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Registration number: 01418746

P McGarry & Son Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

P McGarry & Son Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

P McGarry & Son Limited

(Registration number: 01418746)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

267,184

294,562

Current assets

 

Stocks

5

2,500

2,500

Debtors

6

45,673

53,505

Cash at bank and in hand

 

1,661,113

1,500,069

 

1,709,286

1,556,074

Creditors: Amounts falling due within one year

7

(92,421)

(64,578)

Net current assets

 

1,616,865

1,491,496

Total assets less current liabilities

 

1,884,049

1,786,058

Provisions for liabilities

(53,413)

(46,344)

Net assets

 

1,830,636

1,739,714

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,830,536

1,739,614

Shareholders' funds

 

1,830,636

1,739,714

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
P E McGarry
Director

 

P McGarry & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
11 Collop Drive
Heywood
Lancashire
OL10 2LS

These financial statements were authorised for issue by the Board on 14 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

P McGarry & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land & Buildings

2% straight line

Plant & Machinery

20% reducing balance

Motor Vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

P McGarry & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

126,531

4,451

857,250

988,232

Additions

-

-

52,435

52,435

Disposals

-

-

(78,380)

(78,380)

At 31 May 2023

126,531

4,451

831,305

962,287

Depreciation

At 1 June 2022

68,461

2,501

622,708

693,670

Charge for the year

2,531

390

72,241

75,162

Eliminated on disposal

-

-

(73,729)

(73,729)

At 31 May 2023

70,992

2,891

621,220

695,103

Carrying amount

At 31 May 2023

55,539

1,560

210,085

267,184

At 31 May 2022

58,070

1,950

234,542

294,562

Included within the net book value of land and buildings above is £55,539 (2022 - £58,070) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

2,500

2,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

27,355

22,643

Prepayments

15,670

30,862

Other debtors

2,648

-

 

45,673

53,505

 

P McGarry & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,892

2,449

Taxation and social security

69,191

50,483

Accruals and deferred income

6,625

4,217

Other creditors

13,713

7,429

92,421

64,578