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REGISTERED NUMBER: 03076540 (England and Wales)























Unaudited Financial Statements

for the Year Ended 31 July 2023

for

McGarrie Transport Limited

McGarrie Transport Limited (Registered number: 03076540)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


McGarrie Transport Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr V McGarrie
Mr C McGarrie





REGISTERED OFFICE: 316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE





BUSINESS ADDRESS: 12 Dob Lane
Walmer Bridge
Preston
Lancs
PR4 5QL





REGISTERED NUMBER: 03076540 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

McGarrie Transport Limited (Registered number: 03076540)

Statement of Financial Position
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 303,118 344,896

CURRENT ASSETS
Debtors 5 100,873 307,567
Cash at bank 11,169 41,013
112,042 348,580
CREDITORS
Amounts falling due within one year 6 186,168 294,819
NET CURRENT (LIABILITIES)/ASSETS (74,126 ) 53,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

228,992

398,657

CREDITORS
Amounts falling due after more than one
year

7

(56,442

)

(142,814

)

PROVISIONS FOR LIABILITIES (57,592 ) (65,530 )
NET ASSETS 114,958 190,313

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 114,858 190,213
SHAREHOLDERS' FUNDS 114,958 190,313

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

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

McGarrie Transport Limited (Registered number: 03076540)

Statement of Financial Position - continued
31 July 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 Income and Retained Earnings 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:





Mr V McGarrie - Director


McGarrie Transport Limited (Registered number: 03076540)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

McGarrie Transport 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

During the year to 31 July 2023, McGarrie Transport Limited changed the method of depreciating it's motor vehicles from a 5 year straight-line basis to 15% reducing balance basis as this revised method better reflects the entity’s consumption of the motor vehicles over their useful lives and is consistent with the entity’s replacement cycle.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

McGarrie Transport Limited (Registered number: 03076540)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 4,200 500 717,980 3,382 726,062
Additions - - 13,962 - 13,962
Disposals - - (2,495 ) (648 ) (3,143 )
At 31 July 2023 4,200 500 729,447 2,734 736,881
DEPRECIATION
At 1 August 2022 4,200 499 373,348 3,119 381,166
Charge for year - - 53,489 254 53,743
Eliminated on disposal - - (499 ) (647 ) (1,146 )
At 31 July 2023 4,200 499 426,338 2,726 433,763
NET BOOK VALUE
At 31 July 2023 - 1 303,109 8 303,118
At 31 July 2022 - 1 344,632 263 344,896

McGarrie Transport Limited (Registered number: 03076540)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2022 518,834
Transfer to ownership (108,000 )
At 31 July 2023 410,834
DEPRECIATION
At 1 August 2022 235,989
Charge for year 76,336
Transfer to ownership (55,800 )
At 31 July 2023 256,525
NET BOOK VALUE
At 31 July 2023 154,309
At 31 July 2022 282,845

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 99,586 289,647
Other debtors 1,287 17,920
100,873 307,567

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 73,313 99,797
Trade creditors 48,941 105,945
Taxation and social security 33,866 51,726
Other creditors 20,048 27,351
186,168 294,819

McGarrie Transport Limited (Registered number: 03076540)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 19,167 29,167
Hire purchase contracts (see note 8) 37,275 113,647
56,442 142,814

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.7.22
£    £   
Net obligations repayable:
Within one year 73,313 99,797
Between one and five years 37,275 113,647
110,588 213,444

Non-cancellable operating leases
31.7.23 31.7.22
£    £   
Within one year 1,033 1,033

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 29,167 39,167

The UK Government have provided a 100% guarantee on the Bounce Back Loan Scheme (BBLS), borrowings obtained from Santandar UK PLC in the year.