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Company Registration No. 02339960 (England and Wales)
McCarthy Taylor Systems Limited Unaudited accounts for the year ended 31 July 2023
McCarthy Taylor Systems Limited Unaudited accounts Contents
Page
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McCarthy Taylor Systems Limited Company Information for the year ended 31 July 2023
Directors
Bryan Taylor Lye Taylor
Secretary
Lye Taylor
Company Number
02339960 (England and Wales)
Registered Office
AERIAL VIEW ACORN HOUSE SHAB HILL BIRDLIP GLOS GL4 8JX
Accountants
MAB Accountancy Hub Ltd 82 Station Road Bishops Cleeve Cheltenham Gloucestershire GL52 8HJ
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McCarthy Taylor Systems Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,429 
15,749 
Current assets
Debtors
190,384 
168,377 
Cash at bank and in hand
1,143,262 
817,551 
1,333,646 
985,928 
Creditors: amounts falling due within one year
(415,397)
(361,977)
Net current assets
918,249 
623,951 
Total assets less current liabilities
928,678 
639,700 
Provisions for liabilities
Deferred tax
(2,608)
(2,992)
Net assets
926,070 
636,708 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
925,070 
635,708 
Shareholders' funds
926,070 
636,708 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by
Bryan Taylor Director Company Registration No. 02339960
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McCarthy Taylor Systems Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
McCarthy Taylor Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 02339960. The registered office is AERIAL VIEW ACORN HOUSE, SHAB HILL, BIRDLIP, GLOS, GL4 8JX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10 Years
Computer equipment
3 Years
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill has been fully amortised over its estimated useful life of 5 years. Patents and Licences have been fully amortised over their estimated useful life of 5 years.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Revenue from the sale of software licences is recognised when the licenses are assigned to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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McCarthy Taylor Systems Limited Notes to the Accounts for the year ended 31 July 2023
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
Other 
Total 
£ 
£ 
£ 
Cost
At 1 August 2022
25,000 
1,875,000 
1,900,000 
At 31 July 2023
25,000 
1,875,000 
1,900,000 
Amortisation
At 1 August 2022
25,000 
1,875,000 
1,900,000 
At 31 July 2023
25,000 
1,875,000 
1,900,000 
Net book value
At 31 July 2023
- 
- 
- 
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
97,139 
24,405 
121,544 
Additions
126 
- 
126 
At 31 July 2023
97,265 
24,405 
121,670 
Depreciation
At 1 August 2022
86,799 
18,996 
105,795 
Charge for the year
4,905 
541 
5,446 
At 31 July 2023
91,704 
19,537 
111,241 
Net book value
At 31 July 2023
5,561 
4,868 
10,429 
At 31 July 2022
10,340 
5,409 
15,749 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
175,465 
149,664 
Accrued income and prepayments
14,919 
14,214 
Other debtors
- 
4,499 
190,384 
168,377 
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McCarthy Taylor Systems Limited Notes to the Accounts for the year ended 31 July 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
88,078 
88,866 
Trade creditors
9,660 
11,616 
Taxes and social security
104,105 
42,259 
Other creditors
4,599 
5,321 
Loans from directors
1,248 
1,248 
Accruals
207,707 
212,667 
415,397 
361,977 
8
Pension commitments
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The balance outstanding at the year end in respect of defined contribution schemes was £5,000 (2022 £19,000).
9
Transactions with related parties
The company pays rent to a pension scheme in which the which the directors S McCarthy and B Taylor are Trustees. During the year the pension charged the company rent of £28,288 (2022 £26,250). The Directors each received dividends during the year amounting to £70,000 (2022 £140,000).
10
Average number of employees
During the year the average number of employees was 13 (2022: 14).
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