McNulty Holdings Limited Filleted accounts for Companies House (small and micro)

MCNULTY (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01020730

McNulty Holdings Limited

Filleted Unaudited Financial Statements

30 June 2018

McNulty Holdings Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		161,519	162,548

Current assets

Debtors	5	493	2,840
Cash at bank and in hand		436,036	445,547
		---------	---------
		436,529	448,387

Creditors: amounts falling due within one year	6	41,969		51,905
		---------		---------
Net current assets			394,560	396,482
			---------	---------
Total assets less current liabilities			556,079	559,030

Creditors: amounts falling due after more than one year	7	–	( 10,000)
		---------	---------
Net assets		556,079	569,030
		---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	555,079	568,030
	---------	---------
Shareholders funds	556,079	569,030
	---------	---------

These 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 2018 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 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 financial statements .

McNulty Holdings Limited

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 20 September 2018 , and are signed on behalf of the board by:

Mrs M McNulty
Director

Company registration number: 01020730

McNulty Holdings Limited

Notes to the Financial Statements

Year ended 30 June 2018

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

3. Accounting policies

Basis of preparation

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

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

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

4. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 July 2017 and 30 June 2018	155,788	72,092	15,446	31,706	275,032
	---------	--------	--------	--------	---------
Depreciation
At 1 July 2017	–	65,837	15,249	31,398	112,484
Charge for the year	–	938	30	61	1,029
	---------	--------	--------	--------	---------
At 30 June 2018	–	66,775	15,279	31,459	113,513
	---------	--------	--------	--------	---------
Carrying amount
At 30 June 2018	155,788	5,317	167	247	161,519
	---------	--------	--------	--------	---------
At 30 June 2017	155,788	6,255	197	308	162,548
	---------	--------	--------	--------	---------

5. Debtors

	2018	2017
	£	£
Other debtors	493	2,840
	----	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other creditors	41,969	51,905
	--------	--------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	–	( 10,000)
	----	--------

8. Directors' advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mrs M McNulty	( 41,185)	( 64)	( 41,249)
	--------	----	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mrs M McNulty	( 41,185)	–	( 41,185)
	--------	----	--------

9. 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.