McNulty Holdings Limited Small abridged accounts

MCNULTY (HOLDINGS) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of McNulty Holdings Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 01020730

McNulty Holdings Limited

Unaudited Abridged Financial Statements

30 June 2017

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD

Chartered Certified Accountants

75 Aston Street

Shifnal

Shropshire

TF11 8DU

McNulty Holdings Limited

Abridged Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

McNulty Holdings Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of McNulty Holdings Limited

Year ended 30 June 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 30 June 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD Chartered Certified Accountants

75 Aston Street Shifnal Shropshire TF11 8DU

16 October 2017

McNulty Holdings Limited

Abridged Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		162,548	163,764

Current assets

Debtors	2,840	2,674
Cash at bank and in hand	445,547	450,068
	---------	---------
	448,387	452,742

Creditors: amounts falling due within one year	51,905		41,905
	---------		---------
Net current assets		396,482	410,837
		---------	---------
Total assets less current liabilities		559,030	574,601

Creditors: amounts falling due after more than one year	( 10,000)	–
	---------	---------
Net assets	569,030	574,601
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	568,030	573,601
	---------	---------
Members funds	569,030	574,601
	---------	---------

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 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 statement of income and retained earnings has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

McNulty Holdings Limited

Abridged Statement of Financial Position (continued)

30 June 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 16 October 2017 , and are signed on behalf of the board by:

Mrs M McNulty
Director

Company registration number: 01020730

McNulty Holdings Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Honeyspot Farm, Rosehill, Market Drayton, TF9 2JU.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Disclosure exemptions

No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

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 that are believed to be reasonable under the circumstances.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	15% reducing balance
Fixtures and Fittings	-	15% reducing balance
Motor Vehicles	-	20% reducing balance

Financial instruments

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2016: Nil).

5. Profit before taxation

Loss before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,216	1,436
	-------	-------

6. Tangible assets

	£
Cost
At 1 July 2016 and 30 June 2017	275,032
	---------
Depreciation
At 1 July 2016	111,268
Charge for the year	1,216
	---------
At 30 June 2017	112,484
	---------
Carrying amount
At 30 June 2017	162,548
	---------
At 30 June 2016	163,764
	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2017	2016
	£	£
Mrs M McNulty	( 41,185)	( 41,185)
	--------	--------

8. Related party transactions

The company was under the control of Mrs M McNulty throughout the current and previous year. Mrs M McNulty is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.