Company registration number 02892472 (England and Wales)
Mcmillan (York) Limited
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,647,829
1,668,015
Current assets
Stocks
27,880
47,264
Debtors
5
123,060
254,085
Cash at bank and in hand
1,261,166
196,216
1,412,106
497,565
Creditors: amounts falling due within one year
6
(654,953)
(78,149)
Net current assets
757,153
419,416
Total assets less current liabilities
2,404,982
2,087,431
Creditors: amounts falling due after more than one year
7
(663,909)
(741,880)
Provisions for liabilities
(60,000)
(55,000)
Net assets
1,681,073
1,290,551
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
1,680,273
1,289,751
Total equity
1,681,073
1,290,551
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2022 and are signed on its behalf by:
Mr L Judson
Mr R M Brown
Director
Director
Company Registration No. 02892472
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
McMillan (York) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1 Rougier Street, NULL, NULL, York, NULL, NULL, YO1 6HZ.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Plant and machinery
10% reducing balance, 10%/20% straight line
Office equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
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.
1.8
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.
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 and
bank loans
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
28
26
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
22,000
Amortisation and impairment
At 1 April 2021 and 31 March 2022
22,000
Carrying amount
At 31 March 2022
At 31 March 2021
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
2,130,624
902,251
3,032,875
Additions
19,247
19,247
At 31 March 2022
2,130,624
921,498
3,052,122
Depreciation and impairment
At 1 April 2021
474,352
890,508
1,364,860
Depreciation charged in the year
30,077
9,356
39,433
At 31 March 2022
504,429
899,864
1,404,293
Carrying amount
At 31 March 2022
1,626,195
21,634
1,647,829
At 31 March 2021
1,656,272
11,743
1,668,015
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
123,060
254,085
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
84,429
63,745
Trade creditors
35,432
3,266
Taxation and social security
193,936
1,363
Other creditors
341,156
9,775
654,953
78,149
Included within
bank loans
is £
74,818
(202
1
- £
59,810
)
secured
against
the assets of the company
, and £
9,611
(202
1
- £
3,935
)
secured by
the UK Government under the Coronavirus Business Interruption Loan Scheme.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
663,909
741,880
Included within
bank loans
is £6
27,502
(202
1
- £6
95,815
)
secured
against
the assets of the company
, and £
36,407
(202
1
- £
46,065
)
secured by
the UK Government under the Coronavirus Business Interruption Loan Scheme.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
305,755
319,914
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
2.00
139,090
167,899
1,547
(417,123)
(108,587)
139,090
167,899
1,547
(417,123)
(108,587)
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
SOCIETY LOUNGE AND BAR
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
£
£
£
£
Bar sales
188
380,170
Sundry bar income
10
121,515
955,320
198
Cost of sales
Opening stock
22,801
24,928
Purchases
229,973
(150)
Closing stock
(20,645)
(20,685)
(232,129)
(4,093)
Gross profit
723,191
(3,895)
Administrative expenses
(447,160)
(77,990)
Other operating income
Government grants receivable and released
-
103,928
-
103,928
Operating profit
276,031
22,043
Interest payable
Bank interest
9,499
13,669
(15,678)
(9,499)
Profit/(Loss) before taxation
260,353
12,544
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
SOCIETY LOUNGE AND BAR
ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
£
£
Administrative expenses
Wages and salaries
277,034
86,357
Directors' remuneration
8,160
8,784
Rent
543
562
Rates
46,478
1,739
Cleaning
2,390
106
Power, light and heat
9,070
2,028
Repairs and maintenance
16,549
(554)
Insurance
13,962
3,893
Motor running expenses
163
956
Professional subscriptions
10,488
(12)
Legal and professional fees
10,680
5,467
Accountancy
2,549
2,133
Bank charges
4,657
1,257
Printing and stationery
125
33
Advertising
20,962
12
Telephone
2,174
951
Sundry expenses
3,040
2,971
Depreciation
18,136
11,307
(Profit) on disposal of tangible assets
-
(50,000)
447,160
77,990
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
CLUB SALVATION
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
£
£
£
£
Bar sales
-
719,784
Sundry bar income
3,866
235,536
3,866
955,320
Cost of sales
Opening stock
29,885
22,801
Purchases
(79)
229,973
Closing stock
(26,579)
(20,645)
(3,227)
(232,129)
Gross profit
639
723,191
Administrative expenses
(146,505)
(447,160)
Other operating income
Government grants receivable and released
103,928
-
103,928
-
Operating profit
(41,938)
276,031
Interest payable
Bank interest
9,499
15,678
(9,499)
(15,678)
Profit/(Loss) before taxation
(51,437)
260,353
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
CLUB SALVATION
ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
£
£
Administrative expenses
Wages and salaries
86,607
278,741
Directors' remuneration
8,784
8,628
Rent
562
572
Rates
281
51,563
Cleaning
-
2,718
Power, light and heat
4,153
13,178
Repairs and maintenance
(198)
20,645
Insurance
12,120
13,504
Motor running expenses
944
427
Professional subscriptions
(682)
12,835
Legal and professional fees
5,467
10,200
Accountancy
2,133
2,860
Bank charges
894
9,486
Printing and stationery
48
95
Advertising
3,671
25,208
Telephone
1,120
1,518
Sundry expenses
2,872
3,805
Depreciation
17,729
18,339
146,505
474,322
MCMILLAN (YORK) LIMITED
Mcmillan (York) Limited
RENTAL PROPERTIES
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
£
£
Rent
41,185
48,235
Gross profit
41,185
48,235
Administrative expenses
(20,316)
(24,979)
Profit before taxation
20,869
23,256