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MICHAEL BENEDICT MCCABE LIMITED

Registered Number
07780180
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

MICHAEL BENEDICT MCCABE LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

MCCABE, Michael Benedict

Registered Address

Palmeira Avenue Mansions
19 Church Road
Hove
BN3 2FA

Registered Number

07780180 (England and Wales)
MICHAEL BENEDICT MCCABE LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets566,88963,577
66,88963,577
Current assets
Debtors7673255
Cash at bank and on hand60,35782,161
61,03082,416
Creditors amounts falling due within one year8(97,886)(61,846)
Net current assets (liabilities)(36,856)20,570
Total assets less current liabilities30,03384,147
Creditors amounts falling due after one year9(9,298)(20,000)
Provisions for liabilities10(6,365)(5,736)
Net assets14,37058,411
Capital and reserves
Called up share capital11
Profit and loss account14,36958,410
Shareholders' funds14,37058,411
The financial statements were approved and authorised for issue by the Director on 13 November 2023, and are signed on its behalf by:
MCCABE, Michael Benedict
Director
Registered Company No. 07780180
MICHAEL BENEDICT MCCABE LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 June 2233,38717,40266,50619,499136,794
Additions--8,8025,67714,479
At 31 May 2333,38717,40275,30825,176151,273
Depreciation and impairment
At 01 June 22-15,17647,97610,06573,217
Charge for year-5576,8333,77711,167
At 31 May 23-15,73354,80913,84284,384
Net book value
At 31 May 2333,3871,66920,49911,33466,889
At 31 May 2233,3872,22618,5309,43463,577
6.Description of nature of transactions and balances with related parties
The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.
7.Debtors

2023

2022

££
Trade debtors / trade receivables-255
Other debtors511-
Prepayments and accrued income162-
Total673255
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables5,1963,886
Bank borrowings and overdrafts5,520-
Taxation and social security16,93310,560
Other creditors70,23747,400
Total97,88661,846
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts9,29820,000
Total9,29820,000
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,3655,736
Total6,3655,736