Registered number
13200304
M&M MCGRATH LTD
Filleted Accounts
29 February 2024
M&M MCGRATH LTD
Registered number: 13200304
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 115,273 115,644
Current assets
Cash at bank and in hand 11,987 11,280
Creditors: amounts falling due within one year 4 (124,418) (126,913)
Net current liabilities (112,431) (115,633)
Net assets 2,842 11
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,840 9
Shareholders' funds 2,842 11
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael McGrath
Director
Approved by the board on 25 August 2024
M&M MCGRATH LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Property is not being depreciated
Plant and machinery 25% reducing balance
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 114,159 2,640 116,799
At 29 February 2024 114,159 2,640 116,799
Depreciation
At 1 March 2023 - 1,155 1,155
Charge for the year - 371 371
At 29 February 2024 - 1,526 1,526
Net book value
At 29 February 2024 114,159 1,114 115,273
At 28 February 2023 114,159 1,485 115,644
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 405 -
Director's account 122,813 126,031
Other creditors 1,200 882
124,418 126,913
5 Other information
M&M MCGRATH LTD is a private company limited by shares and incorporated in England. Its registered office is:
148 Broad Lane
Coventry
CV5 7AN
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