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REGISTERED NUMBER: NI646817 (Northern Ireland)













Matthew Dougan Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2023






Matthew Dougan Ltd (Registered number: NI646817)

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 3 to 6


Matthew Dougan Ltd

Company Information
for the Year Ended 31 July 2023







Director: Mr M Dougan





Registered office: 37 Barkers Road
Tullyvallen
Newtownhamilton
Co Down
BT35 0PQ





Registered number: NI646817 (Northern Ireland)





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

Matthew Dougan Ltd (Registered number: NI646817)

Statement of Financial Position
31 July 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 4 265,103 284,106

Current assets
Inventories 5 - 4,168
Debtors 6 2,608 4,156
Cash at bank and in hand 2,855 4,267
5,463 12,591
Payables
Amounts falling due within one year 7 (37,022 ) (35,006 )
Net current liabilities (31,559 ) (22,415 )
Total assets less current liabilities 233,544 261,691

Payables
Amounts falling due after more than one
year

8

(226,873

)

(251,256

)

Provisions for liabilities 9 (31,977 ) (33,996 )
Net liabilities (25,306 ) (23,561 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings (25,406 ) (23,661 )
Shareholders' funds (25,306 ) (23,561 )

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 director acknowledges his 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.

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 director and authorised for issue on 9 April 2024 and were signed by:




Mr M Dougan - Director


Matthew Dougan Ltd (Registered number: NI646817)

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


1. Statutory information

Matthew Dougan Ltd 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.

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.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 10% 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.

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.

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.

Matthew Dougan Ltd (Registered number: NI646817)

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


2. Accounting policies - continued

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 tangible assets
The annual depreciation charges for tangible 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.

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.

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.

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.

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.

3. Employees and directors

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

Matthew Dougan Ltd (Registered number: NI646817)

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


4. Property, plant and equipment
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
Cost
At 1 August 2022 294,564 15,918 23,000 333,482
Additions 33,614 281 41,270 75,165
Disposals (59,570 ) - (21,000 ) (80,570 )
At 31 July 2023 268,608 16,199 43,270 328,077
Depreciation
At 1 August 2022 42,440 2,738 4,198 49,376
Charge for year 21,842 1,337 3,382 26,561
Eliminated on disposal (9,130 ) - (3,833 ) (12,963 )
At 31 July 2023 55,152 4,075 3,747 62,974
Net book value
At 31 July 2023 213,456 12,124 39,523 265,103
At 31 July 2022 252,124 13,180 18,802 284,106

Included above are assets held under finance leases or hire purchase contracts as follows -

20232022
CarryingDepreciationCarryingDepreciation
amountchargeamountcharge
£   £   £   £   

Plant and machinery84,5529,001138,96312,413
Motor vehicles38,0513,21917,1671,908

5. Inventories
2023 2022
£ £
Inventories - 4,168

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 1,900 3,784
VAT 708 372
2,608 4,156

7. Payables less than one year
2023 2022
£ £
Hire purchase contracts 28,152 25,801
Trade payables 4,870 5,105
Accrued expenses 4,000 4,100
37,022 35,006

Matthew Dougan Ltd (Registered number: NI646817)

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


8. Payables more than one year
2023 2022
£ £
Hire purchase contracts 56,090 56,554
Directors' loan accounts 170,783 194,702
226,873 251,256

9. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 48,423 50,431
Tax losses carried forward (16,446 ) (16,435 )
31,977 33,996

Deferred tax
£
Balance at 1 August 2022 33,996
Provided during year (2,019 )
Balance at 31 July 2023 31,977

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary Shares 1 100 100

11. Director's advances, credits and guarantees

20232022
£   £   
Balance outstanding at start of year(194,702)(198,270)
Amounts advanced 45,45542,884
Amounts repaid(21,536)(39,316)
Balance outstanding at end of year(170,783)(194,702)