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REGISTERED NUMBER: 10402675 (England and Wales)















Unaudited Financial Statements

for the Period 1st August 2022 to 30th July 2023

for

F&J Mcgowan Ltd

F&J Mcgowan Ltd (Registered number: 10402675)






Contents of the Financial Statements
for the Period 1st August 2022 to 30th July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


F&J Mcgowan Ltd

Company Information
for the Period 1st August 2022 to 30th July 2023







DIRECTOR: F M Mcgowan





REGISTERED OFFICE: 1st Floor 49 Peter Street
Manchester
M2 3NG





BUSINESS ADDRESS: Room 2601
Wyndham Dubai Marina
Al Seba St





REGISTERED NUMBER: 10402675 (England and Wales)





ACCOUNTANTS: Veritas Accountants & Advisory Limited
First Floor
49 Peter Street
Manchester
M2 3NG

F&J Mcgowan Ltd (Registered number: 10402675)

Balance Sheet
30th July 2023

30.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,163 828

CURRENT ASSETS
Debtors 5 104,407 76,123
Cash at bank 13,626 -
118,033 76,123
CREDITORS
Amounts falling due within one year 6 129,397 93,497
NET CURRENT LIABILITIES (11,364 ) (17,374 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,201

)

(16,546

)

CREDITORS
Amounts falling due after more than one year 7 21,301 36,011
NET LIABILITIES (25,502 ) (52,557 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings (25,504 ) (52,559 )
SHAREHOLDERS' FUNDS (25,502 ) (52,557 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th 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 30th April 2024 and were signed by:





F M Mcgowan - Director


F&J Mcgowan Ltd (Registered number: 10402675)

Notes to the Financial Statements
for the Period 1st August 2022 to 30th July 2023

1. COMPANY INFORMATION

F&J Mcgowan Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful life.

Taxation
Taxation for the period 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2022 - 1 ) .

F&J Mcgowan Ltd (Registered number: 10402675)

Notes to the Financial Statements - continued
for the Period 1st August 2022 to 30th July 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st August 2022 2,492
Additions 9,105
At 30th July 2023 11,597
DEPRECIATION
At 1st August 2022 1,664
Charge for period 2,770
At 30th July 2023 4,434
NET BOOK VALUE
At 30th July 2023 7,163
At 31st July 2022 828

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.23 31.7.22
£    £   
Trade debtors 5,400 1,415
Other debtors 2 18,891
S455 recoverable 24,533 -
Directors' current accounts 74,472 55,817
104,407 76,123

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.23 31.7.22
£    £   
Bank loans and overdrafts 10,613 8,450
Trade creditors 8,060 -
Tax 84,518 -
VAT 1,689 80,659
Other creditors 22,129 -
Accrued expenses 2,388 4,388
129,397 93,497

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.7.23 31.7.22
£    £   
Bank loans - 2-5 years 21,301 36,011

F&J Mcgowan Ltd (Registered number: 10402675)

Notes to the Financial Statements - continued
for the Period 1st August 2022 to 30th July 2023

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.7.23 31.7.22
value: £    £   
2 Share capital 1 1 2 2

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30th July 2023 and the year ended 31st July 2022:

30.7.23 31.7.22
£    £   
F M Mcgowan
Balance outstanding at start of period 55,817 48,075
Amounts advanced 54,469 30,267
Amounts repaid (35,814 ) (22,525 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 74,472 55,817

The loan is repayable on demand and includes interest of £1,247, calculated at the HMRC rate of 2%.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director by virtue of holding 100% of the voting share capital.