|
|
|
|
|
2. |
Summary of Significant Accounting Policies |
|
|
|
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
|
|
|
Statement of compliance |
|
The financial statements of the company for the year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
|
|
|
Basis of preparation |
|
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
|
|
|
Consolidated accounts |
|
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts. |
|
|
|
Revenue |
|
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
|
|
|
Property, plant and equipment and depreciation |
|
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
|
|
|
|
Fixtures, fittings and equipment |
- |
33% Straight line |
|
|
Motor vehicles |
- |
25% Straight line |
|
|
|
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
|
|
|
Leasing and hire purchases |
|
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. |
|
|
|
Financial assets |
|
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable. |
|
|
|
Trade and other receivables |
|
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
|
|
|
Borrowing costs |
|
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
|
|
|
Provisions |
|
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
|
|
|
Trade and other payables |
|
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
|
|
|
Employee benefits |
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
|
|
|
Taxation and deferred taxation |
|
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
|
|
Foreign currencies |
|
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
|
|
|
Ordinary share capital |
|
The ordinary share capital of the company is presented as equity. |
|
|
|
|
7. |
Payables |
2023 |
2022 |
|
Amounts falling due within one year |
£ |
£ |
|
|
|
Bank overdrafts |
638 |
2,566 |
|
Net obligations under finance leases |
|
and hire purchase contracts |
3,652 |
3,652 |
|
Trade payables |
433,438 |
468,279 |
|
Taxation (Note 9) |
65,133 |
44,867 |
|
Directors' current accounts |
3,132 |
3,132 |
|
Other creditors |
312,344 |
143,601 |
|
Accruals |
5,570 |
29,751 |
|
|
───────── |
───────── |
|
|
823,907 |
695,848 |
|
|
═════════ |
═════════ |
|
|
|
Tony McDonagh & Co Ltd executed a debenture in favour of Barclays Bank PLC including: - a fixed charge over a) all Land in England and Wales now vested in Tony McDonagh & Co Ltd and registered at HM Land Registry b) all other Land which is now, or in the future becomes, property of Tony McDonagh & Co Ltd c) all plant and machinery now or in the future attached to any land d) all rental and other income and all debts and claims which are due to owing to Tony McDonagh & Co Ltd now or in the future under or in connection with any lease, agreement or licence relating to Land e) all your securities f) all insurance and assurance contracts and policies now or in the future held by or otherwise benefitting you which relate to Assets themselves subject to a fixed charge in favour of Barclays; or which are not in the future deposited by Tony McDonagh & Co Ltd with Barclays, together with all rights and interests in these contracts and policies g) all goodwill and uncalled share capital for the time being h) all Intellectual Property, present and future, including any Intellectual Property to which Tony McDonagh & Co Ltd is not absolutely entitled or to which Tony McDonagh & Co Ltd are entitled together with others; the benefit of all agreements and licences now or in the future entered into or enjoyed by Tony McDonagh & Co Ltd relating to the use of exploitation of any Intellectual Property in any part of the world; all trade secrets, confidential information and knowhow owned or enjoyed by Tony McDonagh & Co Ltd now or in the future in any part of the world i) all trade debts now or in the future owning to Tony McDonagh & Co Ltd; all other debts now or in the future owing to Tony McDonagh & Co Ltd save for those arising on fluctuating accounts with associates. j) the benefit of all instruments, guarantees, charges, pledges and other rights now or in the future available to you as security in respect of any Asset itself subject to a fixed charge in Barclay's favour.
- a floating charge over: a) all Assets which are not effectively charged by the fixed charges detailed above; and b) without exception all Assets insofar as they are situated for the time being in Scotland
- a negative pledge |
|
|
|
|