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COMPANY REGISTRATION NUMBER: 04837980
J McAvoy & Son Limited
Filleted Unaudited Financial Statements
31 July 2023
J McAvoy & Son Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
140,406
150,286
Current assets
Debtors
6
7,816
6,758
Cash at bank and in hand
83,221
68,883
-----------
-----------
91,037
75,641
Creditors: amounts falling due within one year
7
( 13,864)
( 20,197)
-----------
-----------
Net current assets
77,173
55,444
-----------
-----------
Total assets less current liabilities
217,579
205,730
Provisions
Taxation including deferred tax
( 28,504)
( 28,504)
-----------
-----------
Net assets
189,075
177,226
-----------
-----------
J McAvoy & Son Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
189,073
177,224
-----------
-----------
Shareholders funds
189,075
177,226
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 October 2023 , and are signed on behalf of the board by:
Mr J McAvoy Snr
Director
Company registration number: 04837980
J McAvoy & Son Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Ritson Wharf, Irish Street, Maryport, Cumbria, CA15 8AF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fishing vessel
-
5% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Fishing vessel
Total
£
£
£
£
Cost
At 1 August 2022
35,442
6,750
140,000
182,192
Additions
3,904
3,904
Disposals
( 6,750)
( 6,750)
-----------
-----------
-----------
-----------
At 31 July 2023
39,346
140,000
179,346
-----------
-----------
-----------
-----------
Depreciation
At 1 August 2022
15,562
2,344
14,000
31,906
Charge for the year
2,378
7,000
9,378
Disposals
( 2,344)
( 2,344)
-----------
-----------
-----------
-----------
At 31 July 2023
17,940
21,000
38,940
-----------
-----------
-----------
-----------
Carrying amount
At 31 July 2023
21,406
119,000
140,406
-----------
-----------
-----------
-----------
At 31 July 2022
19,880
4,406
126,000
150,286
-----------
-----------
-----------
-----------
6. Debtors
2023
2022
£
£
Other debtors
7,816
6,758
-----------
-----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
821
Corporation tax
8,968
10,124
Other creditors
4,075
10,073
-----------
-----------
13,864
20,197
-----------
-----------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J McAvoy Jnr
( 3,033)
680
3,033
680
Mr J McAvoy Snr
( 3,033)
681
3,033
681
-----------
-----------
-----------
-----------
( 6,066)
1,361
6,066
1,361
-----------
-----------
-----------
-----------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J McAvoy Jnr
( 10,239)
7,206
( 3,033)
Mr J McAvoy Snr
( 10,239)
7,206
( 3,033)
-----------
-----------
-----------
-----------
( 20,478)
14,412
( 6,066)
-----------
-----------
-----------
-----------