McGrath Davies Property Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07671439 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

MCGRATH DAVIES PROPERTY SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Davies

K McGrath

REGISTERED OFFICE:

Bath House

6 - 8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

07671439 (England and Wales)

ACCOUNTANTS:

Haines Watts

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Intangible assets

4

300,000

350,000

Tangible assets

5

141,725

162,527

Investments

6

207,986

207,986

649,711

720,513

CURRENT ASSETS

Stocks

19,915

20,892

Debtors

7

137,526

155,594

Cash in hand

81,196

81,717

238,637

258,203

CREDITORS

Amounts falling due within one year

8

(279,385

)

(287,807

)

NET CURRENT LIABILITIES

(40,748

)

(29,604

)

TOTAL ASSETS LESS CURRENT LIABILITIES

608,963

690,909

CREDITORS

Amounts falling due after more than one year

9

(447,284

)

(463,358

)

PROVISIONS FOR LIABILITIES

(23,402

)

(30,474

)

NET ASSETS

138,277

197,077

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

138,177

196,977

SHAREHOLDERS' FUNDS

138,277

197,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 and authorised for issue by the Board of Directors and authorised for issue on 13 June 2021 and were signed on its behalf by:

P Davies - Director

1.	COMPANY INFORMATION

McGrath Davies Property Services 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Sales represents the total value of bar and food sales during the year, excluding value added tax.

Goodwill

Goodwill is initially measured at cost. After the initial recognition, goodwill is measured at cost less any accumulated amortisation and any accumulated impairment loss.

Goodwill is being amortised over 10 years.

Tangible fixed assets

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

Long leasehold

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Government grants

Government grants received and receivable relate to the Job Retention Scheme and Business Support Grants set up by the government during the COVID-19 pandemic.

The government grants for expenses incurred are recognised in profit and loss on a systematic basis in the period which the expenses are recognised.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving goods.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Leasing commitments

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

500,000

AMORTISATION

At 1 October 2019

150,000

Charge for year

50,000

At 30 September 2020

200,000

NET BOOK VALUE

At 30 September 2020

300,000

At 30 September 2019

350,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

leasehold

fittings

Totals

£

£

£

COST

At 1 October 2019

144,668

96,647

241,315

Additions

4,046

25,389

29,435

Disposals

(19,524

)

(46,608

)

(66,132

)

At 30 September 2020

129,190

75,428

204,618

DEPRECIATION

At 1 October 2019

35,337

43,451

78,788

Charge for year

5,167

5,336

10,503

Eliminated on disposal

(5,011

)

(21,387

)

(26,398

)

At 30 September 2020

35,493

27,400

62,893

NET BOOK VALUE

At 30 September 2020

93,697

48,028

141,725

At 30 September 2019

109,331

53,196

162,527

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2019

and 30 September 2020

207,986

NET BOOK VALUE

At 30 September 2020

207,986

At 30 September 2019

207,986

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

117,263

155,594

Prepayments and accrued income

20,263

-

137,526

155,594

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

24,000

24,000

Trade creditors

63,487

58,866

Tax

92,645

115,903

Social security and other taxes

36,920

28,054

Other creditors

112

180

Directors' current accounts

56,351

54,934

Accruals and deferred income

5,870

5,870

279,385

287,807

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

96,000

96,000

Bank loans more 5 yr by instal

351,284

367,358

447,284

463,358

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

351,284

367,358

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

126,000

126,000

Between one and five years

504,000

504,000

In more than five years

1,386,000

1,512,000

2,016,000

2,142,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

471,284

487,358

Barclays Bank plc have a fixed and floating rate charge over the company's assets.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

13.	RELATED PARTY DISCLOSURES

McGrath Davies Public Houses Limited is a wholly owned subsidiary. At the year end McGrath Davies Public Houses Limited owned the company £117,263 (2019: £155,594), the loan is unsecured, interest free and is repayable on demand.