David McLaughlin Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 10458482

		2021		2020
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		2,200
Tangible Assets	5		12,709		16,487

			12,709		18,687
CURRENT ASSETS
Debtors	6	-		8,204
Cash at bank and in hand		7,888		2,265

		7,888		10,469
Creditors: Amounts Falling Due Within One Year	7	(73,291 )		(81,182 )

NET CURRENT ASSETS (LIABILITIES)			(65,403 )		(70,713 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(52,694 )		(52,026 )

Creditors: Amounts Falling Due After More Than One Year	8		(18,115 )		-

NET LIABILITIES			(70,809 )		(52,026 )

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			(70,811 )		(52,028 )

SHAREHOLDERS' FUNDS			(70,809)		(52,026)

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David McLaughlin Limited

Balance Sheet (continued)

As At 31 December 2021

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr David McLaughlin

Director

04/10/2023

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

David McLaughlin Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10458482 . The registered office is 35 Riversleigh Road, Leamington Spa, Warwickshire, CV32 6BG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% Reducing Balance
Motor Vehicles	25% Reducing Balance
Computer Equipment	33% Reducing Balance

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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David McLaughlin Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2021

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 1 (2020: )

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2021	11,000

As at 31 December 2021	11,000

Amortisation
As at 1 January 2021	8,800
Provided during the period	2,200

As at 31 December 2021	11,000

Net Book Value
As at 31 December 2021	-

As at 1 January 2021	2,200

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2021	7,000	22,383	500	29,883

As at 31 December 2021	7,000	22,383	500	29,883

Depreciation
As at 1 January 2021	3,483	9,505	408	13,396
Provided during the period	528	3,220	30	3,778

As at 31 December 2021	4,011	12,725	438	17,174

Net Book Value
As at 31 December 2021	2,989	9,658	62	12,709

As at 1 January 2021	3,517	12,878	92	16,487

6. Debtors

	2021	2020
	£	£
Due within one year
Deferred tax current asset	-	8,204

	-	8,204

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David McLaughlin Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2021

7. Creditors: Amounts Falling Due Within One Year

	2021	2020
	£	£
Trade creditors	(2 )	(1 )
Other loans	-	20,000
Other taxes and social security	146	350
VAT	34,159	13,339
Other creditors	(3,763 )	-
Accruals and deferred income	1,723	2,500
Directors' loan accounts	41,028	44,994

	73,291	81,182

8. Creditors: Amounts Falling Due After More Than One Year

	2021	2020
	£	£
Bank loans	18,115	-

	18,115	-

9. Share Capital

	2021	2020
	£	£
Allotted, Called up and fully paid	2	2

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