Pagan & McQuade Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04264857 (England and Wales)

Pagan & McQuade Limited

Unaudited Financial Statements

For The Year Ended 31 August 2020

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G A McQuade

C M McQuade

SECRETARY:

C M McQuade

REGISTERED OFFICE:

108 Westborough

Scarborough

North Yorkshire

YO11 1LD

REGISTERED NUMBER:

04264857 (England and Wales)

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

BANKERS:

Barclays Bank Plc

49 High Street

Stockton-on-Tees

Cleveland

TS18 1AH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pagan & McQuade Limited for the year ended 31 August 2020 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pagan & McQuade Limited, as a body, in accordance with the terms of our engagement letter dated 15 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Pagan & McQuade Limited and state those matters that we have agreed to state to the Board of Directors of Pagan & McQuade Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pagan & McQuade Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pagan & McQuade Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pagan & McQuade Limited. You consider that Pagan & McQuade Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pagan & McQuade Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

1 April 2021

FIXED ASSETS

Investments

4

5

4

Investment property

5

490,000

470,000

490,005

470,004

CURRENT ASSETS

Debtors

238,438

669,810

Cash at bank

378,102

6

616,540

669,816

CREDITORS

Amounts falling due within one year

60,798

64,497

NET CURRENT ASSETS

555,742

605,319

TOTAL ASSETS LESS CURRENT LIABILITIES

1,045,747

1,075,323

CREDITORS

Amounts falling due after more than one year

(257,131

)

(245,869

)

PROVISIONS FOR LIABILITIES

7

(2,228

)

(17,956

)

NET ASSETS

786,388

811,498

CAPITAL AND RESERVES

Called up share capital

8

100

2

Revaluation reserve

9

129,585

93,857

Retained earnings

9

656,703

717,639

SHAREHOLDERS' FUNDS

786,388

811,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2021 and were signed on its behalf by:

G A McQuade - Director

1.	STATUTORY INFORMATION

Pagan & McQuade Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis. This basis assumes that the company will continue trading as a going concern for the foreseeable future. The outbreak of the Coronavirus in the United Kingdom and the resulting measures imposed by the Government have significantly affected the company's ability to continue its normal trading and consequently impact its ability to continue trading as a going concern. The directors are closely monitoring the position and will follow all the official guidance and take appropriate measures to mitigate the impact of this virus outbreak on the company and consequently consider that the going concern basis is appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 September 2019

4

Additions

1

At 31 August 2020

5

NET BOOK VALUE

At 31 August 2020

5

At 31 August 2019

4

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2019

470,000

Revaluations

20,000

At 31 August 2020

490,000

NET BOOK VALUE

At 31 August 2020

490,000

At 31 August 2019

470,000

Fair value at 31 August 2020 is represented by:

£

Valuation in 2015

25,000

Valuation in 2016

93,102

Valuation in 2020

20,000

Cost

351,898

490,000

If freehold investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

351,898

351,898

Freehold investment property was valued on an open market basis on 31 August 2020 by G A McQuade, a director of the company .

The outbreak of the Global Pandemic in relation to the Coronavirus has impacted global financial markets. Market activity is being impacted in many sectors. It is therefore likely that the valuation of the Investment Properties will have fallen since the year end. It is not possible to ascertain the valuation of the Investment Properties with certainty at the present time. The Directors will review the position further as the situation develops. No adjustment is required to the valuation at the balance sheet date as the effects of the pandemic were not evidenced until after the period end.

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

314

Bank loans

269,667

275,369

269,667

275,683

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Capital gains tax arising on investment properties

2,228

17,956

Deferred

tax

£

Balance at 1 September 2019

17,956

Credit to Income Statement during year

(15,728

)

Balance at 31 August 2020

2,228

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

NIL

Ordinary

£1

-

2

(2019 - 2 )

300

A Ordinary

25p

75

-

100

B Ordinary

25p

25

-

100

2

On 19 May 2020 the Company allotted 98 Ordinary Shares of £1 each fully paid by way of a bonus issue.

On 31 July 2020 the Company re-designated the Ordinary £1 shares by converting each existing Ordinary share of £1 into 3 A Ordinary shares of 25p each and 1 B Ordinary share of 25p.

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 September 2019

717,639

93,857

811,496

Profit for the year

34,890

34,890

Dividends

(60,000

)

(60,000

)

Bonus share issue

(98

)

-

(98

)

Investment property revaluation

(35,728

)

35,728

-

At 31 August 2020

656,703

129,585

786,288

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr & Mrs G A McQuade.