BrightAccountsProduction v1.0.0 v1.0.0 2022-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the sale of trucks and other transport equipment. 27 March 2024 8 8 NI072128 2023-03-31 NI072128 2022-03-31 NI072128 2021-03-31 NI072128 2022-04-01 2023-03-31 NI072128 2021-04-01 2022-03-31 NI072128 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI072128 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI072128 uk-bus:AbridgedAccounts 2022-04-01 2023-03-31 NI072128 uk-core:ShareCapital 2023-03-31 NI072128 uk-core:ShareCapital 2022-03-31 NI072128 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI072128 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI072128 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI072128 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI072128 uk-bus:FRS102 2022-04-01 2023-03-31 NI072128 uk-core:LandBuildings 2022-04-01 2023-03-31 NI072128 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI072128 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI072128 uk-core:MotorVehicles 2022-04-01 2023-03-31 NI072128 uk-core:ParentEntities 2022-04-01 2023-03-31 NI072128 2022-04-01 2023-03-31 NI072128 uk-bus:Director1 2022-04-01 2023-03-31 NI072128 uk-bus:Director2 2022-04-01 2023-03-31 NI072128 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
M & M Trucks Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 March 2023



M & M Trucks Limited
Company Registration Number: NI072128
ABRIDGED BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 348,183 371,609
───────── ─────────
 
Current Assets
Stocks 847,055 958,558
Debtors 273,702 286,677
Cash and cash equivalents 5,989 137,118
───────── ─────────
1,126,746 1,382,353
───────── ─────────
Creditors: amounts falling due within one year (1,373,678) (1,648,177)
───────── ─────────
Net Current Liabilities (246,932) (265,824)
───────── ─────────
Total Assets less Current Liabilities 101,251 105,785
 
Creditors:
amounts falling due after more than one year (21,703) (31,808)
 
Provisions for liabilities (19,677) (24,129)
───────── ─────────
Net Assets 59,871 49,848
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 59,869 49,846
───────── ─────────
Equity attributable to owners of the company 59,871 49,848
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 27 March 2024 and signed on its behalf by
           
           
           
________________________________          
Mr. Mark McNally          
Director          
           
           
           
________________________________
Mr. Garry McArdle
Director
           



M & M Trucks Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
M & M Trucks Limited is a private company limited by shares incorporated in Northern Ireland.  20 Dernaroy Road, Dromintee, Co Down BT35 8SP is the registered office, which is also the principal place of business of the company.  The company registration number is NI072128.

These financial statements cover the individual entity for the year ended 31 March 2023.

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006..
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - N/a
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 15% Reducing Balance
  Motor vehicles - 20% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a 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 Profit and Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was as follows:
 
  2023 2022
  Number Number
 
Employees 8 8
  ═════════ ═════════
             
4. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 April 2022 244,616 126,344 10,015 89,380 470,355
  ───────── ───────── ───────── ───────── ─────────
 
At 31 March 2023 244,616 126,344 10,015 89,380 470,355
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 - 70,281 7,459 21,006 98,746
Charge for the financial year - 9,542 375 13,509 23,426
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 - 79,823 7,834 34,515 122,172
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 244,616 46,521 2,181 54,865 348,183
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2022 244,616 56,063 2,556 68,374 371,609
  ═════════ ═════════ ═════════ ═════════ ═════════
   
5. Parent company
 
The company regards Promac Projects Ltd, a company registered in Northern Ireland, as its parent company.
The company's ultimate parent undertaking is Promac Projects Ltd. The address of Promac Projects Ltd is 20 Dernaroy Road, Dromintee, Newry, Co.Down, BT35 8SP.
Promac Projects Ltd is regarded as both the controlling party and the ultimate controlling party.
 
       
6. Secured Creditors
 
The creditor balances include net obligations under hire purchase contracts which are secured on the assets concerned. This security totals £0 in the year ended 31st March 2023. (2022: £174,964).
       
7. Pension commitments
 
The company operates a defined contribution pension scheme for employees.  The assets of the scheme are held separately from those of the company in an independently administered fund.  At 31st March 2023 unpaid contributions of £338 (2022: £972) were due to the pension provider. This is included in creditors: amounts falling due within one year.