Year Ended
Registration number:
Darren MacDonald Funeral Directors Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Darren MacDonald Funeral Directors Limited
Balance Sheet
30 June 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Darren MacDonald Funeral Directors Limited
Balance Sheet
30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 09096171
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director has considered if there is sufficient working capital to meet these requirements, along with scheduled borrowing repayments, for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on the information available to date the director is satisfied that the company has sufficient cash balances to meet these requirements and, accordingly, the director continues to adopt the going concern basis of presentation.
Revenue recognition
Turnover represents amounts chargeable in respect of goods and services provided to customers.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
15% per annum, reducing balance |
Other property, plant and equipment |
25% per annum, reducing balance |
Furniture, fittings and equipment |
25% per annum, reducing balance |
Land and buildings |
Nil |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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Disposals |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Included within the net book value of land and buildings above is £264,621 (2023 - £264,621) in respect of freehold land and buildings of which there is a legal charge on the property.
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Other debtors |
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Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Security has been given on the aggregate value of finance leases held by the company.
Darren MacDonald Funeral Directors Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £