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COMPANY REGISTRATION NUMBER: 03739566
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Officers and Professional Advisers
Director
Mr J. McCarthy
Company secretary
Mrs E. McCarthy
Registered office
111a George Lane
London
E18 1AN
Accountants
OMG
Chartered Certified Accountants
111a, George Lane
London
E18 1AN
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED for the year ended 31 March 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of JOSEPH MCCARTHY (FINE FRAMES) LIMITED in accordance with the terms of our engagement letter dated 1 March 2000. Our work has been undertaken solely to prepare for your approval the financial statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JOSEPH MCCARTHY (FINE FRAMES) LIMITED and its director for our work or for this report.
It is your duty to ensure that JOSEPH MCCARTHY (FINE FRAMES) 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 JOSEPH MCCARTHY (FINE FRAMES) LIMITED. You consider that JOSEPH MCCARTHY (FINE FRAMES) 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 JOSEPH MCCARTHY (FINE FRAMES) 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.
OMG Chartered Certified Accountants
111a, George Lane London E18 1AN
22 September 2023
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
9,926
11,678
Current assets
Stocks
8
96,850
91,625
Debtors
9
18,281
538
Cash at bank and in hand
65,767
123,985
---------
---------
180,898
216,148
Creditors: amounts falling due within one year
10
64,735
99,499
---------
---------
Net current assets
116,163
116,649
---------
---------
Total assets less current liabilities
126,089
128,327
Creditors: amounts falling due after more than one year
11
32,389
41,126
Provisions
Taxation including deferred tax
1,430
1,430
---------
---------
Net assets
92,270
85,771
---------
---------
Capital and reserves
Called up share capital
13
1,000
1,000
Profit and loss account
91,270
84,771
--------
--------
Shareholders funds
92,270
85,771
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 22 September 2023 , and are signed on behalf of the board by:
Mr J. McCarthy
Director
Company registration number: 03739566
JOSEPH MCCARTHY (FINE FRAMES) LIMITED
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111a George Lane, London, E18 1AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Grants
Grants made to reimburse costs previously incurred are recognised in the profit and loss account in the period in which they become receivable.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tax on profit
During the year tax on the profit for the year at 19% : £2,728 (2022- 19% :12,167)
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
4,000
4,000
-------
-------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
96,404
9,000
105,404
--------
-------
---------
Depreciation
At 1 April 2022
85,200
8,526
93,726
Charge for the year
71
1,681
1,752
--------
--------
---------
At 31 March 2023
85,271
10,207
95,478
--------
--------
---------
Carrying amount
At 31 March 2023
11,133
( 1,207)
9,926
--------
--------
---------
At 31 March 2022
11,204
474
11,678
--------
--------
---------
8. Stocks
2023
2022
£
£
Raw materials and consumables
96,850
91,625
--------
--------
9. Debtors
2023
2022
£
£
Trade debtors
1,281
415
Other debtors
17,000
123
--------
----
18,281
538
--------
----
10. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,728
12,167
Social security and other taxes
10,496
22,531
Other creditors
51,511
64,801
--------
--------
64,735
99,499
--------
--------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,389
41,126
--------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
1,430
1,430
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,430
1,430
-------
-------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
14. Controlling party
The controlling party was the managing director Mr J. McCarthy throughout the current and previous year.