REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2023 to 31 May 2024 |
for |
WT MCCORMICK HOLDINGS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2023 to 31 May 2024 |
for |
WT MCCORMICK HOLDINGS LTD |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Contents of the Financial Statements |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WT MCCORMICK HOLDINGS LTD |
Company Information |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Balance Sheet |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Balance Sheet - continued |
31 MAY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Notes to the Financial Statements |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MAY 2024 |
1. | COMPANY INFORMATION |
WT McCormick Holdings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company is dependent on funds borrowed from certain related parties who have indicated their willingness to continue their financial support for the foreseeable future. As such these financial statements have been prepared on a going concern basis |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for period |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 July 2023 |
The directors consider that the acquisition cost of the Investment Property additions reasonably reflect market value at the balance sheet date. |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2023 | 800,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
WT MCCORMICK HOLDINGS LTD (REGISTERED NUMBER: 12759647) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 1 AUGUST 2023 TO 31 MAY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Other creditors |
Directors' loan accounts | 27,614 | 26,030 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 248,566 | 248,546 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
There is a fixed and floating charge with Paratus AMC Limited dated 9 February 2021 over the property and undertakings of the company. |
10. | RELATED PARTY DISCLOSURES |
Included within other creditors are amounts due to a limited company which fall under common control. The amount outstanding at the balance sheet date was £544,000 which is repayable on demand. The loan is interest free. |