McNair Leasing Limited - Filleted accounts

McNair Leasing Limited - Filleted accounts

MCNAIR LEASING LIMITED - Company Information

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Registered number
07048247
McNair Leasing Limited
Filleted Accounts
31 March 2021
McNair Leasing Limited
Registered number: 07048247
Balance Sheet
as at 31 March 2021
Notes 2021 2020
£ £
Partnership interests 3 2,359,009 2,316,646
Current assets
Cash at bank and in hand 5,088 4,317
Creditors: amounts falling due within one year 4 (17,002) (11,437)
Net current liabilities (11,914) (7,120)
Net assets 2,347,095 2,309,526
Capital and reserves
Called up share capital 50,000 50,000
Share premium 2,200,549 2,200,549
Profit and loss account 96,546 58,977
Shareholders' funds 2,347,095 2,309,526
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D R McNair
Director
Approved by the board on 14 December 2021
McNair Leasing Limited
Notes to the Accounts
for the year ended 31 March 2021
1 Accounting policies
Basis of preparation
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).
Income
Income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income comprises the company’s share of partnership profits.
Partnership interests
The interest in Triple Point Lease Partners (TPLP) and Generations Navigator LLP (GN) comprises the equity subscribed less initial profit share plus profit shares declared by TPLP and GN and less any amounts withdrawn by the company.
Debtors
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.
Creditors
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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it excludes items that are never taxable or deductible. The company’s liability for the current year is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 3
The company had no employees during the year other than the directors.
3 Partnership interests 2021 2020
£ £
Partnership Interest - B/fwd 2,316,646 1,060,502
Partnership interest - Introduced in period - 1,250,000
Partnership interest - Profit in period 62,363 50,394
Partnership interest - Withdrawn in period (20,000) (44,250)
2,359,009 2,316,646
Partnership interests represent the Company's interests in Triple Point Lease Partners and Generations Navigator LLP, details of which are disclosed in notes 5 and 6.
4 Creditors: amounts falling due within one year 2021 2020
£ £
Taxation and social security costs 10,828 3,707
Other creditors 6,174 7,730
17,002 11,437
5 Interest in Triple Point Lease Partners 2021 2020
£ £
TPLP Partnership Interest - B/fwd 2,053,693 808,916
TPLP Partnership interest - Introduced in period - 1,250,000
TPLP Partnership interest - Profit in period 53,169 35,777
TPLP Partnership interest - Withdrawn in period (15,000) (41,000)
2,091,862 2,053,693
6 Interest in Generations Navigator LLP 2021 2020
£ £
Partnership Interest GN - B/fwd 262,953 251,586
Partnership Interest GN - Profit in period 9,194 14,617
Partnership Interest GN - Withdrawn in period (5,000) (3,250)
267,147 262,953
7 Controlling party
P McNair is the ultimate controlling party by virtue of her 99.9% shareholding.
8 Other information
McNair Leasing Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Camp Road
Farnborough
Hampshire
GU14 6EW
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