Company Registration No. 06933023 (England and Wales)
MCGINLEY GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
MCGINLEY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MCGINLEY GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
-
990
Current assets
Debtors
4
38,781
-
Cash at bank and in hand
1,258
202,080
40,039
202,080
Creditors: amounts falling due within one year
5
(8,501)
(9,413)
Net current assets
31,538
192,667
Total assets less current liabilities
31,538
193,657
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
31,536
193,655
Total equity
31,538
193,657
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 12 December 2018
Mr SP McGinley
Director
Company Registration No. 06933023
MCGINLEY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2016
1,081,707
10,526,372
11,608,079
Year ended 31 December 2016:
Loss and total comprehensive income for the year
-
(1,330,241)
(1,330,241)
Issue of share capital
6
3,920,849
-
3,920,849
Bonus issue of shares
6
-
7,281,858
7,281,858
Dividends in specie
-
(19,123,474)
(19,123,474)
Credit to equity for equity settled share-based payments
-
(2,163,414)
(2,163,414)
Reduction of shares
6
(5,002,554)
5,002,554
-
Balance at 31 December 2016
2
193,655
193,657
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
(9,119)
(9,119)
Dividends
-
(153,000)
(153,000)
Balance at 31 December 2017
2
31,536
31,538
MCGINLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
McGinley Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Beauchamp Court, Victors Way, Barnet, London, EN5 5TZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2015 are the first financial statements of McGinley Group Limited prepared in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, the date of transition to FRS102 was 1 January 2014. The reported financial position and financial performance for the previous period are not affected by transition to FRS102.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
MCGINLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represent the sum of the tax currently payable and deffered tax.
MCGINLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
2
Exceptional costs/(income)
2017
2016
£
£
Inter company debt written off
-
(1,073,227)
In 2016 the company was part of a structural reorganisation of the various McGinley companies.
As a result the company forgave and was forgiven various debts and liabilities amounting to a net credit balance of £1,073,227 which was written off. This amount was disallowed for tax purposes.
3
Fixed asset investments
2017
2016
£
£
Investments
-
990
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017
990
Disposals
(990)
At 31 December 2017
-
Carrying amount
At 31 December 2017
-
At 31 December 2016
990
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
37,981
-
Other debtors
800
-
38,781
-
MCGINLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1
-
Other taxation and social security
-
413
Other creditors
8,500
9,000
8,501
9,413
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,799,854 ordinary shares of £0.000001p each
2
2
2
2
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Simon Toghill.
The auditor was Evans Mockler Limited.