McGill Technology Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02470919 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MCGILL TECHNOLOGY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S A McGill

S R McGill

Ms C E Field

SECRETARY:

Mrs S A McGill

REGISTERED OFFICE:

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

REGISTERED NUMBER:

02470919 (England and Wales)

BANKERS:

Barclays Bank Plc

PO Box 1352

25 High Street

Coventry

West Midlands

CV1 5ZA

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

-

Investments

6

102

CURRENT ASSETS

Debtors

3,869

800,725

Cash at bank

13,287

109,679

17,156

910,404

CREDITORS

Amounts falling due within one year

14,456

906,007

NET CURRENT ASSETS

2,700

4,397

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,802

4,499

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

2,702

4,399

SHAREHOLDERS' FUNDS

2,802

4,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2025 and were signed on its behalf by:

Ms C E Field - Director

1.	STATUTORY INFORMATION

McGill Technology 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.

The company's place of business is Bell House, The Green, Bearsted, Kent, ME14 4ED.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year.

Preparation of consolidated financial statements

The financial statements contain information about McGill Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Patents and licences

The cost of patents and licences are written off to the profit and loss account as they are incurred unless the directors believe that patent or licence holds a substantial value, which in case it is capitalised as an intangible asset.

Tangible fixed assets

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

Tooling

-

33% on cost

Furniture and equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

150,657

Disposals

(150,657

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

150,657

Eliminated on disposal

(150,657

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

Intangible fixed assets comprise intellectual property rights acquired from group undertakings.

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

1,609,194

Disposals

(1,609,194

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

1,609,194

Eliminated on disposal

(1,609,194

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2024

11,000

Disposals

(10,898

)

At 31 December 2024

102

PROVISIONS

At 1 January 2024

10,898

Eliminated on disposal

(10,898

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

102

At 31 December 2023

102

7.	OTHER FINANCIAL COMMITMENTS

To assist in ensuring that each group company has adequate working capital the company has entered into a loan agreement with its subsidiaries granting the right of set-off in respect of inter-group indebtedness created by such movements of funds.

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.