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REGISTERED NUMBER: 07891185 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr S C McCarthy
Mr D McCarthy



REGISTERED OFFICE: The Rockery
St James Road
Torquay
Devon
TQ1 4FT



REGISTERED NUMBER: 07891185 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank
8 Royal Parade
Plymouth
Devon
PL1 1HB

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 287,130 325,049

CURRENT ASSETS
Stocks 5 8,560,652 10,998,685
Debtors 6 5,950,521 1,672,107
Cash at bank - 593,427
14,511,173 13,264,219
CREDITORS
Amounts falling due within one year 7 14,183,762 4,163,924
NET CURRENT ASSETS 327,411 9,100,295
TOTAL ASSETS LESS CURRENT LIABILITIES 614,541 9,425,344

CREDITORS
Amounts falling due after more than one
year

8

-

(1,221,500

)

PROVISIONS FOR LIABILITIES (27,720 ) (61,759 )
NET ASSETS 586,821 8,142,085

CAPITAL AND RESERVES
Called up share capital 115 115
Retained earnings 586,706 8,141,970
SHAREHOLDERS' FUNDS 586,821 8,142,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr S C McCarthy - Director


MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Mccarthy Contracting & Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023
and 29 February 2024 212,500 36,966 62,500
DEPRECIATION
At 1 March 2023 32,500 29,150 45,469
Charge for year 3,750 1,563 2,555
At 29 February 2024 36,250 30,713 48,024
NET BOOK VALUE
At 29 February 2024 176,250 6,253 14,476
At 28 February 2023 180,000 7,816 17,031

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 209,611 583 522,160
DEPRECIATION
At 1 March 2023 89,409 583 197,111
Charge for year 30,051 - 37,919
At 29 February 2024 119,460 583 235,030
NET BOOK VALUE
At 29 February 2024 90,151 - 287,130
At 28 February 2023 120,202 - 325,049

5. STOCKS
2024 2023
£    £   
Stocks 8,560,652 10,998,685

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 221,282 340,495
Amounts owed by associates 5,434,614 1,046,527
Other debtors 133,454 134,770
VAT 133,007 101,442
Prepayments 28,164 48,873
5,950,521 1,672,107

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,003 -
Trade creditors 392,979 338,130
Amounts owed to associates 13,574,842 2,863,468
Tax 148,974 463,684
Social security and other taxes 8,185 19,968
Other creditors 8,972 302,604
Directors' current accounts - 170,384
Accrued expenses 27,807 5,686
14,183,762 4,163,924

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans more 5 yr by instal - 1,221,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,221,500

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr S C McCarthy
Balance outstanding at start of year (133,787 ) (219,497 )
Amounts advanced 161,030 276,677
Amounts repaid (27,243 ) (190,967 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (133,787 )

Mr D McCarthy
Balance outstanding at start of year (36,597 ) (65,706 )
Amounts advanced 193,188 173,815
Amounts repaid (156,591 ) (144,706 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (36,597 )

Loans are unsecured, interest free and repayable on demand.

MCCARTHY CONTRACTING & DEVELOPMENT
LIMITED (REGISTERED NUMBER: 07891185)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. RELATED PARTY DISCLOSURES

Included within Creditors is the following balances:-

Group Mac
A partnership owned and controlled by the shareholders. As at the year end, the company owed £2,041,110 (2023: £306,840). This is to be treated as a loan.

McCarthy (Contractors) SW Limited
A company in which the directors have a material interest. As at the year end, the company owed £2,795,101 (2023: £2,741,101). The movement in year was repayment of the loan.

McCarthy Holdings SW Ltd
A company in which the directors have a material interest. As at the year end, the company owed £8,616,264 (2023: £NIL). The movement in year was repayment of the loan.

Included within other creditors, are amounts owed to shareholders nil (2023: £293,372).

Included within Debtors is the following balances:

McCarthy External Systems Ltd
A company under common control. At the year end, the company was owed £19,682 (2023: £9,682)

McCarthy Homes Torbay Ltd
A company under common control. At the year end, the company was owed £4,698,398 (2023: £437,220)

McCarthy Homes SW Ltd
A company under common control. At the year end, the company was owed £716,534 (2023: £291,158)

All loans are unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

McCarthy Contracting & Development Ltd is a 100% subsidiary of McCarthy Holdings SW Ltd. The parent company registered office address is, The Rockery, St James Road, Torquay, Devon, TQ1 4FT.