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J MCGRAIL LIMITED

Registered Number
05861800
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

J MCGRAIL LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Director

MCGRAIL, Joanne Mary

Company Secretary

HOWARD, Fiona

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

05861800 (England and Wales)
J MCGRAIL LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets55,7766,795
5,7766,795
Current assets
Stocks65,0005,000
Debtors794,89385,419
Cash at bank and on hand-573
99,89390,992
Creditors amounts falling due within one year8(73,595)(62,674)
Net current assets (liabilities)26,29828,318
Total assets less current liabilities32,07435,113
Creditors amounts falling due after one year9(30,454)(32,793)
Provisions for liabilities10(1,097)(1,291)
Net assets5231,029
Capital and reserves
Called up share capital100100
Profit and loss account423929
Shareholders' funds5231,029
The financial statements were approved and authorised for issue by the Director on 26 February 2025, and are signed on its behalf by:
MCGRAIL, Joanne Mary
Director
Registered Company No. 05861800
J MCGRAIL LIMITED
Notes to the Financial Statements
for the year ended 30 September 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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.
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
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year910
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 23105,000105,000
At 30 September 24105,000105,000
Amortisation and impairment
At 01 October 23105,000105,000
At 30 September 24105,000105,000
Net book value
At 30 September 24--
At 30 September 23--
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 October 2335,7183,96439,682
At 30 September 2435,7183,96439,682
Depreciation and impairment
At 01 October 2330,6812,20632,887
Charge for year7552641,019
At 30 September 2431,4362,47033,906
Net book value
At 30 September 244,2821,4945,776
At 30 September 235,0371,7586,795
6.Stocks

2024

2023

££
Finished goods5,0005,000
Total5,0005,000
7.Debtors: amounts due within one year

2024

2023

££
Other debtors83,66673,465
Prepayments and accrued income11,22711,954
Total94,89385,419
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables23,63624,046
Bank borrowings and overdrafts8,7255,022
Taxation and social security38,98031,481
Other creditors2,2542,125
Total73,59562,674
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts30,45432,793
Total30,45432,793
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,0971,291
Total1,0971,291
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
MCGRAIL, Joanne Mary54,47313,7317,00061,204
54,47313,7317,00061,204
Mrs J M McGrail. Interest of £1,347 (2023: £1,068) was charged at the official rate of interest of 2.25% to 30 September 2024