MC and SH Cawley Ltd Filleted accounts for Companies House (small and micro)

M C & S H CAWLEY LIMITED - Company Information

54 false false false false false false false false false true false false false false false false No description of principal activity 2019-08-01 Sage Accounts Production Advanced 2020 - FRS102_2019 164,043 109,312 5,473 114,785 49,258 54,731 xbrli:pure xbrli:shares iso4217:GBP 05602872 2019-08-01 2020-07-31 05602872 2020-07-31 05602872 2019-07-31 05602872 2018-08-01 2019-07-31 05602872 2019-07-31 05602872 core:NetGoodwill 2019-08-01 2020-07-31 05602872 core:PlantMachinery 2019-08-01 2020-07-31 05602872 core:FurnitureFittings 2019-08-01 2020-07-31 05602872 bus:Director1 2019-08-01 2020-07-31 05602872 bus:Director2 2019-08-01 2020-07-31 05602872 core:NetGoodwill 2019-07-31 05602872 core:NetGoodwill 2020-07-31 05602872 core:PlantMachinery 2019-07-31 05602872 core:FurnitureFittings 2019-07-31 05602872 core:PlantMachinery 2020-07-31 05602872 core:FurnitureFittings 2020-07-31 05602872 core:WithinOneYear 2020-07-31 05602872 core:WithinOneYear 2019-07-31 05602872 core:ShareCapital 2020-07-31 05602872 core:ShareCapital 2019-07-31 05602872 core:RetainedEarningsAccumulatedLosses 2020-07-31 05602872 core:RetainedEarningsAccumulatedLosses 2019-07-31 05602872 core:NetGoodwill 2019-07-31 05602872 core:AcceleratedTaxDepreciationDeferredTax 2020-07-31 05602872 core:AcceleratedTaxDepreciationDeferredTax 2019-07-31 05602872 core:PlantMachinery 2019-07-31 05602872 core:FurnitureFittings 2019-07-31 05602872 bus:Director1 2019-07-31 05602872 bus:Director1 2020-07-31 05602872 bus:Director1 2018-07-31 05602872 bus:Director1 2019-07-31 05602872 bus:Director1 2018-08-01 2019-07-31 05602872 bus:SmallEntities 2019-08-01 2020-07-31 05602872 bus:AuditExemptWithAccountantsReport 2019-08-01 2020-07-31 05602872 bus:FullAccounts 2019-08-01 2020-07-31 05602872 bus:SmallCompaniesRegimeForAccounts 2019-08-01 2020-07-31 05602872 bus:PrivateLimitedCompanyLtd 2019-08-01 2020-07-31 05602872 core:OfficeEquipment 2019-08-01 2020-07-31 05602872 core:OfficeEquipment 2019-07-31 05602872 core:OfficeEquipment 2020-07-31

COMPANY REGISTRATION NUMBER: 05602872

MC and SH Cawley Ltd

Filleted Unaudited Financial Statements

For the year ended

31 July 2020

MC and SH Cawley Ltd

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	49,258	54,731
Tangible assets	6	24,508	28,974
		--------	--------
		73,766	83,705

Current assets

Debtors	7	131,327	132,891
Cash at bank and in hand		129,945	192,204
		---------	---------
		261,272	325,095

Creditors: amounts falling due within one year	8	51,020		79,549
		---------		---------
Net current assets			210,252	245,546
			---------	---------
Total assets less current liabilities			284,018	329,251

Provisions

Taxation including deferred tax	4,714	5,505
	---------	---------
Net assets	279,304	323,746
	---------	---------

MC and SH Cawley Ltd

Statement of Financial Position (continued)

31 July 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	279,204	323,646
	---------	---------
Shareholders funds	279,304	323,746
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 July 2020 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 .

These financial statements were approved by the board of directors and authorised for issue on 1 February 2021 , and are signed on behalf of the board by:

Mr M C Cawley	Mrs S H Cawley
Director	Director

Company registration number: 05602872

MC and SH Cawley Ltd

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37 New Road, Chippenham, Wiltshire, SN15 1HP.

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.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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	-	25% reducing balance
Fixtures & Fittings	-	15% reducing balance
Office Equipment	-	25% 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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 54 (2019: 47 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2019 and 31 July 2020	164,043
	---------
Amortisation
At 1 August 2019	109,312
Charge for the year	5,473
	---------
At 31 July 2020	114,785
	---------
Carrying amount
At 31 July 2020	49,258
	---------
At 31 July 2019	54,731
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 August 2019	13,203	41,002	9,948	64,153
Additions	–	258	–	258
	--------	--------	-------	--------
At 31 July 2020	13,203	41,260	9,948	64,411
	--------	--------	-------	--------
Depreciation
At 1 August 2019	12,649	14,955	7,575	35,179
Charge for the year	139	3,991	594	4,724
	--------	--------	-------	--------
At 31 July 2020	12,788	18,946	8,169	39,903
	--------	--------	-------	--------
Carrying amount
At 31 July 2020	415	22,314	1,779	24,508
	--------	--------	-------	--------
At 31 July 2019	554	26,047	2,373	28,974
	--------	--------	-------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	3,500	11,301
Other debtors	127,827	121,590
	---------	---------
	131,327	132,891
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,499	3,041
Corporation tax	32,894	53,158
Social security and other taxes	4,188	6,342
Other creditors	12,439	17,008
	--------	--------
	51,020	79,549
	--------	--------

9. Deferred tax

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

	2020	2019
	£	£
Included in provisions	4,714	5,505
	-------	-------

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

	2020	2019
	£	£
Accelerated capital allowances	4,714	5,505
	-------	-------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M C Cawley	103,682	278	103,960
	---------	----	---------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M C Cawley	10,567	93,115	103,682
	--------	--------	---------