DavidMcK Ltd 03487812 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is management consultancy services and holding of investments. Digita Accounts Production Advanced 6.30.9574.0 true 03487812 2022-10-01 2023-09-30 03487812 2023-09-30 03487812 bus:OrdinaryShareClass1 2023-09-30 03487812 bus:Revised 2023-09-30 03487812 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-09-30 03487812 core:CurrentFinancialInstruments 2023-09-30 03487812 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 03487812 core:FurnitureFittingsToolsEquipment 2023-09-30 03487812 bus:SmallEntities 2022-10-01 2023-09-30 03487812 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 03487812 bus:FullAccounts 2022-10-01 2023-09-30 03487812 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 03487812 bus:RegisteredOffice 2022-10-01 2023-09-30 03487812 bus:Director1 2022-10-01 2023-09-30 03487812 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 03487812 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 03487812 core:OfficeEquipment 2022-10-01 2023-09-30 03487812 countries:England 2022-10-01 2023-09-30 03487812 2022-09-30 03487812 core:FurnitureFittingsToolsEquipment 2022-09-30 03487812 2021-10-01 2022-09-30 03487812 2022-09-30 03487812 bus:OrdinaryShareClass1 2022-09-30 03487812 core:CurrentFinancialInstruments 2022-09-30 03487812 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03487812

DavidMcK Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

DavidMcK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

DavidMcK Ltd

Company Information

Director

Mr David McKeown

Registered office

2 Brandon Cottages
Brandon Steep
Bristol
BS1 5XL

Accountants

AWG Accountants Ltd
Chartered Accountant
Kemp House
City Road
London
EC1V 2NX

 

DavidMcK Ltd

(Registration number: 03487812)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

5

189,659

180,228

Current assets

 

Debtors

6

32,860

2,396

Cash at bank and in hand

 

2,070

88,691

 

34,930

91,087

Creditors: Amounts falling due within one year

7

(1,598)

(1,730)

Net current assets

 

33,332

89,357

Net assets

 

222,991

269,585

Capital and reserves

 

Called up share capital

8

904

904

Other reserves

14,508

6,738

Retained earnings

207,579

261,943

Shareholders' funds

 

222,991

269,585

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 February 2024
 

.........................................
Mr David McKeown
Director

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Brandon Cottages
Brandon Steep
Bristol
BS1 5XL

These financial statements were authorised for issue by the director on 26 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because is excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

50% straight line

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
 Recognition and measurement
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.



 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

1,191

1,191

At 30 September 2023

1,191

1,191

Depreciation

At 1 October 2022

1,191

1,191

At 30 September 2023

1,191

1,191

Carrying amount

At 30 September 2023

-

-

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2022

180,228

180,228

Fair value adjustments

9,431

9,431

At 30 September 2023

189,659

189,659

Impairment

Carrying amount

At 30 September 2023

189,659

189,659

6

Debtors

Current

2023
£

2022
£

Other debtors

32,860

2,396

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2

2

Taxation and social security

530

-

Accruals and deferred income

1,000

1,000

Other creditors

66

728

1,598

1,730

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares Class 1 of £2 each

2

4

2

4

         

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £19,600.00) per ordinary share

 

45,000

 

84,200

Interim dividend of £22,500.00 (2022 - £22,500.00) per ordinary share

 

-

 

-

   

45,000

 

84,200

         

10

Related party transactions

 

DavidMcK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£