McCormick Architecture Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05317902 (England and Wales)

McCormick Architecture Limited

Unaudited Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P McCormick

S M McCormick

SECRETARY:

P McCormick

REGISTERED OFFICE:

The Moorings

Rowton Bridge Road

Christleton

Chester

Cheshire

CH3 7AE

REGISTERED NUMBER:

05317902 (England and Wales)

ACCOUNTANTS:

Henry R. Davis & Co. Limited

Chartered Accountants

33 Chester Road West

Queensferry

Deeside

Flintshire

CH5 1SA

FIXED ASSETS

Intangible assets

4

312,500

375,000

Tangible assets

5

2,613

6,380

315,113

381,380

CURRENT ASSETS

Stocks

1,193

1,443

Debtors

6

153,828

140,846

Cash at bank and in hand

72,168

83,766

227,189

226,055

CREDITORS

Amounts falling due within one year

7

524,993

547,750

NET CURRENT LIABILITIES

(297,804

)

(321,695

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,309

59,685

PROVISIONS FOR LIABILITIES

360

1,065

NET ASSETS

16,949

58,620

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

16,849

58,520

SHAREHOLDERS' FUNDS

16,949

58,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2020 and were signed on its behalf by:

P McCormick - Director

1.	STATUTORY INFORMATION

McCormick Architecture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

1,250,000

AMORTISATION

At 1 April 2019

875,000

Charge for year

62,500

At 31 March 2020

937,500

NET BOOK VALUE

At 31 March 2020

312,500

At 31 March 2019

375,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

770

122,025

122,795

DEPRECIATION

At 1 April 2019

-

116,415

116,415

Charge for year

-

3,767

3,767

At 31 March 2020

-

120,182

120,182

NET BOOK VALUE

At 31 March 2020

770

1,843

2,613

At 31 March 2019

770

5,610

6,380

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

129,133

74,097

Other debtors

24,695

66,749

153,828

140,846

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

15,932

25,778

Taxation and social security

33,909

31,804

Other creditors

475,152

490,168

524,993

547,750

8.	RELATED PARTY DISCLOSURES