M D McFerran & Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04393514 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

M D McFerran & Co Limited

Trading as

M D McFerran & Co, Accountants

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Meadows

J Meadows

REGISTERED OFFICE:

3 Millford Close

Hall Green

Birmingham

West Midlands

B28 0YL

REGISTERED NUMBER:

04393514 (England and Wales)

ACCOUNTANTS:

M.D.McFerran & Co, Accountants

3 Millford Close

Hall Green

Birmingham

West Midlands

B28 0YL

FIXED ASSETS

Intangible assets

4

30,226

33,948

Tangible assets

5

15,308

19,137

45,534

53,085

CURRENT ASSETS

Debtors

6

14,785

19,128

Cash at bank

84,474

35,783

99,259

54,911

CREDITORS

Amounts falling due within one year

7

57,561

45,262

NET CURRENT ASSETS

41,698

9,649

TOTAL ASSETS LESS CURRENT LIABILITIES

87,232

62,734

CREDITORS

Amounts falling due after more than one year

8

(33,000

)

-

PROVISIONS FOR LIABILITIES

9

(506

)

(706

)

NET ASSETS

53,726

62,028

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

53,716

62,018

SHAREHOLDERS' FUNDS

53,726

62,028

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2021 and were signed on its behalf by:

R J Meadows - Director

1.	STATUTORY INFORMATION

M D McFerran & Co 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 is being written off equally over the next eight years .This is considered to be appropriate to reflect the current carrying value.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Taxation

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

56,000

AMORTISATION

At 1 September 2019

22,052

Charge for year

3,722

At 31 August 2020

25,774

NET BOOK VALUE

At 31 August 2020

30,226

At 31 August 2019

33,948

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2019

and 31 August 2020

2,021

41,331

2,566

45,918

DEPRECIATION

At 1 September 2019

1,804

23,725

1,252

26,781

Charge for year

44

3,522

263

3,829

At 31 August 2020

1,848

27,247

1,515

30,610

NET BOOK VALUE

At 31 August 2020

173

14,084

1,051

15,308

At 31 August 2019

217

17,606

1,314

19,137

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 September 2019

and 31 August 2020

41,331

DEPRECIATION

At 1 September 2019

23,725

Charge for year

3,522

At 31 August 2020

27,247

NET BOOK VALUE

At 31 August 2020

14,084

At 31 August 2019

17,606

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

13,228

19,128

Other debtors

1,557

-

14,785

19,128

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade creditors

1

-

Taxation and social security

17,490

20,142

Other creditors

40,070

25,120

57,561

45,262

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Other creditors

33,000

-

9.	PROVISIONS FOR LIABILITIES

31.8.20

31.8.19

£

£

Deferred tax

506

706

Deferred

tax

£

Balance at 1 September 2019

706

Provided during year

(200

)

Profit and loss account

Balance at 31 August 2020

506