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COMPANY REGISTRATION NUMBER: NI617248
McMullan Autobreakers Limited
Filleted Unaudited Financial Statements
30 April 2023
McMullan Autobreakers Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
42,980
64,470
Tangible assets
6
124,985
96,339
---------
---------
167,965
160,809
Current assets
Stocks
313,335
221,959
Debtors
7
15,248
9,660
Cash at bank and in hand
172,172
162,790
---------
---------
500,755
394,409
Creditors: amounts falling due within one year
8
368,266
296,797
---------
---------
Net current assets
132,489
97,612
---------
---------
Total assets less current liabilities
300,454
258,421
Creditors: amounts falling due after more than one year
9
20,786
30,480
Provisions
Taxation including deferred tax
18,782
9,349
---------
---------
Net assets
260,886
218,592
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
260,876
218,582
---------
---------
Shareholders funds
260,886
218,592
---------
---------
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 30 April 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 .
McMullan Autobreakers Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mr N McMullan
Mrs D McMullan
Director
Director
Mr D McMullan
Director
Company registration number: NI617248
McMullan Autobreakers Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 81 Orchard Road, Strabane, Co Tyrone, BT82 9QT. The principal activity of the company is the retail of motor vehicle parts and accessories.
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.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the Statement of Financial Position date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and reviewed on an annual basis for impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold property
-
2% reducing balance
Plant & machinery
-
20% reducing balance
Office Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
214,900
---------
Amortisation
At 1 May 2022
150,430
Charge for the year
21,490
---------
At 30 April 2023
171,920
---------
Carrying amount
At 30 April 2023
42,980
---------
At 30 April 2022
64,470
---------
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
57,249
251,163
5,455
313,867
Additions
48,770
48,770
--------
---------
-------
---------
At 30 April 2023
57,249
299,933
5,455
362,637
--------
---------
-------
---------
Depreciation
At 1 May 2022
10,116
202,623
4,789
217,528
Charge for the year
537
19,454
133
20,124
--------
---------
-------
---------
At 30 April 2023
10,653
222,077
4,922
237,652
--------
---------
-------
---------
Carrying amount
At 30 April 2023
46,596
77,856
533
124,985
--------
---------
-------
---------
At 30 April 2022
47,133
48,540
666
96,339
--------
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
5,010
4,276
Other debtors
10,238
5,384
--------
-------
15,248
9,660
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
32,404
63,009
Social security and other taxes
57,795
28,035
Other creditors
267,419
195,105
---------
---------
368,266
296,797
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,786
30,480
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors advanced to the company £101,405 . Cash withdrawn and personal expenses paid by the company on behalf of the directors totalled £29,091 At the year end the amount owed to the directors was £267,419 (2022: £195,105).