REGISTERED NUMBER: |
Matthew Dougan Ltd |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Inventories | 5 |
Debtors | 6 |
Cash at bank and in hand |
Payables |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Payables |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
Depreciation |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
Included above are assets held under finance leases or hire purchase contracts as follows - |
2023 | 2022 |
Carrying | Depreciation | Carrying | Depreciation |
amount | charge | amount | charge |
£ | £ | £ | £ |
Plant and machinery | 84,552 | 9,001 | 138,963 | 12,413 |
Motor vehicles | 38,051 | 3,219 | 17,167 | 1,908 |
5. | Inventories |
2023 | 2022 |
£ | £ |
Inventories |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
7. | Payables less than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade payables |
Accrued expenses |
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 |
Directors' loan accounts | 170,783 | 194,702 |
9. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) | ( |
) |
31,977 | 33,996 |
Deferred tax |
£ |
Balance at 1 August 2022 |
Provided during year | ( |
) |
Balance at 31 July 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | 1 | 100 | 100 |
11. | Director's advances, credits and guarantees |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | (194,702 | ) | (198,270 | ) |
Amounts advanced | 45,455 | 42,884 |
Amounts repaid | (21,536 | ) | (39,316 | ) |
Balance outstanding at end of year | (170,783 | ) | (194,702 | ) |