REGISTERED NUMBER:
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McCann & Partners Ltd |
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Unaudited Financial Statements for the Year Ended 31 July 2022 |
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REGISTERED NUMBER:
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McCann & Partners Ltd |
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Unaudited Financial Statements for the Year Ended 31 July 2022 |
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McCann & Partners Ltd (Registered number: 05453269) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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McCann & Partners Ltd |
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Company Information |
for the Year Ended 31 July 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
McCann & Partners Ltd (Registered number: 05453269) |
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Balance Sheet |
31 July 2022 |
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2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
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Provisions for liabilities | 9 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 10 |
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Retained earnings | 11 |
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Shareholders' funds |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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McCann & Partners Ltd (Registered number: 05453269) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2022 |
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1. | Statutory information |
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McCann & Partners Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the rolling forecasts and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of consultancy services to customers. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Work in progress |
Work in progress is valued at the lower of cost and net realisable value, after due review by the Directors for any irrecoverable amounts. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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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. |
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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. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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McCann & Partners Ltd (Registered number: 05453269) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Leasing |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 August 2021 |
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Additions |
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At 31 July 2022 |
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Depreciation |
At 1 August 2021 |
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Charge for year |
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At 31 July 2022 |
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Net book value |
At 31 July 2022 |
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At 31 July 2021 |
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5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 40,000 | - |
Prepayments |
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McCann & Partners Ltd (Registered number: 05453269) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
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6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 215,220 | 238,107 |
Directors' current accounts | 690,948 | 239,197 |
Accruals and deferred income |
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7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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8. | Secured debts |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank overdraft |
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Bank loans |
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The Development Bank of Wales loan of £250,000 is secured by a charge dated 30 June 2020 by a fixed and floating charge over the company's assets. |
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9. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 15,134 | 9,839 |
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Deferred |
tax |
£ |
Balance at 1 August 2021 |
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Provided during year |
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Balance at 31 July 2022 |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary A | £1 | 100 | 100 |
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Ordinary B | £1 | 400 | 400 |
500 | 500 |
McCann & Partners Ltd (Registered number: 05453269) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
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11. | Reserves |
Retained |
earnings |
£ |
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At 1 August 2021 |
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Profit for the year |
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Dividends | ( |
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At 31 July 2022 |
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12. | Pension commitments |
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The company operates a defined contribution pension scheme. The pension cost charged for the year represents contributions payable by the company to the scheme and amounted to £127,601(2021: £123,494). At the year end the pension creditor was £NIL (2021: £NIL). |
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13. | Other financial commitments |
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In April 2016 the company agreed an additional 15 year lease on the business premises. The annual commitment to the lease is £69,600. |
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14. | Directors' advances, credits and guarantees |
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The following advances and credits to directors subsisted during the years ended 31 July 2022 and 31 July 2021: |
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2022 | 2021 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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