MW Maguire Holdings Limited Filleted accounts for Companies House (small and micro)

MW MAGUIRE HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09202716

MW Maguire Holdings Limited

Filleted Unaudited Abridged Financial Statements

31 December 2020

MW Maguire Holdings Limited

Abridged Financial Statements

Year Ended 31 December 2020

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 5

MW Maguire Holdings Limited

Abridged Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed Assets

Investments	4		571,200	491,200

Current Assets

Debtors	213,914	266,339
Cash at bank and in hand	102,816	7,132
	---------	---------
	316,730	273,471

Creditors: amounts falling due within one year	95,221		90,859
	---------		---------
Net Current Assets		221,509	182,612
		---------	---------
Total Assets Less Current Liabilities		792,709	673,812

Creditors: amounts falling due after more than one year		45,816	59,799

Provisions

Taxation including deferred tax	13,889	–
	---------	---------
Net Assets	733,004	614,013
	---------	---------

Capital and Reserves

Called up share capital	6	1,200	1,200
Revaluation reserve		29,447	30,758
Profit and loss account		702,357	582,055
		---------	---------
Shareholders Funds		733,004	614,013
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

MW Maguire Holdings Limited

Abridged Statement of Financial Position (continued)

31 December 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 21 June 2021 , and are signed on behalf of the board by:

M W Maguire
Director

Company registration number: 09202716

MW Maguire Holdings Limited

Notes to the Abridged Financial Statements

Year Ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Watson Road, Worksop, S80 2BB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Rental income represents the rents due for the year.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Employees

The average monthly number of employees, including members, during the year was 1 (2019: 1).

Investment properties

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Any fixed asset investment carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are recognised at cost less impairment losses.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 profit and loss account in other administrative expenses.

4. Investments

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost
At 1 January 2020	1,200	490,000	491,200
Revaluations	–	80,000	80,000
	-------	---------	---------
At 31 December 2020	1,200	570,000	571,200
	-------	---------	---------
Impairment
At 1 January 2020 and 31 December 2020	–	–	–
	-------	---------	---------

Carrying amount
At 31 December 2020	1,200	570,000	571,200
	-------	---------	---------
At 31 December 2019	1,200	490,000	491,200
	-------	---------	---------

The 2020 valuations were made by the directors on an open market for existing use basis.

5. Secured liabilities

The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £62,482 (2019: £76,465).

6. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1,200	1,200	1,200	1,200
	-------	-------	-------	-------

7. Related party transactions

During the year the company provided and received short term loans from related parties. The balance outstanding due (to) or due from related parties at 31 December 2020 are as follows:

	2020	2019
	£	£
Entities under common control	213,914	266,339

All loans are unsecured, interest free and repayable on demand.