Cormac Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI702826

Cormac Ltd

Filleted Unaudited Financial Statements

31 December 2024

Cormac Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	52,500	–
Tangible assets	6	750,353	–
		---------	----
		802,853	–

Current assets

Debtors	7	2,221	10
Cash at bank and in hand		225,654	–
		---------	----
		227,875	10

Creditors: amounts falling due within one year	8	474,121	–
		---------	----
Net current (liabilities)/assets		( 246,246)	10
		---------	----
Total assets less current liabilities		556,607	10

Creditors: amounts falling due after more than one year	9	394,583	–
		---------	----
Net assets		162,024	10
		---------	----

Capital and reserves

Called up share capital	10	10	10
Profit and loss account		162,014	–
		---------	----
Shareholders funds		162,024	10
		---------	----

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 statement of comprehensive income 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 .

Cormac Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:

A Greene

Director

Company registration number: NI702826

Cormac Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 60 Princess Gardens, Holywood, BT18 0PW.

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.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2023: Nil).

5. Intangible assets

	Goodwill	Liquor Licence	Total
	£	£	£
Cost
Additions	40,000	12,500	52,500
	--------	--------	--------
At 31 December 2024	40,000	12,500	52,500
	--------	--------	--------
Amortisation
At 1 January 2024 and 31 December 2024	–	–	–
	--------	--------	--------
Carrying amount
At 31 December 2024	40,000	12,500	52,500
	--------	--------	--------
At 31 December 2023	–	–	–
	--------	--------	--------

6. Tangible assets

	Buildings	Fixtures, Fittings & Equipment	Total
	£	£	£
Cost
At 1 January 2024	–	–	–
Additions	400,000	350,353	750,353
	---------	---------	---------
At 31 December 2024	400,000	350,353	750,353
	---------	---------	---------
Depreciation
At 1 January 2024 and 31 December 2024	–	–	–
	---------	---------	---------
Carrying amount
At 31 December 2024	400,000	350,353	750,353
	---------	---------	---------
At 31 December 2023	–	–	–
	---------	---------	---------

7. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,221	–
Other debtors	–	10
	-------	----
	2,221	10
	-------	----

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	42,315	–
Trade creditors	61,576	–
Social security and other taxes	53,532	–
Other creditors	316,698	–
	---------	----
	474,121	–
	---------	----

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

	2024	2023
	£	£
Bank loans and overdrafts	108,472	–
Deferred Consideration > 1 year	286,111	–
	---------	----
	394,583	–
	---------	----

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

11. Controlling party

The company is under the control of A Greene and B McCormick, who are the directors and shareholders in the company.