McGrath (Cockermouth) Limited Filleted accounts for Companies House (small and micro)

MCGRATH (COCKERMOUTH) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04567173

McGrath (Cockermouth) Limited

Filleted Unaudited Financial Statements

30 November 2020

McGrath (Cockermouth) Limited

Statement of Financial Position

30 November 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		20,161		22,002

Current assets

Stocks		5,700	6,200
Debtors	6	13,556	8,597
Cash at bank and in hand		463,431	558,802
		-----------	-----------
		482,687	573,599

Creditors: amounts falling due within one year	7	47,364		131,195
		-----------		-----------
Net current assets			435,323		442,404
			-----------		-----------
Total assets less current liabilities			455,484		464,406

Provisions

Taxation including deferred tax	3,831	4,180
	-----------	-----------
Net assets	451,653	460,226
	-----------	-----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	451,553	460,126
	-----------	-----------
Shareholders funds	451,653	460,226
	-----------	-----------

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 .

McGrath (Cockermouth) Limited

Statement of Financial Position (continued)

30 November 2020

These financial statements were approved by the board of directors and authorised for issue on 24 August 2021 , and are signed on behalf of the board by:

Mr D E McGrath

Director

Company registration number: 04567173

McGrath (Cockermouth) Limited

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 Unit 7B, Lakeland Business Park, Cockermouth, Cumbria, CA13 OQT.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Corporation 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.

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.

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	-	15% reducing balance
Fixtures and fittings	-	15% Reducing balance or 33% straight line
Motor vehicles	-	20% 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.

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.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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	Motor vehicles	Total
	£	£	£	£
Cost
At 1 December 2019	26,607	550	18,495	45,652
Additions	2,250	–	–	2,250
	---------	-----	---------	---------
At 30 November 2020	28,857	550	18,495	47,902
	---------	-----	---------	---------
Depreciation
At 1 December 2019	11,681	263	11,706	23,650
Charge for the year	2,690	43	1,358	4,091
	---------	-----	---------	---------
At 30 November 2020	14,371	306	13,064	27,741
	---------	-----	---------	---------
Carrying amount
At 30 November 2020	14,486	244	5,431	20,161
	---------	-----	---------	---------
At 30 November 2019	14,926	287	6,789	22,002
	---------	-----	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	6,056	8,597
Other debtors	7,500	–
	---------	--------
	13,556	8,597
	---------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	20,218	20,871
Social security and other taxes	22,039	29,283
Other creditors	5,107	81,041
	---------	-----------
	47,364	131,195
	---------	-----------

8. 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 J D McGrath	–	7,500	7,500
	-----	--------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J D McGrath	–	–	–
	-----	-----	-----