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REGISTERED NUMBER: 01072460 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

J.D. MACADAM & SON (GARAGES) LIMITED

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J.D. MACADAM & SON (GARAGES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr J D D Macadam
Mrs M L Macadam
Mr A J D Macadam
Ms S A Macadam
Mrs H Cope





SECRETARY: Mrs M L Macadam





REGISTERED OFFICE: Hyde Park Garage
North Valley Road
Colne
Lancashire
BB8 9RG





REGISTERED NUMBER: 01072460 (England and Wales)





ACCOUNTANTS: Ainsworths Limited
Chartered Accountants
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,000 -
Tangible assets 5 3,491,118 2,417,139
Investments 6 102 2
3,507,220 2,417,141

CURRENT ASSETS
Debtors 7 144,452 119,236
Cash at bank and in hand 218 57,415
144,670 176,651
CREDITORS
Amounts falling due within one year 8 888,049 1,257,670
NET CURRENT LIABILITIES (743,379 ) (1,081,019 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,763,841

1,336,122

CREDITORS
Amounts falling due after more than one
year

9

(731,299

)

(226,254

)

PROVISIONS FOR LIABILITIES (622,483 ) (342,719 )
NET ASSETS 1,410,059 767,149

CAPITAL AND RESERVES
Called up share capital 128 128
Share premium 39,982 39,982
Retained earnings 1,369,949 727,039
SHAREHOLDERS' FUNDS 1,410,059 767,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

BALANCE SHEET - continued
31ST MARCH 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2023 and were signed on its behalf by:





Mr J D D Macadam - Director


J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

J.D. Macadam & Son (Garages) 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 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.

The financial statements present information relating to J.D. Macadam & Son (Garages) Limited, not to the J.D. Macadam & Son (Garages) Limited Group. In the opinion of the directors, J.D. Macadam & Son (Garages) Limited is exempt from preparing consolidated financial statements of the Group as it qualifies as a small group under the Companies Act 2006.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill at a cost of £142,000 paid in connection with the acquisition of Ripon in 2015, is being written off evenly over its estimated useful life of five years. This has now been fully realised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2.5% on cost
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost, 25% on reducing balance and 7.5% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022 302,475
Additions 20,000
At 31st March 2023 322,475
AMORTISATION
At 1st April 2022 302,475
Amortisation for year 4,000
At 31st March 2023 306,475
NET BOOK VALUE
At 31st March 2023 16,000
At 31st March 2022 -

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1st April 2022 36,873 190,533 1,927,124 6,033,728 8,188,258
Additions 270,000 - 221,987 1,397,410 1,889,397
Disposals - - - (604,009 ) (604,009 )
At 31st March 2023 306,873 190,533 2,149,111 6,827,129 9,473,646
DEPRECIATION
At 1st April 2022 21,490 182,885 1,619,666 3,947,078 5,771,119
Charge for year 7,672 4,968 69,844 494,306 576,790
Eliminated on disposal - - - (365,381 ) (365,381 )
At 31st March 2023 29,162 187,853 1,689,510 4,076,003 5,982,528
NET BOOK VALUE
At 31st March 2023 277,711 2,680 459,601 2,751,126 3,491,118
At 31st March 2022 15,383 7,648 307,458 2,086,650 2,417,139

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st April 2022 38,084 1,407,815 1,445,899
Additions - 1,246,912 1,246,912
Disposals - (278,234 ) (278,234 )
At 31st March 2023 38,084 2,376,493 2,414,577
DEPRECIATION
At 1st April 2022 11,738 413,754 425,492
Charge for year 3,808 277,241 281,049
Eliminated on disposal - (133,509 ) (133,509 )
At 31st March 2023 15,546 557,486 573,032
NET BOOK VALUE
At 31st March 2023 22,538 1,819,007 1,841,545
At 31st March 2022 26,346 994,061 1,020,407

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2022 2
Additions 100
At 31st March 2023 102
NET BOOK VALUE
At 31st March 2023 102
At 31st March 2022 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,646 49,189
Amounts owed by group undertakings 5,595 -
Other debtors 55,204 48,000
Directors' current accounts 517 90
VAT 60,383 -
Prepayments 21,107 21,957
144,452 119,236

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 236,786 10,000
Hire purchase contracts (see note 10) 453,682 268,688
Trade creditors 1,783 2,354
Amounts owed to group undertakings 157,779 900,123
Taxation and social security - 44,384
Other creditors 38,019 32,121
888,049 1,257,670

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 22,500 32,500
Hire purchase contracts (see note 10) 708,799 193,754
731,299 226,254

J.D. MACADAM & SON (GARAGES) LIMITED (REGISTERED NUMBER: 01072460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 453,682 268,688
Between one and five years 708,799 193,754
1,162,481 462,442

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft 226,786 -
Bank loans 32,500 42,500
Hire purchase contracts 1,162,481 462,442
1,421,767 504,942

The bank overdraft is secured by a cross guarantee as detailed in the contingent liabilities notes.

12. CONTINGENT LIABILITIES

J.D. Macadam & Son (Garages) Limited, J.D. Macadam & Son (Rescue) Limited and J.D. Macadam & Son (Accident Repairs) Limited have provided an unlimited intercompany cross guarantee to secure each others' liabilities to the bank.The bank borrowings outstanding at 31st March 2023 were £481,972 (2022:603,691). The security given by J.D. Macadam & Son (Garages) Limited comprises a debenture over all of the assets of the company.