REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st May 2024 |
for |
McCaffery Financial Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st May 2024 |
for |
McCaffery Financial Limited |
McCaffery Financial Limited (Registered number: 09062555) |
Contents of the Financial Statements |
For The Year Ended 31st May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
McCaffery Financial Limited |
Company Information |
For The Year Ended 31st May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
McCaffery Financial Limited (Registered number: 09062555) |
Balance Sheet |
31st May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
McCaffery Financial Limited (Registered number: 09062555) |
Notes to the Financial Statements |
For The Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
McCaffery Financial Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the presentation currency of the company and are rounded to the nearest £. |
Turnover |
Turnover represents participation fees due to the company. No value added tax is due on the participation fees. Where participation fees are due to the company but there are specific risks that could result in the participation fees due not being received by the company then the full value of the participation fees contractually due are recognised in turnover and a specific provision is recognised in the profit and loss account as a cost item. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write-off each asset over its estimated useful life: |
Computer equipment - 25% straight-line. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
On 24th December 2014 the company made an election to change its functional currency for tax purposes to US Dollars. Therefore, the company has excluded any US Dollar gains and losses from the profits chargeable to corporation tax from 24th December 2014 |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Listed investments |
Listed Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
McCaffery Financial Limited (Registered number: 09062555) |
Notes to the Financial Statements - continued |
For The Year Ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans, participations and borrowings |
Loans, participations and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
At 31st May 2024 |
DEPRECIATION |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
31.5.24 | 31.5.23 |
£ | £ |
Listed investments | 2,188,701 | 1,928,712 |
Note receivable Crown Financial | 602,963 | 765,973 |
McCaffery Financial Limited (Registered number: 09062555) |
Notes to the Financial Statements - continued |
For The Year Ended 31st May 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other loans |
Loan from S.McCaffery |
Other creditors |
Corporation Tax |
Directors' current accounts |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Redeemable Ordinary shares | £1 | 949,007 | 949,007 |
950,007 | 950,007 |
The Redeemable Ordinary Shares have no rights to voting and dividend, the shares have full and equal rights to capital distribution,and may be redeemed at par at the option of the company. |