MCKIBBIN MOTORS 2 LTD

Company Registration Number:
NI613500 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

MCKIBBIN MOTORS 2 LTD

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

MCKIBBIN MOTORS 2 LTD

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 4,873 5,733
Total fixed assets: 4,873 5,733
Current assets
Stocks: 104,637 147,313
Debtors:   70,033 34,995
Cash at bank and in hand: 13,378 35,997
Total current assets: 188,048 218,305
Creditors: amounts falling due within one year: 4 (32,060) (31,384)
Net current assets (liabilities): 155,988 186,921
Total assets less current liabilities: 160,861 192,654
Creditors: amounts falling due after more than one year: 5 (112,174) (147,230)
Provision for liabilities: (1,218) (1,349)
Total net assets (liabilities): 47,469 44,075
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 47,369 43,975
Shareholders funds: 47,469 44,075

The notes form part of these financial statements

MCKIBBIN MOTORS 2 LTD

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 April 2024
and signed on behalf of the board by:

Name: Gary Murray
Status: Director

The notes form part of these financial statements

MCKIBBIN MOTORS 2 LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:Revenue from the sale of new and used cars and repairs is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of the revenue can be measured reliably; it is probable that the associated economic benefits will flow to the company and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:Plant and Equipment - 15% - 20% REDUCING BALANCE

Other accounting policies

STOCKStocks are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less all estimated costs to completion taking into account current market conditions.At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.DEBTORS AND CREDITORS RECEIVABLE/ PAYABLE WITHIN ONE YEARDebtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.TAXCurrent tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.INTEREST RECEIVABLEInterest income is recognised using the effective interest method and is recognised as the company’s right to receive payment is established.PROVISIONSProvisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.EMPLOYEE BENEFITSWhen employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

MCKIBBIN MOTORS 2 LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 5 5

MCKIBBIN MOTORS 2 LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 19,866
At 31 July 2023 19,866
Depreciation
At 01 August 2022 14,133
Charge for year 860
At 31 July 2023 14,993
Net book value
At 31 July 2023 4,873
At 31 July 2022 5,733

MCKIBBIN MOTORS 2 LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Creditors: amounts falling due within one year note

Bank Loans & Overdraft - £5,556Trade Creditors - £10,526Directors' Current Account - £5,797Taxation & Social Security - £10,181

MCKIBBIN MOTORS 2 LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Creditors: amounts falling due after more than one year note

Directors Loan Account - £79,767