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COMPANY REGISTRATION NUMBER: 2860349
McCoy Engineering (Hull) Limited
Filleted Unaudited Financial Statements
31 December 2023
McCoy Engineering (Hull) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
134,507
108,866
Current assets
Stocks
3,684
3,552
Debtors
7
205,464
52,397
Cash at bank and in hand
54,457
96,874
---------
---------
263,605
152,823
Creditors: amounts falling due within one year
8
211,070
108,742
---------
---------
Net current assets
52,535
44,081
---------
---------
Total assets less current liabilities
187,042
152,947
Creditors: amounts falling due after more than one year
9
51,920
84,201
Provisions
Taxation including deferred tax
25,556
19,376
---------
---------
Net assets
109,566
49,370
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
109,466
49,270
---------
--------
Shareholders funds
109,566
49,370
---------
--------
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 31 December 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 .
McCoy Engineering (Hull) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
David McCoy
Director
Company registration number: 2860349
McCoy Engineering (Hull) Limited
Notes to the Financial Statements
Year ended 31 December 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 371 Wincolmlee, Hull, East Yorkshire, HU2 0QQ.
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
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
-
25% reducing balance
Motor vehicles
-
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
8,356
Deferred tax:
Origination and reversal of timing differences
6,180
3,363
--------
-------
Tax on profit
14,536
3,363
--------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
217,787
77,398
295,185
Additions
2,418
46,699
49,117
Disposals
( 21,300)
( 21,300)
---------
---------
---------
At 31 December 2023
220,205
102,797
323,002
---------
---------
---------
Depreciation
At 1 January 2023
130,810
55,509
186,319
Charge for the year
11,329
12,147
23,476
Disposals
( 21,300)
( 21,300)
---------
---------
---------
At 31 December 2023
142,139
46,356
188,495
---------
---------
---------
Carrying amount
At 31 December 2023
78,066
56,441
134,507
---------
---------
---------
At 31 December 2022
86,977
21,889
108,866
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2023
----
At 31 December 2022
98,868
--------
7. Debtors
2023
2022
£
£
Trade debtors
186,884
50,667
Prepayments and accrued income
1,730
Other debtors
18,580
---------
--------
205,464
52,397
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,788
12,424
Trade creditors
94,168
62,020
Accruals and deferred income
51,650
1,650
Corporation tax
8,356
Social security and other taxes
4,420
4,881
Obligations under finance leases and hire purchase contracts
22,503
24,949
Director loan accounts
15,411
2,818
Other creditors
2,774
---------
---------
211,070
108,742
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,605
28,384
Obligations under finance leases and hire purchase contracts
33,315
55,817
--------
--------
51,920
84,201
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.