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COMPANY REGISTRATION NUMBER: 02055088
P McGAFFIGAN AND SONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
P McGAFFIGAN AND SONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
379,566
379,685
Current assets
Stocks
440,961
415,818
Debtors
6
13,726
68,441
Cash at bank and in hand
957
144
-----------
-----------
455,644
484,403
Creditors: amounts falling due within one year
7
610,992
682,516
-----------
-----------
Net current liabilities
155,348
198,113
-----------
-----------
Total assets less current liabilities
224,218
181,572
Creditors: amounts falling due after more than one year
8
218,989
218,879
-----------
-----------
Net assets/(liabilities)
5,229
( 37,307)
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
206,859
206,859
Profit and loss account
( 201,730)
( 244,266)
-----------
-----------
Shareholders funds/(deficit)
5,229
( 37,307)
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P McGAFFIGAN AND SONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
Mr P G Modley
Director
Company registration number: 02055088
P McGAFFIGAN AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Main Road, Bolton le Sands, Carnforth, LA5 8EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the transaction price net of discounts and of VAT. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. Revenue from the sale of goods is recognised on delivery.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
Land and buildings are not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
364,330
141,565
24,500
15,919
546,314
Additions
3,720
3,720
-----------
-----------
---------
---------
-----------
At 30 September 2024
368,050
141,565
24,500
15,919
550,034
-----------
-----------
---------
---------
-----------
Depreciation
At 1 October 2023
137,213
14,375
15,041
166,629
Charge for the year
1,088
2,531
220
3,839
-----------
-----------
---------
---------
-----------
At 30 September 2024
138,301
16,906
15,261
170,468
-----------
-----------
---------
---------
-----------
Carrying amount
At 30 September 2024
368,050
3,264
7,594
658
379,566
-----------
-----------
---------
---------
-----------
At 30 September 2023
364,330
4,352
10,125
878
379,685
-----------
-----------
---------
---------
-----------
The land and buildings were professionally valued in May 2019 by HAM Surveyors. The value has been reflected in the above carrying amount at the reporting date. The value of land and buildings under the historical cost model at the reporting date was £130,604.
6. Debtors
2024
2023
£
£
Trade debtors
8,633
57,315
Other debtors
5,093
11,126
---------
---------
13,726
68,441
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,065
75,344
Trade creditors
60,494
103,118
Social security and other taxes
50,971
29,668
Other creditors
475,462
474,386
-----------
-----------
610,992
682,516
-----------
-----------
The bank loan and overdraft are secured by fixed and floating charges over the assets of the company.
Obligations under finance leases are secured against the relevant tangible fixed assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
113,742
109,200
Other creditors
105,247
109,679
-----------
-----------
218,989
218,879
-----------
-----------
9. Directors' advances, credits and guarantees
The directors have a loan account with the company. This remained in credit throughout the period and the balance at the year end date was £389,800.14 (2023: £347,962). No interest was charged to the company by the directors for this loan.
10. Revaluation reserve
The reserve was created in the year ended 30th September 1990 and represents the increase in value of the Company's Land and buildings over the cost price on 1st October 1986.