IRIS Accounts Production v23.3.0.418 07891185 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure078911852022-02-28078911852023-02-28078911852022-03-012023-02-28078911852021-02-28078911852021-03-012022-02-28078911852022-02-2807891185ns16:EnglandWales2022-03-012023-02-2807891185ns15:PoundSterling2022-03-012023-02-2807891185ns11:Director12022-03-012023-02-2807891185ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2807891185ns11:SmallEntities2022-03-012023-02-2807891185ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-2807891185ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2807891185ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2807891185ns11:FullAccounts2022-03-012023-02-2807891185ns11:Director22022-03-012023-02-2807891185ns11:RegisteredOffice2022-03-012023-02-2807891185ns6:CurrentFinancialInstruments2023-02-2807891185ns6:CurrentFinancialInstruments2022-02-2807891185ns6:Non-currentFinancialInstruments2023-02-2807891185ns6:Non-currentFinancialInstruments2022-02-2807891185ns6:ShareCapital2023-02-2807891185ns6:ShareCapital2022-02-2807891185ns6:RetainedEarningsAccumulatedLosses2023-02-2807891185ns6:RetainedEarningsAccumulatedLosses2022-02-2807891185ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-012023-02-2807891185ns6:FurnitureFittings2022-03-012023-02-2807891185ns6:MotorVehicles2022-03-012023-02-2807891185ns6:ComputerEquipment2022-03-012023-02-2807891185ns6:LandBuildings2022-02-2807891185ns6:PlantMachinery2022-02-2807891185ns6:FurnitureFittings2022-02-2807891185ns6:LandBuildings2022-03-012023-02-2807891185ns6:PlantMachinery2022-03-012023-02-2807891185ns6:LandBuildings2023-02-2807891185ns6:PlantMachinery2023-02-2807891185ns6:FurnitureFittings2023-02-2807891185ns6:LandBuildings2022-02-2807891185ns6:PlantMachinery2022-02-2807891185ns6:FurnitureFittings2022-02-2807891185ns6:MotorVehicles2022-02-2807891185ns6:ComputerEquipment2022-02-2807891185ns6:MotorVehicles2023-02-2807891185ns6:ComputerEquipment2023-02-2807891185ns6:MotorVehicles2022-02-2807891185ns6:ComputerEquipment2022-02-2807891185ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2807891185ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2807891185ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-02-2807891185ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-02-2807891185ns11:Director112022-02-2807891185ns11:Director112021-02-2807891185ns11:Director112022-03-012023-02-2807891185ns11:Director112021-03-012022-02-2807891185ns11:Director112023-02-2807891185ns11:Director112022-02-28078911852ns11:Director22022-02-28078911852ns11:Director22021-02-28078911852ns11:Director22022-03-012023-02-28078911852ns11:Director22021-03-012022-02-28078911852ns11:Director22023-02-28078911852ns11:Director22022-02-28
REGISTERED NUMBER: 07891185 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr S C McCarthy
Mr D McCarthy



REGISTERED OFFICE: The Rockery
St James Road
Torquay
Devon
TQ1 4FT



REGISTERED NUMBER: 07891185 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank
8 Royal Parade
Plymouth
Devon
PL1 1HB

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 325,049 285,176

CURRENT ASSETS
Stocks 5 10,998,685 10,334,280
Debtors 6 1,672,107 918,223
Cash at bank 593,427 916,519
13,264,219 12,169,022
CREDITORS
Amounts falling due within one year 7 4,163,924 4,397,974
NET CURRENT ASSETS 9,100,295 7,771,048
TOTAL ASSETS LESS CURRENT LIABILITIES 9,425,344 8,056,224

CREDITORS
Amounts falling due after more than one
year

8

(1,221,500

)

(1,221,500

)

PROVISIONS FOR LIABILITIES (61,759 ) (54,496 )
NET ASSETS 8,142,085 6,780,228

CAPITAL AND RESERVES
Called up share capital 115 115
Retained earnings 8,141,970 6,780,113
SHAREHOLDERS' FUNDS 8,142,085 6,780,228

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

BALANCE SHEET - continued
28 FEBRUARY 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





Mr S C McCarthy - Director


MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Mccarthy Contracting & Development 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 15 (2022 - 11 ) .

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 212,500 36,966 62,500
Additions - - -
Disposals - - -
At 28 February 2023 212,500 36,966 62,500
DEPRECIATION
At 1 March 2022 28,750 27,196 42,464
Charge for year 3,750 1,954 3,005
Eliminated on disposal - - -
At 28 February 2023 32,500 29,150 45,469
NET BOOK VALUE
At 28 February 2023 180,000 7,816 17,031
At 28 February 2022 183,750 9,770 20,036

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 142,615 583 455,164
Additions 100,687 - 100,687
Disposals (33,691 ) - (33,691 )
At 28 February 2023 209,611 583 522,160
DEPRECIATION
At 1 March 2022 70,995 583 169,988
Charge for year 40,067 - 48,776
Eliminated on disposal (21,653 ) - (21,653 )
At 28 February 2023 89,409 583 197,111
NET BOOK VALUE
At 28 February 2023 120,202 - 325,049
At 28 February 2022 71,620 - 285,176

5. STOCKS
2023 2022
£    £   
Stocks 10,998,685 10,334,280

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 340,495 460,579
Amounts owed by associates 1,046,527 302,400
Other debtors 134,770 -
VAT 101,442 108,166
Prepayments 48,873 47,078
1,672,107 918,223

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 338,130 497,769
Amounts owed to associates 2,863,468 3,037,468
Tax 463,684 373,395
Social security and other taxes 19,968 -
Other creditors 302,604 190,823
Directors' current accounts 170,384 285,204
Accrued expenses 5,686 13,315
4,163,924 4,397,974

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 1,221,500 1,221,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,221,500 1,221,500

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr S C McCarthy
Balance outstanding at start of year (219,497 ) (147,668 )
Amounts advanced 276,677 112,415
Amounts repaid (190,967 ) (184,244 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (133,787 ) (219,497 )

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr D McCarthy
Balance outstanding at start of year (65,706 ) (66,787 )
Amounts advanced 173,815 26,512
Amounts repaid (144,706 ) (25,431 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,597 ) (65,706 )

Loans are unsecured, interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

Included within Creditors is the following balances:-

Group Mac

A partnership owned and controlled by the shareholders. As at the year end, the company was owed £306,840 (2022: £302,340). This is to be treated as a loan.

McCarthy (Contractors) SW Limited

A company in which the shareholders and directors have a material interest. As at the year end, the company owed £2,741,101 (2022: £2,915,101). The movement in year was repayment of the loan.

Included within other creditors, are amounts owed to shareholders £293,372 (2022: £173,904).

All loans are unsecured, interest free and repayable on demand.