McCormack Benson Health & Safety Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

McCormack Benson Health & Safety Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04571646 . The registered office is Unit 1, Hedley Avenue, Grays, Essex, RM20 4EL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

These financial statements have been prepared on a going concern basis. As at 31 March 2025, the Company’s net liabilities amounted to £24,573.

In arriving at their conclusion, the directors have reviewed budgets and cash-flow forecasts covering a period of not less than twelve months from the date of approval of these financial statements.

2.3. Turnover

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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% on cost
Fixtures & Fittings	33% on cost and 25% reducing balance

2.6. Financial Instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

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McCormack Benson Health & Safety Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2023: 11)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	107,805

As at 31 December 2024	107,805

Amortisation
As at 1 January 2024	107,805

As at 31 December 2024	107,805

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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McCormack Benson Health & Safety Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	101,087

As at 31 December 2024	101,087

Depreciation
As at 1 January 2024	83,146
Provided during the period	4,485

As at 31 December 2024	87,631

Net Book Value
As at 31 December 2024	13,456

As at 1 January 2024	17,941

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	59,902	64,126
Other debtors	10,326	12,163

	70,228	76,289

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,202	11,281
Bank loans and overdrafts	21,400	10,000
Other creditors	28,514	109,335
Taxation and social security	43,943	46,379

	95,059	176,995

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	59,920	15,000

9. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,126 Ordinary Shares of £ 1.00 each	1,126	1,126

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McCormack Benson Health & Safety Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr James Benson	9,506	-	-	-	9,506

The above loan is unsecured, interest free and repayable on demand.

11. Related Party Transactions

Included in other creditors due within one year is an amount of £20,000 (2023 - £100,000) due from McCormack Investments Limited, a company in which one of the directors has a material interest.

Included in creditors due within one year is a balance of £947 (2023 - debtor - £500) due to a shareholder of the business.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		13,456		17,941

			13,456		17,941
CURRENT ASSETS
Debtors	6	70,228		76,289
Cash at bank and in hand		47,848		109,740

		118,076		186,029
Creditors: Amounts Falling Due Within One Year	7	(95,059 )		(176,995 )

NET CURRENT ASSETS (LIABILITIES)			23,017		9,034

TOTAL ASSETS LESS CURRENT LIABILITIES			36,473		26,975

Creditors: Amounts Falling Due After More Than One Year	8		(59,920 )		(15,000 )

NET (LIABILITIES)/ASSETS			(23,447 )		11,975

CAPITAL AND RESERVES
Called up share capital	9		1,126		1,126
Profit and Loss Account			(24,573 )		10,849

SHAREHOLDERS' FUNDS			(23,447)		11,975