| McNair Leasing Limited |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises the company’s share of partnership profits. |
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Partnership Interests |
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Partnership Interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
113 |
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- |
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Corporation tax |
4,679 |
|
4,316 |
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Other creditors |
2,061 |
|
1,990 |
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6,853 |
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6,306 |
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| 3 |
Interest in Triple Point Lease Partners |
2018 |
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2017 |
| £ |
£ |
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Partnership Interest - B/fwd |
542,829 |
|
528,249 |
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Partnership Interest - Profit in period |
18,714 |
|
21,580 |
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Partnership Interest - Withdrawn in period |
(13,000) |
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(7,000) |
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548,543 |
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542,829 |
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| 4 |
Events after the reporting date |
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In July 2018 the company completed a call on shares of £10.02 per ordinary share, totalling £500,499
The company then invested £250,249.50 into Triple Point Lease Partners, a common law partnership and also invested £250,249.50 into Generations Navigator LLP, a Limited Liability Partnership registered at 18 St Swithin's Lane, London, EC4N 8AD. |
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| 5 |
Controlling party |
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P McNair is the ultimate controlling party by virtue of her 99.9% shareholding. |
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| 6 |
Other information |
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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. |
