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McLoughlin Decorating Limited

Registered Number
03120141
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

McLoughlin Decorating Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Mr S Cassidy
Miss E McLoughlin
Mr J McLoughlin
Mr K McLoughlin
Mr S McLoughlin

Registered Address

2nd Floor 94 Silver Street
Enfield
EN1 3TW

Registered Number

03120141 (England and Wales)
McLoughlin Decorating Limited
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets369,94873,123
Investments4100100
70,04873,223
Current assets
Stocks557,64062,999
Debtors62,995,0883,080,394
Cash at bank and on hand674,799333,655
3,727,5273,477,048
Creditors amounts falling due within one year7(1,314,674)(1,168,787)
Net current assets (liabilities)2,412,8532,308,261
Total assets less current liabilities2,482,9012,381,484
Creditors amounts falling due after one year8(240,862)(187,353)
Provisions for liabilities10(8,354)(8,564)
Net assets2,233,6852,185,567
Capital and reserves
Called up share capital2,0002,000
Profit and loss account2,231,6852,183,567
Shareholders' funds2,233,6852,185,567
The financial statements were approved and authorised for issue by the Board of Directors on 24 February 2025, and are signed on its behalf by:
Mr K McLoughlin
Director
Registered Company No. 03120141
McLoughlin Decorating Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. 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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Land and buildings leasehold : straight line over 5 years.

Reducing balance (%)Straight line (years)
Plant and machinery20-
Fixtures and fittings-4
Vehicles-4
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year5650
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 249,725168,125232,21119,279429,340
Additions-4,35313,024-17,377
Disposals--(53,000)-(53,000)
At 31 December 249,725172,478192,23519,279393,717
Depreciation and impairment
At 01 January 249,725101,002226,21119,279356,217
Charge for year-14,2966,256-20,552
On disposals--(53,000)-(53,000)
At 31 December 249,725115,298179,46719,279323,769
Net book value
At 31 December 24-57,18012,768-69,948
At 31 December 23-67,1236,000-73,123
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 24100100
At 31 December 24100100
Net book value
At 31 December 24100100
At 31 December 23100100

Notes

1Investments in group undertakings and participating interests
5.Stocks

2024

2023

££
Raw materials and consumables57,64062,999
Total57,64062,999
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables662,007629,345
Amounts owed by group undertakings843,1731,094,561
Amounts owed by associates and joint ventures / participating interests9,2719,271
Other debtors14,56933,702
Prepayments and accrued income1,466,0681,313,515
Total2,995,0883,080,394
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables395,287566,986
Bank borrowings and overdrafts202,341140,000
Amounts owed to related parties142,77059,787
Taxation and social security449,793320,515
Finance lease and HP contracts6862,741
Other creditors79,79757,300
Accrued liabilities and deferred income44,00021,458
Total1,314,6741,168,787
The company's finance leases shown as due both within and after one year are secured against the asset to which they relate. Lloyds Bank PLC hold a fixed and floating charge dated 15 August 2014 by way of a debenture. The charge is over all the assets of the company.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts240,862186,667
Other creditors-686
Total240,862187,353
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-686
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,3548,564
Total8,3548,564
11.Operating lease commitments
At the year end the company had non-cancellable operating lease commitments of £15,375 (2023 - £95,284).
12.Directors advances, credits and guarantees
At the year end the company owed the directors £3,009 (2023 - £480) by way of their current account.