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REGISTERED NUMBER: 01100566 (England and Wales)





















DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: D H E McGann
Mrs M B McGann





SECRETARY: D H E McGann





REGISTERED OFFICE: 359 Kettering Road
Spinney Hill
Northampton
Northamptonshire
NN3 6QT





REGISTERED NUMBER: 01100566 (England and Wales)





ACCOUNTANTS: Phipps Henson McAllister
Chartered Accountants
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 780,000 780,000
780,000 780,000

CURRENT ASSETS
Debtors 6 1,842 1,665
Cash at bank 24,855 19,445
26,697 21,110
CREDITORS
Amounts falling due within one year 7 60,047 26,249
NET CURRENT LIABILITIES (33,350 ) (5,139 )
TOTAL ASSETS LESS CURRENT LIABILITIES 746,650 774,861

PROVISIONS FOR LIABILITIES 63,109 63,109
NET ASSETS 683,541 711,752

CAPITAL AND RESERVES
Called up share capital 8 200 200
Capital redemption reserve 33 33
Fair value reserve 9 579,074 579,074
Retained earnings 104,234 132,445
SHAREHOLDERS' FUNDS 683,541 711,752

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

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

DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

BALANCE SHEET - continued
31 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





D H E McGann - Director


DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

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


1. STATUTORY INFORMATION

David McGann Motor Spares and Accessories 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 as modified by the revaluation of certain assets.

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.
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 16,800
DEPRECIATION
At 1 April 2022
and 31 March 2023 16,800
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 780,000
NET BOOK VALUE
At 31 March 2023 780,000
At 31 March 2022 780,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 595,309
Cost 184,691
780,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 184,691 184,691

Investment property was valued on an open market basis on 31 March 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 530 530
Other debtors 400 400
Prepayments 912 735
1,842 1,665

DAVID MCGANN MOTOR SPARES AND
ACCESSORIES LIMITED (REGISTERED NUMBER: 01100566)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 6,753 1,494
Social security and other taxes - 394
Other creditors 1 1
Directors' current account 52,180 22,180
Accruals and deferred income 1,113 2,180
60,047 26,249

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

9. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 579,074