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REGISTERED NUMBER: NI606822 (Northern Ireland)













Mallon Coachworks Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Mallon Coachworks Limited (Registered number: NI606822)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 8


Mallon Coachworks Limited

Company Information
for the Year Ended 30 June 2023







Directors: Mr Eamon Mallon
Mrs Siobhan Mallon





Registered office: Unit 2
130 Markethill Road
Armagh
Co Armagh
BT60 1LF





Registered number: NI606822 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Mallon Coachworks Limited (Registered number: NI606822)

Statement of Financial Position
30 June 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 1,804 2,207
1,804 2,207

Current assets
Inventories 1,262 1,047
Receivables 6 27,548 20,258
Cash at bank 24,890 26,232
53,700 47,537
Payables
Amounts falling due within one year 7 (36,741 ) (28,312 )
Net current assets 16,959 19,225
Total assets less current liabilities 18,763 21,432

Payables
Amounts falling due after more than one year 8 (17,769 ) (20,566 )

Provisions for liabilities 9 (342 ) (419 )
Net assets 652 447

Capital and reserves
Called up share capital 10 6 6
Retained earnings 646 441
Shareholders' funds 652 447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Mallon Coachworks Limited (Registered number: NI606822)

Statement of Financial Position - continued
30 June 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 18 January 2024 and were signed on its behalf by:





Mr Eamon Mallon - Director


Mallon Coachworks Limited (Registered number: NI606822)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. Statutory information

Mallon Coachworks Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Mallon Coachworks Limited (Registered number: NI606822)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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 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.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statements.

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Mallon Coachworks Limited (Registered number: NI606822)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of intangible and tangible assets
The annual depreciation and amortisation charge for tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See property, plant and equipment note and intangible fixed assets note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022
and 30 June 2023 10,000
Amortisation
At 1 July 2022
and 30 June 2023 10,000
Net book value
At 30 June 2023 -
At 30 June 2022 -

Mallon Coachworks Limited (Registered number: NI606822)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


5. Property, plant and equipment
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
Cost
At 1 July 2022
and 30 June 2023 8,247 1,475 1,500 11,222
Depreciation
At 1 July 2022 6,802 964 1,249 9,015
Charge for year 289 51 63 403
At 30 June 2023 7,091 1,015 1,312 9,418
Net book value
At 30 June 2023 1,156 460 188 1,804
At 30 June 2022 1,445 511 251 2,207

6. Receivables: amounts falling due within one year
2023 2022
£ £
Trade debtors 13,638 4,262
Other debtors 13,910 15,996
27,548 20,258

7. Payables: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,795 2,726
Trade creditors 1,459 1,020
Taxation and social security 30,328 22,596
Other creditors 2,159 1,970
36,741 28,312

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 17,769 20,566

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,866 8,955

Mallon Coachworks Limited (Registered number: NI606822)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. Provisions for liabilities
2023 2022
£ £
Deferred tax 342 419

Deferred tax
£
Balance at 1 July 2022 419
Credit to Statement of income and retained earnings during year (77 )
Balance at 30 June 2023 342

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
6 Ordinary £1 shares £1 6 6

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£ £
Mr Eamon Mallon
Balance outstanding at start of year 7,998 5,821
Amounts advanced 10,957 9,377
Amounts repaid (12,000 ) (7,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,955 7,998

Mrs Siobhan Mallon
Balance outstanding at start of year 7,998 5,821
Amounts advanced 10,957 9,377
Amounts repaid (12,000 ) (7,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,955 7,998

Interest at the rate of 2.00% per annum up to 5 April 2023 and 2.25% thereafter (2022: 2.00%) is payable annually on these borrowings.

Remuneration payable to the directors for the year ended 30 June 2023 amounted to £22,804 (2022: £17,785).