REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2018 |
for |
McCarrick Construction Company |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2018 |
for |
McCarrick Construction Company |
Limited |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
McCarrick Construction Company |
Limited |
Company Information |
for the Year Ended 30 June 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1st Floor, Portland House |
Belmont Business Park |
Durham |
DH1 1TW |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Balance Sheet |
30 June 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Investments | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
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. |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Balance Sheet - continued |
30 June 2018 |
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 on |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
1. | STATUTORY INFORMATION |
McCarrick Construction Company Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amount receivable for building work completed and excludes Value Added Tax. |
Turnover in respect of the sale of residential properties is recognised at the fair value of the consideration |
received or receivable on legal completion of the sale transaction. |
Turnover attributable to long term contracts (where the time taken to substantially complete a contract falls into |
different accounting periods) is ascertained in a manner appropriate to the stage of completion of the contract |
and is linked to the issue of interim contract valuation certificates on each contract. |
Amounts receivable in respect of extensions to Leases held by property owners are recognised as turnover in full |
at the time that the extension is finalised - consistent with the treatment that would have been adopted had such a |
length of lease been included as part of the original sale of the property to the third party following completion |
by McCarrick Construction Company Limited. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation |
is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stock and work in progress are valued at the lower of cost and estimated selling price less costs to sell as |
follows: |
Cost incurred in bringing each product to its present location and condition: |
Raw Materials - purchase cost on a first in first out basis. |
Work in Progress - cost of direct materials , labour and attributable overheads based on a normal level of |
activity. |
Development land - at cost. |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and |
depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance |
charges, are included in creditors. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
Pension costs and other post-retirement benefits |
Contributions in respect of the Company's defined contribution pension schemes are charged to the profit and |
loss account for the year in which they are payable to the schemes. |
Current asset investments |
Listed current asset investments are stated at fair value determined from statements provided by the Investment |
Managers. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2017 |
Additions |
Disposals | ( |
) |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2017 |
Additions |
Disposals | ( |
) |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2017 |
and 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
7. | STOCKS |
2018 | 2017 |
£ | £ |
Raw Materials |
Work-in-progress |
Land Purchased for Development |
8. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
8. | DEBTORS - continued |
2018 | 2017 |
£ | £ |
Amounts falling due after more than one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Aggregate amounts |
9. | CURRENT ASSET INVESTMENTS |
2018 | 2017 |
£ | £ |
Listed investments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Hire purchase contracts | 80,608 | 13,159 |
Hire purchase contracts are secured on the related fixed assets. Details of fixed assets held under such |
agreements can be found at Note 5 to these financial statements. |
McCarrick Construction Company |
Limited (Registered number: 00519815) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
13. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2017 | 3,597,228 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 30 June 2018 | 3,518,331 |
14. | CAPITAL COMMITMENTS |
2018 | 2017 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2018 and |
30 June 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
16. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £5,000 (2017 - £5,000) were paid to the directors . |
at normal commercial rates. |
At 30 June 2018 amounts owed by Construction Co Ltd, totalled £ subsidiary company. |
During the Year Ended 30 June 2018 McCarrick Construction Company Ltd invoiced |