Isonel Mcgregor Limited - Period Ending 2021-07-30

Isonel Mcgregor Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Isonel Mcgregor Limited

Company Information

Director	Mr Daniel McPherson

Registered office

Liquid Bureau - Cdc Port House 2nd Floor Port Solent Portsmouth Hampshire PO6 4TH

Isonel Mcgregor Limited

(Registration number: 09120357)
Balance Sheet as at 30 July 2021

	Note	2021 £	2020 £
Fixed assets
Investments	4	101	101
Current assets
Debtors	5	7,250	7,250
Cash at bank and in hand		103	163
		7,353	7,413
Creditors: Amounts falling due within one year	6	(1)	(1)
Net current assets		7,352	7,412
Total assets less current liabilities		7,453	7,513
Creditors: Amounts falling due after more than one year	6	(7,600)	(7,600)
Net liabilities		(147)	(87)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(247)	(187)
Total equity		(147)	(87)

For the financial year ending 30 July 2021 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 April 2022
 

Isonel Mcgregor Limited

(Registration number: 09120357)
Balance Sheet as at 30 July 2021

.........................................

Mr Daniel McPherson
Director

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Liquid Bureau - Cdc
Port House 2nd Floor
Port Solent
Portsmouth
Hampshire
PO6 4TH

These financial statements were authorised for issue by the director on 29 April 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has not prepared consolidated accounts as the group qualifies as a small group..

Going concern

The financial statements have been prepared on a going concern basis, given the strength of the underlying subsidiary companies, and the agreement of the subsidiary not to call on the loan until funds are avaliable.

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements.

There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year..

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year..

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 1).

4	Investments

	2021 £	2020 £
Investments in subsidiaries	101	101

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

Subsidiaries	£
Cost or valuation
At 31 July 2020	101
Provision
Carrying amount
At 30 July 2021	101
At 30 July 2020	101

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Hecnal McGregor Limited	2nd Floor, the Port House Port Solent PO6 4TH England	Ordinary shares	100%	100%
Adinal McGregor Limited	2nd Floor The Port House Port Solent PO6 4TH England	Ordinary shares	100%	100%

Subsidiary undertakings

Hecnal McGregor Limited The principal activity of Hecnal McGregor Limited is that of a consultancy services company.

Adinal McGregor Limited The principal activity of Adinal McGregor Limited is is that of an investment company.

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

5

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	7,250	7,250
		7,250	7,250

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	1	1

Creditors: amounts falling due after more than one year

	2021 £	2020 £
Due after one year
Other non-current financial liabilities	7,600	7,600

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Isonel Mcgregor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021

8	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Other borrowings	1	1

9	Related party transactions

Loans to related parties

2021	Subsidiary £	Total £
At start of period	7,250	7,250

2020	Subsidiary £	Total £
Advanced	7,250	7,250

Terms of loans to related parties

Interest free loan to Adinal McGregor Limited
 

Loans from related parties

2021	Subsidiary £	Total £
At start of period	7,600	7,600

2020	Subsidiary £	Total £
At start of period	7,600	7,600

Terms of loans from related parties

Interest free loan from Hecnal McGregor Limited