McMahon Associates Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02447479 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

McMahon Associates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P A McMahon

E D M McMahon

R R M McMahon

SECRETARY:

E D M McMahon

REGISTERED OFFICE:

60 Kingsland Wharves

305 Kingsland Road

London

London

E8 4EG

REGISTERED NUMBER:

02447479 (England and Wales)

ACCOUNTANTS:

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

FIXED ASSETS

Investment property

4

813,000

884,416

CURRENT ASSETS

Debtors

5

16,801

26,426

Cash at bank

323,524

159,798

340,325

186,224

CREDITORS

Amounts falling due within one year

6

1,196,873

1,027,951

NET CURRENT LIABILITIES

(856,548

)

(841,727

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(43,548

)

42,689

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Retained earnings

(49,548

)

36,689

SHAREHOLDERS' FUNDS

(43,548

)

42,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

P A McMahon - Director

1.	STATUTORY INFORMATION

McMahon Associates 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 presentation currency of the financial statements is the Pound Sterling (£).

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 directors acknowledge that the balance sheet shows an insolvent position at the year end, as a result of the recognised impairment to investment property value. However, should a deficit crystalise and company debts fall due, the directors are willing to waive balances due to them personally in support of the company's position. As a result, the directors' believe that the going concern basis is appropriate for the preparation of these accounts.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Rents received

Rentals receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Investment property

Investment property is measured at fair value, based on an assessment of the open market value for similar assets in a similar condition and location. Where such a measure is unavailable, assets are held at cost less impairment.

Debtors and creditors receivable / payable within one year

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.

Taxation

Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

884,416

Additions

45,263

Impairments

(116,679

)

At 31 December 2022

813,000

NET BOOK VALUE

At 31 December 2022

813,000

At 31 December 2021

884,416

The directors have assessed that the value of the property has become impaired, and it has been written down to its recoverable amount in the current year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

16,801

26,426

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Taxation and social security

6,123

2,609

Other creditors

1,190,750

1,025,342

1,196,873

1,027,951

7.	SECURED DEBTS

The trustees of the McMahon Associates Retirement and Death Benefit Scheme hold security over the property held within the company as well as a floating charge over its assets.