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REGISTERED NUMBER: 06042799 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

MCDOUGAL & BREEN LTD

MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MCDOUGAL & BREEN LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr. M Breen



REGISTERED OFFICE: 71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



REGISTERED NUMBER: 06042799 (England and Wales)



ACCOUNTANTS: Read, Milburn & Co
71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



BANKERS: Barclays Bank plc
Leicester

MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,991 387,682

CURRENT ASSETS
Stocks 407,754 261,275
Debtors 5 9,915 3,071
Cash at bank and in hand 142,698 49,985
560,367 314,331
CREDITORS
Amounts falling due within one year 6 252,655 363,598
NET CURRENT ASSETS/(LIABILITIES) 307,712 (49,267 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,703

338,415

CREDITORS
Amounts falling due after more than one
year

7

(69,055

)

(174,785

)

PROVISIONS FOR LIABILITIES (5,698 ) (3,705 )
NET ASSETS 262,950 159,925

CAPITAL AND RESERVES
Called up share capital 32,432 32,432
Capital redemption reserve 17,568 17,568
Retained earnings 212,950 109,925
SHAREHOLDERS' FUNDS 262,950 159,925

MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 23 January 2025 and were signed by:





Mr. M Breen - Director


MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

McDougal & Breen Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents sales of vehicles and accessories net of VAT and trade discounts. Turnover is recognised when the right of ownership passes to the customers.

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% on cost
Fixtures and fittings - 15% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is the amount initially paid for each vehicle and net realisable value represents estimated selling price less any costs necessary to complete the sale.

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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 9 ) .

MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 434,228 52,104 486,332
Additions - 34,115 34,115
Disposals (434,228 ) (47,165 ) (481,393 )
At 30 June 2024 - 39,054 39,054
DEPRECIATION
At 1 July 2023 66,048 32,602 98,650
Charge for year - 5,297 5,297
Eliminated on disposal (66,048 ) (28,836 ) (94,884 )
At 30 June 2024 - 9,063 9,063
NET BOOK VALUE
At 30 June 2024 - 29,991 29,991
At 30 June 2023 368,180 19,502 387,682

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 9,915 3,071

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 218,323 251,921
Trade creditors 7,793 8,265
Taxation and social security 23,262 26,369
Other creditors 3,277 77,043
252,655 363,598

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 69,055 174,785

MCDOUGAL & BREEN LTD (REGISTERED NUMBER: 06042799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,500 341
Between one and five years 30,625 1,364
48,125 1,705

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan - 84,314
Stock loan 159,978 165,696
159,978 250,010

The bank loan was secured on the trading premises and was repaid in the year. The stock loan is secured over the vehicle stock and is repayable on demand.