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DMC MOTOR FACTORS LIMITED

Registered Number
NI609508
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 December 2023

DMC MOTOR FACTORS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Brendan McCartan

Registered Address

43 Clarendon Street
Derry
BT48 7ER

Registered Number

NI609508 (Northern Ireland)
DMC MOTOR FACTORS LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4300,920278,021
300,920278,021
Current assets
Stocks146,257131,257
Debtors242,248228,647
Cash at bank and on hand68,617109,080
457,122468,984
Creditors amounts falling due within one year(455,566)(501,496)
Net current assets (liabilities)1,556(32,512)
Total assets less current liabilities302,476245,509
Creditors amounts falling due after one year(14,727)(24,496)
Provisions for liabilities(14,012)(6,020)
Net assets273,737214,993
Capital and reserves
Called up share capital100100
Profit and loss account273,637214,893
Shareholders' funds273,737214,993
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
Brendan McCartan
Director
Registered Company No. NI609508
DMC MOTOR FACTORS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property - 2% straight line Plant & machinery - 25% reducing balance Fixtures & fittings - 20% reducing balance Motor vehicles - 25% reducing balance
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year45
3.Intangible assets

Total

£
Cost or valuation
At 01 January 23125,000
At 31 December 23125,000
Amortisation and impairment
At 01 January 23125,000
At 31 December 23125,000
Net book value
At 31 December 23-
At 31 December 22-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23433,537
Additions45,060
Disposals(9,700)
At 31 December 23468,897
Depreciation and impairment
At 01 January 23155,516
Charge for year20,894
On disposals(8,433)
At 31 December 23167,977
Net book value
At 31 December 23300,920
At 31 December 22278,021