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Registered number: NI634742
Errigal Motor Company Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 November 2023
PMB Accountants Limited
7 The Square
Comber
Newtownards
BT23 5DX
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: NI634742
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,053 13,575
15,053 13,575
CURRENT ASSETS
Stocks 361,670 383,128
Debtors 7,054 18,987
Cash at bank and in hand 112,945 64,632
481,669 466,747
Creditors: Amounts Falling Due Within One Year (299,426 ) (275,113 )
NET CURRENT ASSETS (LIABILITIES) 182,243 191,634
TOTAL ASSETS LESS CURRENT LIABILITIES 197,296 205,209
Creditors: Amounts Falling Due After More Than One Year (22,063 ) (42,597 )
NET ASSETS 175,233 162,612
CAPITAL AND RESERVES
Called up share capital 5 150 150
Profit and Loss Account 175,083 162,462
SHAREHOLDERS' FUNDS 175,233 162,612
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 November 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Conor Moran
Director
28/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Errigal Motor Company Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI634742 . The registered office is 34-36 Dundrod Road, Nutts Corner, Crumlin, BT29 4ST.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% SL
Motor Vehicles 20% SL
Fixtures & Fittings 10% SL
Computer Equipment 20% SL
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Total
£
Cost
As at 1 December 2022 42,283
Additions 10,009
As at 30 November 2023 52,292
Depreciation
As at 1 December 2022 28,708
Provided during the period 8,531
As at 30 November 2023 37,239
Net Book Value
As at 30 November 2023 15,053
As at 1 December 2022 13,575
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 150 150
6. Related Party Transactions
Conor MoranDirector and ShareholderIncluded in the creditors figure is a Loan from the Director. As at 30 November 2023, the amount due back to the director was £171,704 (2022 - £163,993). The Loan is interest free and repayable on demand

Conor Moran

Director and Shareholder

Included in the creditors figure is a Loan from the Director. As at 30 November 2023, the amount due back to the director was £171,704 (2022 - £163,993). The Loan is interest free and repayable on demand

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