McCarty & Smith Ltd Filleted accounts for Companies House (small and micro)

MCCARTY & SMITH LTD - Company Information

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COMPANY REGISTRATION NUMBER: 6754242

McCarty & Smith Ltd

Filleted Unaudited Financial Statements

30 November 2020

McCarty & Smith Ltd

Statement of Financial Position

30 November 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,071	2,590

Current assets

Stocks		14,560	–
Debtors	6	115,070	111,934
Cash at bank and in hand		1,218	1,098
		---------	---------
		130,848	113,032

Creditors: amounts falling due within one year	7	93,736		102,317
		---------		---------
Net current assets			37,112	10,715
			--------	--------
Total assets less current liabilities			39,183	13,305

Creditors: amounts falling due after more than one year	8	38,500	–
		--------	--------
Net assets		683	13,305
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	583	13,205
	----	--------
Shareholders funds	683	13,305
	----	--------

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 30 November 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 .

McCarty & Smith Ltd

Statement of Financial Position (continued)

30 November 2020

These financial statements were approved by the board of directors and authorised for issue on 3 August 2021 , and are signed on behalf of the board by:

Mr A Smith	Mr A McCarty
Director	Director

Company registration number: 6754242

McCarty & Smith Ltd

Notes to the Financial Statements

Year ended 30 November 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 Ridgewell & Boreham Accountants, 24a Crown Street, Brentwood, CM14 4BA, Essex.

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.

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 and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Equipment	-	20% reducing balance

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 December 2019 and 30 November 2020	6,414	1,818	2,051	10,283
	-------	-------	-------	--------
Depreciation
At 1 December 2019	5,168	1,425	1,100	7,693
Charge for the year	250	79	190	519
	-------	-------	-------	--------
At 30 November 2020	5,418	1,504	1,290	8,212
	-------	-------	-------	--------
Carrying amount
At 30 November 2020	996	314	761	2,071
	-------	-------	-------	--------
At 30 November 2019	1,246	393	951	2,590
	-------	-------	-------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	92,608	94,755
Other debtors	22,462	17,179
	---------	---------
	115,070	111,934
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	11,346	2,075
Trade creditors	10,213	20,698
Corporation tax	54,254	52,726
Social security and other taxes	11,127	23,208
Other creditors	6,796	3,610
	--------	---------
	93,736	102,317
	--------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	38,500	–
	--------	----

9. 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	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Smith	17,179	2,996	–	20,175
Mr A McCarty	( 3,610)	–	( 3,186)	( 6,796)
	--------	-------	-------	--------
	13,569	2,996	( 3,186)	13,379
	--------	-------	-------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Smith	38,812	–	( 21,633)	17,179
Mr A McCarty	15,339	–	( 18,949)	( 3,610)
	--------	----	--------	--------
	54,151	–	( 40,582)	13,569
	--------	----	--------	--------

10. Related party transactions

The company was under the joint control of Mr Smith and Mr McCarty throughout the current and previous year. Both are managing directors and joint shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.