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MICHAEL BENEDICT MCCABE LIMITED

Registered Number
07780180
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

MICHAEL BENEDICT MCCABE LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

MCCABE, Michael Benedict

Registered Address

Palmeira Avenue Mansions
19 Church Road
Hove
BN3 2FA

Registered Number

07780180 (England and Wales)
MICHAEL BENEDICT MCCABE LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets360,41066,889
60,41066,889
Current assets
Debtors16,849672
Cash at bank and on hand116,60360,357
133,45261,029
Creditors amounts falling due within one year4(150,485)(97,885)
Net current assets (liabilities)(17,033)(36,856)
Total assets less current liabilities43,37730,033
Creditors amounts falling due after one year5(4,706)(9,298)
Provisions for liabilities6(6,756)(6,365)
Net assets31,91514,370
Capital and reserves
Called up share capital11
Profit and loss account31,91414,369
Shareholders' funds31,91514,370
The financial statements were approved and authorised for issue by the Director on 15 November 2024, and are signed on its behalf by:
MCCABE, Michael Benedict
Director
Registered Company No. 07780180
MICHAEL BENEDICT MCCABE LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 June 2333,38717,40275,30825,176151,273
Additions--3721,7422,114
At 31 May 2433,38717,40275,68026,918153,387
Depreciation and impairment
At 01 June 23-15,73354,80913,84284,384
Charge for year-4175,1792,9978,593
At 31 May 24-16,15059,98816,83992,977
Net book value
At 31 May 2433,3871,25215,69210,07960,410
At 31 May 2333,3871,66920,49911,33466,889
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables73,7665,196
Bank borrowings and overdrafts5,1725,520
Taxation and social security43,00616,931
Other creditors28,54170,238
Total150,48597,885
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.
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,7069,298
Total4,7069,298
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)6,7566,365
Total6,7566,365
7.Related party transactions
The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.