Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 NI048826 Mr Neil Watson Mr Darren Crooks Mr Neil Watson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI048826 2022-12-31 NI048826 2023-12-31 NI048826 2023-01-01 2023-12-31 NI048826 frs-core:CurrentFinancialInstruments 2023-12-31 NI048826 frs-core:ComputerEquipment 2023-01-01 2023-12-31 NI048826 frs-core:FurnitureFittings 2023-12-31 NI048826 frs-core:FurnitureFittings 2023-01-01 2023-12-31 NI048826 frs-core:FurnitureFittings 2022-12-31 NI048826 frs-core:WithinOneYear 2023-12-31 NI048826 frs-core:ShareCapital 2023-12-31 NI048826 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI048826 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI048826 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI048826 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI048826 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI048826 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI048826 frs-bus:Director1 2023-01-01 2023-12-31 NI048826 frs-bus:Director2 2023-01-01 2023-12-31 NI048826 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 NI048826 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI048826 2021-12-31 NI048826 2022-12-31 NI048826 2022-01-01 2022-12-31 NI048826 frs-core:CurrentFinancialInstruments 2022-12-31 NI048826 frs-core:WithinOneYear 2022-12-31 NI048826 frs-core:ShareCapital 2022-12-31 NI048826 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI048826
Mallusk Auto Centre Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Michael Watson Accountancy
22 Laganvale
Lurganure Road
Maze
Antrim
BT28 2XA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: NI048826
2023 2022
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 301,968 266,857
Debtors 6 42,210 40,343
Cash at bank and in hand 196,385 109,397
540,563 416,597
Creditors: Amounts Falling Due Within One Year 7 (371,603 ) (280,568 )
NET CURRENT ASSETS (LIABILITIES) 168,960 136,029
TOTAL ASSETS LESS CURRENT LIABILITIES 168,960 136,029
NET ASSETS 168,960 136,029
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 168,958 136,027
SHAREHOLDERS' FUNDS 168,960 136,029
For the year ending 31 December 2023 the company was entitled to exemption from audit 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.
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.
On behalf of the board
Mr Neil Watson
Director
Mr Darren Crooks
Director
30/08/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Mallusk Auto Centre Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI048826 . The registered office is 607 Antrim Road, Newtownabbey, County Antrim, BT36 4RF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Sales, marketing and distribution 2 2
2 2
Page 2
Page 3
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 1,275
As at 31 December 2023 1,275
Depreciation
As at 1 January 2023 1,275
As at 31 December 2023 1,275
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Stocks
2023 2022
£ £
Finished goods 301,968 266,857
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,594 4,190
Prepayments and accrued income 29,381 28,990
Other debtors - 7,163
VAT 7,235 -
42,210 40,343
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 234,922 163,560
Trade creditors 20,640 15,676
Corporation tax 27,972 14,703
Other taxes and social security 171 382
VAT - 6,382
Accruals and deferred income 3,042 428
Directors' loan accounts 84,856 79,437
371,603 280,568
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 234,922 163,560
Page 3
Page 4
9. Deferred Taxation
The provision for deferred tax is made up as follows:
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 64,000 64,000
64,000 64,000
Page 4