McCormack Investments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04176591 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

MCCORMACK INVESTMENTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Director:

Mr A McCormack

Registered office:

Unit 1 Hedley Avenue

Grays

Essex

RM20 4EL

Registered number:

04176591 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Fixed assets

Tangible assets

4

378

755

Current assets

Debtors

5

21,972

20,755

Cash at bank

29,579

31,442

51,551

52,197

Creditors

Amounts falling due within one year

6

26,360

23,538

Net current assets

25,191

28,659

Total assets less current liabilities

25,569

29,414

Creditors

Amounts falling due after more than one year

7

76,373

89,694

Net liabilities

(50,804

)

(60,280

)

Capital and reserves

Called up share capital

8

2

2

Revaluation reserve

9

-

7,500

Retained earnings

(50,806

)

(67,782

)

Shareholders' funds

(50,804

)

(60,280

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 December 2022 and were signed by:

Mr A McCormack - Director

1.	Statutory information

McCormack Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 1 (2021 - 1 ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 April 2021

and 31 March 2022

1,132

Depreciation

At 1 April 2021

377

Charge for year

377

At 31 March 2022

754

Net book value

At 31 March 2022

378

At 31 March 2021

755

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

16,861

8,755

Other debtors

5,111

12,000

21,972

20,755

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

10,608

6,667

Trade creditors

14,702

13,350

Taxation and social security

-

2,471

Other creditors

1,050

1,050

26,360

23,538

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

29,392

41,333

Other creditors

46,981

48,361

76,373

89,694

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

9.

Reserves

Revaluation

reserve

£

At 1 April 2021

7,500

Transfer of reserves

(7,500

)

At 31 March 2022

-

10.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

Mr A McCormack

Balance outstanding at start of year

10,000

10,000

Amounts advanced

2,000

-

Amounts repaid

(10,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,000

10,000