Company registration number SC250412 (Scotland)
PAT MCGINLEY AUTOCARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PAT MCGINLEY AUTOCARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PAT MCGINLEY AUTOCARE LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
283,639
181,381
Current assets
Stocks
148,500
129,069
Debtors
4
626,635
1,017,513
Cash at bank and in hand
251,273
175,383
1,026,408
1,321,965
Creditors: amounts falling due within one year
5
(539,413)
(546,086)
Net current assets
486,995
775,879
Total assets less current liabilities
770,634
957,260
Deferred tax liability
(67,629)
(41,760)
Net assets
703,005
915,500
Capital and reserves
Called up share capital
6
100,000
100,000
Profit and loss reserves
603,005
815,500
Total equity
703,005
915,500

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
A G Mulvenna
Director
Company Registration No. SC250412
PAT MCGINLEY AUTOCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Pat McGinley Autocare Limited is a private company limited by shares incorporated in Scotland. The registered office is Thain House, 226 Queensferry Road, Edinburgh, EH4 2BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Itruet is the directors' intention to transfer the company's trade and assets to its parent company, Farmer Autocare Limited, within 12 months of signing these accounts. The accounts have therefore been prepared on a basis other than going concern. No accounting adjustments were required in respect of this.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
20% straight line
Plant and machinery
10-33% straight line
Fixtures, fittings & equipment
20-33% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
Stocks

Stock is valued at the lower of cost and net realisable value.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PAT MCGINLEY AUTOCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PAT MCGINLEY AUTOCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
41
41
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
30,089
878,253
908,342
Additions
-
0
181,500
181,500
At 31 July 2024
30,089
1,059,753
1,089,842
Depreciation and impairment
At 1 August 2023
30,089
696,872
726,961
Depreciation charged in the year
-
0
79,242
79,242
At 31 July 2024
30,089
776,114
806,203
Carrying amount
At 31 July 2024
-
0
283,639
283,639
At 31 July 2023
-
0
181,381
181,381
PAT MCGINLEY AUTOCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,606
85,830
Amounts owed by group undertakings
435,670
823,620
Other debtors
131,359
108,063
626,635
1,017,513
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
304,250
319,053
Corporation tax
58,003
44,218
Other taxation and social security
147,526
132,294
Other creditors
29,634
50,521
539,413
546,086
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £651,967 (2023: £252,858).

8
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

9
Parent company

The parent company of Pat McGinley Autocare Limited is Farmer Autocare Limited, a company registered in Scotland. Farmer Autocare Limited prepares group financial statements and copies can be obtained from its registered office, Thain House, 226 Queensferry Road, Edinburgh, EH4 2BP.

PAT MCGINLEY AUTOCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to transfer the trade and assets of the company to its parent and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
1 November 2024
2024-07-312023-08-01falsefalsefalse01 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityP R McGinleyG J DolanA G MulvennaC F McNeillA G MulvennaSC2504122023-08-012024-07-31SC2504122024-07-31SC2504122023-07-31SC250412core:LandBuildings2024-07-31SC250412core:OtherPropertyPlantEquipment2024-07-31SC250412core:LandBuildings2023-07-31SC250412core:OtherPropertyPlantEquipment2023-07-31SC250412core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-31SC250412core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-31SC250412core:CurrentFinancialInstruments2024-07-31SC250412core:CurrentFinancialInstruments2023-07-31SC250412core:ShareCapital2024-07-31SC250412core:ShareCapital2023-07-31SC250412core:RetainedEarningsAccumulatedLosses2024-07-31SC250412core:RetainedEarningsAccumulatedLosses2023-07-31SC250412bus:CompanySecretaryDirector12023-08-012024-07-31SC250412core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-012024-07-31SC250412core:PlantMachinery2023-08-012024-07-31SC250412core:FurnitureFittings2023-08-012024-07-31SC250412core:MotorVehicles2023-08-012024-07-31SC2504122022-08-012023-07-31SC250412core:LandBuildings2023-07-31SC250412core:OtherPropertyPlantEquipment2023-07-31SC2504122023-07-31SC250412core:LandBuildings2023-08-012024-07-31SC250412core:OtherPropertyPlantEquipment2023-08-012024-07-31SC250412core:WithinOneYear2024-07-31SC250412core:WithinOneYear2023-07-31SC250412bus:PrivateLimitedCompanyLtd2023-08-012024-07-31SC250412bus:FRS1022023-08-012024-07-31SC250412bus:Audited2023-08-012024-07-31SC250412bus:Director12023-08-012024-07-31SC250412bus:Director22023-08-012024-07-31SC250412bus:Director32023-08-012024-07-31SC250412bus:Director42023-08-012024-07-31SC250412bus:CompanySecretary12023-08-012024-07-31SC250412bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC250412bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP