mr H P Morgan throughout the current year and during the previous year. Mr Morgan is both the managing director and majority shareholder. |
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Vitton Limited |
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McCaul Investments Limited owned 100% of the issued share capital of Vitton Limited. £4,012,355 which was owed by McCaul Investments Limited to Vitton Limited as at 31 October 2024 was repaid by way of an inter company dividend of £4,012,000 and a loan waiver of £355 last year. Interest was not charged on the loan of £4,012,355 from Vitton Limited. Vitton Limited was dissolved during the current financial year. |
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The Trustees of the McCaul Investments Limited's Directors Pension Scheme |
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McCaul Investments Limited's Director's Pension Scheme was under the control of Mr H P Morgan throughout the current and the previous year. Mr Morgan is both a trustee and the sole beneficiary of McCaul Investments Limited's Director's Pension Scheme. |
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The property at 361 St Andrew's Retail Park, Hessle Road, Hull is owned jointly by McCaul Investments Limited and The Trustees of the McCaul Investments Limited's Directors Pension Scheme. McCaul Investments Limited receives all the rental income and pays all the expenses in relation to this property. |
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In addition, certain items of expenditure were paid by McCaul Investments Limited on behalf of the Pension Scheme. As a result, £11,348 was received by McCaul Investments Limited from the Pension Scheme during the current year (last year, £11,718). The balance due to The Trustees of McCaul Investments Limited's Directors Pension scheme from McCaul Investments Limited was £9,578 at the balance sheet date. |
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| 12 |
Controlling party |
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McCaul Investments Limited was under the control of Mr H P Morgan throughout the current year. Mr Morgan is both the managing director and principal shareholder. |
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| 13 |
Other information |
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McCaul Investments Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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23 Ballyveigh Gardens |
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Antrim |
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County Antrim |
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BT41 2FH |