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COMPANY REGISTRATION NUMBER: 6754242
McCarty & Smith Ltd
Filleted Unaudited Financial Statements
30 November 2023
McCarty & Smith Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,061
1,326
Current assets
Stocks
13,356
13,255
Debtors
6
196,481
180,846
Cash at bank and in hand
1,098
12,338
---------
---------
210,935
206,439
Creditors: amounts falling due within one year
7
177,554
156,144
---------
---------
Net current assets
33,381
50,295
--------
--------
Total assets less current liabilities
34,442
51,621
Creditors: amounts falling due after more than one year
8
20,715
26,310
--------
--------
Net assets
13,727
25,311
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
13,627
25,211
--------
--------
Shareholders funds
13,727
25,311
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
McCarty & Smith Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr A Smith
Mr A McCarty
Director
Director
Company registration number: 6754242
McCarty & Smith Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ridgewell & Boreham Accountants, 24a Crown Street, Brentwood, CM14 4BA, Essex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 December 2022 and 30 November 2023
6,414
1,818
2,051
10,283
-------
-------
-------
--------
Depreciation
At 1 December 2022
5,776
1,617
1,564
8,957
Charge for the year
128
40
97
265
-------
-------
-------
--------
At 30 November 2023
5,904
1,657
1,661
9,222
-------
-------
-------
--------
Carrying amount
At 30 November 2023
510
161
390
1,061
-------
-------
-------
--------
At 30 November 2022
638
201
487
1,326
-------
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
140,586
139,092
Other debtors
55,895
41,754
---------
---------
196,481
180,846
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,214
11,040
Trade creditors
44,122
7,556
Corporation tax
63,807
78,147
Social security and other taxes
35,172
58,341
Other creditors
5,239
1,060
---------
---------
177,554
156,144
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,715
26,310
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Smith
16,136
14,140
30,276
Mr A McCarty
( 1,060)
( 3,988)
( 5,048)
--------
--------
--------
15,076
10,152
25,228
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Smith
23,470
( 7,334)
16,136
Mr A McCarty
( 2,452)
1,392
( 1,060)
--------
-------
--------
21,018
( 5,942)
15,076
--------
-------
--------
10. Related party transactions
The company was under the joint control of Mr Smith and Mr McCarty throughout the current and previous year. Both are managing directors and joint shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.