John R McGill Limited - Accounts to registrar (filleted) - small 18.2
John R McGill Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| JOHN R MCGILL LIMITED |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 9 |
| JOHN R MCGILL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Atelier B1 |
| The Old Brewery |
| Lodway |
| Pill |
| Bristol |
| BS20 0DH |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| BALANCE SHEET |
| 31 MARCH 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Investments | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Unrealised gain on sale of |
| investment property to |
| subsidiary |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| BALANCE SHEET - continued |
| 31 MARCH 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director on |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 1. | STATUTORY INFORMATION |
| John R McGill Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover and revenue recognition |
| Turnover represents the fair value of consideration received or receivable in respect of the provision of goods |
| services which fall within the company's ordinary activities. |
| Turnover is recognised as contract activity progresses, to the extent that contracts can be assessed with |
| reasonable certainty. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual |
| value, over their expected useful lives on the following basis: |
| Computer equipment | - 25% on cost |
| Investments in subsidiaries |
| Investments in subsidiary undertakings and joint ventures are recognised at cost less impairments. |
| Investment property |
| Investment properties are included in the Balance sheet at their fair value in accordance with the Financial |
| Reporting Standard 102. |
| The fair value of the investment properties are considered annually by the directors in the light of known |
| movements and trends in the property market and taking account of the directors' knowledge and experience of |
| the market place for such properties. Periodically the directors consult with professional advisors to confirm that |
| their views are in line with those of the industry. |
| Any aggregate surplus or deficit arising on revaluation is recognised in the profit and loss account and allocated |
| to a fair value reserve. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. 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 or deferred 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 by the |
| balance sheet date. |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Financial instruments |
| Financial liabilities and equity instruments are classified and accounted for according to the substance of |
| contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is |
| any contract that evidences a residual interest in the assets of the entity after deducting all of its financial |
| liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2017 |
| and 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 | 60 |
| Reclassification/transfer | ( |
) | (50 | ) |
| At 31 March 2018 | 10 |
| NET BOOK VALUE |
| At 31 March 2018 | 10 |
| At 31 March 2017 | 60 |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| The reclassification relates to shares in a company which will be dissolved within 12 months from 31 March |
| 2018. |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2017 |
| Additions |
| Revaluations | ( |
) |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| The investment property was revalued at £468,000, by a chartered surveyor on the 6th May 2018. |
| The director is of the opinion that the value in the accounts reflects the fair value of the property. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CURRENT ASSET INVESTMENTS |
| 2018 | 2017 |
| £ | £ |
| Unlisted investments | 50 | - |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Other loans | 250,000 | 250,000 |
| The loans are secured by a fixed charge on land owned by the company. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | - | 100,837 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2017 |
| Gain on investment properties |
| Transfer to subsidiary | (100,837 | ) |
| Balance at 31 March 2018 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| "A" Ordinary Shares | 1 | 75 | 75 |
| "B" Ordinary Shares | 1 | 25 | 25 |
| 100 | 100 |
| JOHN R MCGILL LIMITED (REGISTERED NUMBER: 01790295) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| 14. | RELATED PARTY DISCLOSURES |
| The company is controlled by the director, Mr J R McGill by virtue of his shareholding. |
| Mr J R Mcgill is a director of Bizley House Ltd and during the year, the company acquired a 50% interest in |
| Bizley House Ltd. During the year dividends of £77,000 were paid to the company by the joint venture. |
| At 31 March 2018 £98,436 (2017: £20,600) was owed by Bizley House Ltd. |
| J R McGill owns 33.0 per cent of the share capital of Moorpoint Limited. During the year Moorpoint Limited |
| made an unsecured loan to John R McGill Limited. The balance outstanding as at 31 March 2018 was £370,548 |
| (2017: £358,923), this balance is included within Other loans. No other transactions took place during the year. |
| J R McGill is a director and shareholder of J R McGill (Construction) Limited. The company traded with J R |
| McGill (Construction) Limited during the period generating purchase transactions of £28,775 (2017: £33,600). |
| McGill Estates Limited is a subsidiary of the company. The company maintained a loan account with McGill |
| Estates Limited during the period. The balance owed to the company as at 31 March 2018 was £325,016 (2017: |
| 413,293). This amount is interest free and repayable on demand. |
| Mr J R McGill trades personally as Property Solutions. during the year the company traded with Property |
| Solutions generating purchase transactions of £2,000 (2017: £nil). |
| Mr AJ and Mrs RM Morgan, brother in law and sister of J R McGill, maintained a loan to the company during |
| the year. This loan attracts interest at a variable rate, is repayable five years after the date on which the loan was |
| made and is secured by a fixed charge on land owned by the company. The balance owed to Mr and Mrs Morgan |
| as at 31 March 2018 was £250,000 (2017:£250,000). |
| JOHN R MCGILL LIMITED |
| REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF |
| JOHN R MCGILL LIMITED |
| The following reproduces the text of the report prepared for the director in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary |
| statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of John R McGill Limited for the year ended 31 March 2018 which comprise the Profit and Loss |
| Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
| explanations you have given us. |
| As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and |
| other professional requirements which are detailed at http://www.cimaglobal.com. |
| This report is made solely to the director of John R McGill Limited in accordance with the terms of our engagement |
| letter. Our work has been undertaken solely to prepare for your approval of the financial statements of John R McGill |
| Limited and state those matters that we have agreed to state to the director of John R McGill Limited in this report in |
| accordance with the requirements of the Chartered Institute of Management Accountants as detailed at |
| http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone |
| other than the company and its director for our work or for this report. |
| It is your duty to ensure that John R McGill Limited has kept adequate accounting records and to prepare statutory |
| financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John R McGill |
| Limited. You consider that John R McGill Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of John R McGill Limited. For |
| this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations |
| you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Atelier B1 |
| The Old Brewery |
| Lodway |
| Pill |
| Bristol |
| BS20 0DH |
| Date: ............................................. |