McCarthys Removals & Storage Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10081108

McCarthys Removals & Storage Limited

Filleted Unaudited Financial Statements

31 December 2024

McCarthys Removals & Storage Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		52,854	86,343

Current assets

Debtors	6	115,893	186,275
Cash at bank and in hand		235,890	84,481
		---------	---------
		351,783	270,756

Creditors: amounts falling due within one year	7	336,687		336,581
		---------		---------
Net current assets/(liabilities)			15,096	( 65,825)
			--------	--------
Total assets less current liabilities			67,950	20,518

Creditors: amounts falling due after more than one year	8		558	1,675

Provisions

Taxation including deferred tax	10,107	17,673
	--------	--------
Net assets	57,285	1,170
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	57,185	1,070
	--------	-------
Shareholders funds	57,285	1,170
	--------	-------

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 income statement has not been delivered.

For the year ending 31 December 2024 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 .

McCarthys Removals & Storage Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:

Mr M J McCarthy

Director

Company registration number: 10081108

McCarthys Removals & Storage Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McCarthys of Leeds, Education Road, Leeds, West Yorkshire, LS7 2AL.

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.

Employee ownership trust

M.J. McCarthy Employee Ownership Trust has been established with the object of ensuring that shares in the company are held for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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 & Machinery	-	10% straight line
Fixtures, fittings and equipment	-	33% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).

During the year the company incurred payroll expenses totalling £15,452 (2023: £16,124) on behalf of the M.J. McCarthy Employee Ownership Trust.

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	8,221	23,850	370,420	402,491
Additions	–	–	2,468	2,468
Disposals	–	( 581)	–	( 581)
	-------	--------	---------	---------
At 31 December 2024	8,221	23,269	372,888	404,378
	-------	--------	---------	---------
Depreciation
At 1 January 2024	1,495	17,468	297,185	316,148
Charge for the year	816	2,991	32,150	35,957
Disposals	–	( 581)	–	( 581)
	-------	--------	---------	---------
At 31 December 2024	2,311	19,878	329,335	351,524
	-------	--------	---------	---------
Carrying amount
At 31 December 2024	5,910	3,391	43,553	52,854
	-------	--------	---------	---------
At 31 December 2023	6,726	6,382	73,235	86,343
	-------	--------	---------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	13,631	9,914
Amounts owed by group undertakings and undertakings in which the company has a participating interest	14,072	91,568
Other debtors	88,190	84,793
	---------	---------
	115,893	186,275
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	38,323	90,761
Amounts owed to group undertakings and undertakings in which the company has a participating interest	100	7,663
Corporation tax	76,395	29,285
Social security and other taxes	79,371	72,229
Other creditors	142,498	136,643
	---------	---------
	336,687	336,581
	---------	---------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	558	1,675
	----	-------

During 2023 a grant of £3,350 was awarded by UMi in respect of funding for the LED warehouse lighting. This is being released to income in line with the depreciation of the new lighting and at the year end £1,675 remains to be released and is included within other creditors. Of this £1,117 will be released within 1 year and the remainder, £558 will be released in the following year.

9. Directors' advances, credits and guarantees

The directors had no advances or credits in the year. There were no guarantees.

10. Related party transactions

The company made a gift of £150,000 (2023 - £240,000) to the M.J. McCarthy Employee Ownership Trust. Future gifts will be made at the discretion of the company Directors based on available cashflows and the performance of the business.

11. Controlling party

The company is controlled by M.J. McCarthy Limited who is under the control of the trustees of the M.J. McCarthy Ownership Trust.