JOSEPH MCCARTHY (FINE FRAMES) LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03739566

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2025

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Abridged Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Officers and Professional Advisers

Director	Mr J. McCarthy

Company secretary	Mrs E. McCarthy

Registered office	111a George Lane
	London
	E18 1AN

Accountants	OMG CONSULTING LTD
	Chartered Certified Accountants
	111a, George Lane
	London
	E18 1AN

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED for the year ended 31 March 2025, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of JOSEPH MCCARTHY (FINE FRAMES) LIMITED in accordance with the terms of our engagement letter dated 1 March 2000. Our work has been undertaken solely to prepare for your approval the abridged financial statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JOSEPH MCCARTHY (FINE FRAMES) LIMITED and its director for our work or for this report.

It is your duty to ensure that JOSEPH MCCARTHY (FINE FRAMES) LIMITED has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JOSEPH MCCARTHY (FINE FRAMES) LIMITED. You consider that JOSEPH MCCARTHY (FINE FRAMES) LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of JOSEPH MCCARTHY (FINE FRAMES) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

OMG CONSULTING LTD Chartered Certified Accountants

111a, George Lane London E18 1AN

8 October 2025

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Abridged Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	7		14,015	8,438

Current assets

Stocks	8	76,085	78,900
Debtors		5,859	24,115
Cash at bank and in hand		78,774	80,457
		---------	---------
		160,718	183,472

Creditors: amounts falling due within one year	28,275		48,649
	---------		---------
Net current assets		132,443	134,823
		---------	---------
Total assets less current liabilities		146,458	143,261

Creditors: amounts falling due after more than one year		12,237	22,439

Provisions

Taxation including deferred tax	1,430	1,430
	---------	---------
Net assets	132,791	119,392
	---------	---------

Capital and reserves

Called up share capital	10	1,000	1,000
Profit and loss account		131,791	118,392
		---------	---------
Shareholders funds		132,791	119,392
		---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Abridged Statement of Financial Position (continued)

31 March 2025

These abridged financial statements were approved by the board of directors and authorised for issue on 8 October 2025 , and are signed on behalf of the board by:

Mr J. McCarthy
Director

Company registration number: 03739566

JOSEPH MCCARTHY (FINE FRAMES) LIMITED

Notes to the Abridged Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111a George Lane, London, E18 1AN.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Grants

Grants made to reimburse costs previously incurred are recognised in the profit and loss account in the period in which they become receivable.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

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.

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:

Fixtures, Fittings & Equipment	-	15% reducing balance
Motor Vehicles	-	20% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 abridged 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.

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 5 (2024: 7 ).

5. Tax on profit

During the year tax on the profit for the year at 19% : £1,990 (2024- 19% :7,029)

6. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	1,000	2,000
	-------	-------

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2024	96,404	9,000	105,404
Additions	–	8,050	8,050
	--------	--------	---------
At 31 March 2025	96,404	17,050	113,454
	--------	--------	---------
Depreciation
At 1 April 2024	88,309	8,657	96,966
Charge for the year	1,214	1,259	2,473
	--------	--------	---------
At 31 March 2025	89,523	9,916	99,439
	--------	--------	---------
Carrying amount
At 31 March 2025	6,881	7,134	14,015
	--------	--------	---------
At 31 March 2024	8,095	343	8,438
	--------	--------	---------

8. Stocks

	2025	2024
	£	£
Raw materials and consumables	76,085	78,900
	--------	--------

9. Deferred tax

The deferred tax included in the abridged statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	1,430	1,430
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	1,430	1,430
	-------	-------

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

11. Related party transactions

At the year end, the director was owed an amount of £5,534 by the company (2024: £19,053)

12. Controlling party

The controlling party was the managing director Mr J. McCarthy throughout the current and previous year.