IRIS Accounts Production v24.3.0.553 NI058436 Board of Directors Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0584362023-03-31NI0584362024-03-31NI0584362023-04-012024-03-31NI0584362022-03-31NI0584362022-04-012023-03-31NI0584362023-03-31NI058436ns15:NorthernIreland2023-04-012024-03-31NI058436ns14:PoundSterling2023-04-012024-03-31NI058436ns10:Director12023-04-012024-03-31NI058436ns10:Director22023-04-012024-03-31NI058436ns10:Director32023-04-012024-03-31NI058436ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI058436ns10:SmallEntities2023-04-012024-03-31NI058436ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31NI058436ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI058436ns10:FullAccounts2023-04-012024-03-31NI05843612023-04-012024-03-31NI058436ns10:CompanySecretary12023-04-012024-03-31NI058436ns10:RegisteredOffice2023-04-012024-03-31NI058436ns5:CurrentFinancialInstruments2024-03-31NI058436ns5:CurrentFinancialInstruments2023-03-31NI058436ns5:Non-currentFinancialInstruments2024-03-31NI058436ns5:Non-currentFinancialInstruments2023-03-31NI058436ns5:ShareCapital2024-03-31NI058436ns5:ShareCapital2023-03-31NI058436ns5:RetainedEarningsAccumulatedLosses2024-03-31NI058436ns5:RetainedEarningsAccumulatedLosses2023-03-31NI058436ns5:NetGoodwill2023-04-012024-03-31NI058436ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31NI058436ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-04-012024-03-31NI058436ns5:PlantMachinery2023-04-012024-03-31NI058436ns5:FurnitureFittings2023-04-012024-03-31NI058436ns5:ComputerEquipment2023-04-012024-03-31NI058436ns5:NetGoodwill2023-03-31NI058436ns5:NetGoodwill2024-03-31NI058436ns5:NetGoodwill2023-03-31NI058436ns5:LandBuildings2023-03-31NI058436ns5:PlantMachinery2023-03-31NI058436ns5:FurnitureFittings2023-03-31NI058436ns5:ComputerEquipment2023-03-31NI058436ns5:LandBuildings2023-04-012024-03-31NI058436ns5:LandBuildings2024-03-31NI058436ns5:PlantMachinery2024-03-31NI058436ns5:FurnitureFittings2024-03-31NI058436ns5:ComputerEquipment2024-03-31NI058436ns5:LandBuildings2023-03-31NI058436ns5:PlantMachinery2023-03-31NI058436ns5:FurnitureFittings2023-03-31NI058436ns5:ComputerEquipment2023-03-31NI058436ns5:CostValuation2023-03-31NI058436ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI058436ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: NI058436 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Derek Loane Motors Ltd

Derek Loane Motors Ltd (Registered number: NI058436)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


Derek Loane Motors Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Derek Loane
David Loane
Mrs E Loane



SECRETARY: David Loane



REGISTERED OFFICE: 31 Sydney Street
AUGHNACLOY
Co. Tyrone
BT69 6AE



REGISTERED NUMBER: NI058436 (Northern Ireland)



ACCOUNTANTS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG



SOLICITORS: Simmons Meglaughlin & Orr
20 Northland Row
Dungannon
Co Tyrone
BT71 6BL

Derek Loane Motors Ltd

Report of the Accountants to the Directors of
Derek Loane Motors Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG


3 October 2024

Derek Loane Motors Ltd (Registered number: NI058436)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 42,803 51,481
Investments 6 - -
42,803 51,481

CURRENT ASSETS
Stocks 847,503 859,474
Debtors 7 153,439 158,980
Cash in hand 60 90
1,001,002 1,018,544
CREDITORS
Amounts falling due within one year 8 326,514 373,874
NET CURRENT ASSETS 674,488 644,670
TOTAL ASSETS LESS CURRENT LIABILITIES 717,291 696,151

CREDITORS
Amounts falling due after more than one year 9 (150,000 ) (150,000 )

PROVISIONS FOR LIABILITIES (9,781 ) (9,781 )
NET ASSETS 557,510 536,370

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings 497,510 476,370
SHAREHOLDERS' FUNDS 557,510 536,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Derek Loane Motors Ltd (Registered number: NI058436)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:




Derek Loane - Director David Loane - Director




Mrs E Loane - Director


Derek Loane Motors Ltd (Registered number: NI058436)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Derek Loane Motors Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2%/3% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Derek Loane Motors Ltd (Registered number: NI058436)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 225,000
AMORTISATION
At 1 April 2023
and 31 March 2024 225,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 18,970 74,619 79,024 34,546 207,159
Additions - - - 656 656
At 31 March 2024 18,970 74,619 79,024 35,202 207,815
DEPRECIATION
At 1 April 2023 6,443 59,578 57,195 32,462 155,678
Charge for year 379 2,256 5,494 1,205 9,334
At 31 March 2024 6,822 61,834 62,689 33,667 165,012
NET BOOK VALUE
At 31 March 2024 12,148 12,785 16,335 1,535 42,803
At 31 March 2023 12,527 15,041 21,829 2,084 51,481

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 2,327
PROVISIONS
At 1 April 2023
and 31 March 2024 2,327
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Derek Loane Motors Ltd (Registered number: NI058436)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 148,571 153,942
Prepayments and accrued income 4,868 5,038
153,439 158,980

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 25,118 147,343
Trade creditors 80,762 61,399
Tax 26,552 12,852
Social security and other taxes 6,227 5,382
VAT 39,965 10,159
Directors' current accounts 142,363 130,588
Accrued expenses 5,527 6,151
326,514 373,874

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Directors' Loan 150,000 150,000