Company Registration No. 11547406 (England and Wales)
MCK PROPERTY SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
MCK PROPERTY SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
M McKenny
N McKenny
Company number
11547406
Registered office
115 Drakes Drive
Stevenage
Herts
SG2 0HA
MCK PROPERTY SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4
The following pages do not form part of the statutory accounts:
Detailed trading and profit and loss account
5 - 6
MCK PROPERTY SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2020.
Principal activities
The principal activity of the company continued to be that of Property letting
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M McKenny
N McKenny
Results and dividends
No ordinary dividends were paid.
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary of £1 each
30 September 2020
30 September 2019
M McKenny
50
50
N McKenny
50
50
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M McKenny
Director
31 August 2021
MCK PROPERTY SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
Period
ended
30 September
30 September
2020
2019
Notes
£
£
Turnover
19,759
4,718
Administrative expenses
(71,730)
(27,829)
Loss before taxation
(51,971)
(23,111)
Taxation
Loss for the financial year
(51,971)
(23,111)
MCK PROPERTY SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 3 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
1,044,990
479,990
Cash at bank and in hand
1,435
1,514
1,046,425
481,504
Creditors: amounts falling due within one year
2
(1,121,407)
(504,515)
Net current liabilities
(74,982)
(23,011)
Capital and reserves
Called up share capital
3
100
100
Profit and loss reserves
(75,082)
(23,111)
Total equity
(74,982)
(23,011)
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 31 August 2021 and are signed on its behalf by:
M McKenny
Director
Company Registration No. 11547406
MCK PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
1
Accounting policies
Company information
MCK Property Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
115 Drakes Drive, Stevenage, Herts, SG2 0HA.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
2
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
1,121,407
504,515
3
Called up share capital
2020
2019
£
£
Ordinary share capital
Authorised
100 Ordinary of £1 each
100
100
Issued and fully paid
100 Ordinary of £1 each
100
100
MCK PROPERTY SOLUTIONS LIMITED
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 5 -
Period
ended
30 September
30 September
2020
2019
£
£
£
£
Turnover
Sales
19,759
4,718
Opening stock and work in progress
479,990
-
Purchases
565,000
479,990
Closing stock and work in progress
(1,044,990)
(479,990)
Administrative expenses
(71,730)
(27,829)
Operating loss
(51,971)
(23,111)
MCK PROPERTY SOLUTIONS LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 6 -
Period
ended
30 September
30 September
2020
2019
£
£
Administrative expenses
Wages
6,872
300
Repairs and renewals
9,151
588
Computer accessories
44
-
Motor expenses
580
25
Legal and professional fees
24,924
21,170
Accountancy
720
720
Bank charges
82
1
Insurances
400
364
Printing and stationery
12
-
Mortgage interest
27,566
4,411
Telephone
278
139
Sundry expenses
130
13
Council tax
549
98
Utilities
422
-
71,730
27,829