David McCarty Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03052267 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

DAVID MCCARTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

D P McCarty

P D McCarty

C E Yeabsley

SECRETARY:

M E McCarty

REGISTERED OFFICE:

4 Devonshire Business Park

Chester Road

Borehamwood

Hertfordshire

WD6 1NA

REGISTERED NUMBER:

03052267 (England and Wales)

FIXED ASSETS

Tangible assets

4

105,716

122,681

CURRENT ASSETS

Stocks

5

521,500

221,600

Debtors

6

45,709

335,745

Cash at bank and in hand

530,093

307,041

1,097,302

864,386

CREDITORS

Amounts falling due within one year

7

1,151,040

830,091

NET CURRENT (LIABILITIES)/ASSETS

(53,738

)

34,295

TOTAL ASSETS LESS CURRENT LIABILITIES

51,978

156,976

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

51,678

156,676

SHAREHOLDERS' FUNDS

51,978

156,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 December 2017 and were signed on its behalf by:

P D McCarty - Director

1.	STATUTORY INFORMATION

David McCarty 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Short leasehold

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

lease.

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 9 (2016 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

28,722

161,769

16,058

18,371

224,920

DEPRECIATION

At 1 April 2016

27,617

43,314

15,031

16,277

102,239

Charge for year

110

15,248

206

1,401

16,965

At 31 March 2017

27,727

58,562

15,237

17,678

119,204

NET BOOK VALUE

At 31 March 2017

995

103,207

821

693

105,716

At 31 March 2016

1,105

118,455

1,027

2,094

122,681

5.

STOCKS

2017

2016

£

£

Stocks

521,500

221,600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

94,617

344,848

Other debtors

10,080

10,000

Bad Debt Provision

(65,358

)

(65,358

)

Prepayments and accrued income

6,370

46,255

45,709

335,745

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

14,108

Trade creditors

53,734

332,098

Corporation tax

4,972

19,331

Social security and other taxes

2,710

10,323

VAT

150,566

10,703

Other creditors

790,968

361,529

Directors' loan accounts

105,396

58,780

Accruals and deferred income

42,694

23,219

1,151,040

830,091

8.	RELATED PARTY DISCLOSURES

During the year dividends of £100,502 (2016: £115,812) were paid to the directors.

9.	ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party.

10.	FIRST YEAR ADOPTION

No restatement of opening balances at the date of transition were required in making the transition to FRS102.

The transition date was 1 April 2016.