Company registration number 04921423 (England and Wales)
G P MCDERMOTT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
G P MCDERMOTT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
G P MCDERMOTT LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,858
15,161
Current assets
Stocks
4,744
4,706
Debtors
5
9,276
1,654
Cash at bank and in hand
1,638
2,849
15,658
9,209
Creditors: amounts falling due within one year
6
(21,409)
(13,259)
Net current liabilities
(5,751)
(4,050)
Net assets
107
11,111
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7
11,011
Total equity
107
11,111

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

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 7 March 2025
Mr G P McDermott
Director
Company registration number 04921423 (England and Wales)
G P MCDERMOTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
100
27,155
27,255
Year ended 31 October 2023:
Loss and total comprehensive income
-
(10,944)
(10,944)
Dividends
-
(5,200)
(5,200)
Balance at 31 October 2023
100
11,011
11,111
Year ended 31 October 2024:
Profit and total comprehensive income
-
7,116
7,116
Dividends
-
(18,120)
(18,120)
Balance at 31 October 2024
100
7
107
G P MCDERMOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

G P McDermott Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Charcoal Barn, Newland, ULVERSTON, LA12 7QG.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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
10% on the reducing balance
Plant and machinery
20% on the reducing balance
Fixtures, fittings & equipment
15% on the reducing balance
Computer equipment
33.33% on the reducing balance
Motor vehicles
25% on the reducing balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Taxation

The tax expense represents the tax currently payable. Deferred tax is not provided.

G P MCDERMOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Retirement benefits

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

2
Employees

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

2024
2023
Number
Number
Total
1
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
96,600
Amortisation and impairment
At 1 November 2023 and 31 October 2024
96,600
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
G P MCDERMOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
5,158
85,109
90,267
Disposals
-
0
(57,184)
(57,184)
At 31 October 2024
5,158
27,925
33,083
Depreciation and impairment
At 1 November 2023
2,749
72,357
75,106
Depreciation charged in the year
241
885
1,126
Eliminated in respect of disposals
-
0
(49,007)
(49,007)
At 31 October 2024
2,990
24,235
27,225
Carrying amount
At 31 October 2024
2,168
3,690
5,858
At 31 October 2023
2,409
12,752
15,161
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
473
Other debtors
9,276
1,181
9,276
1,654
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,490
10,765
Trade creditors
10,140
-
0
Corporation tax
3,851
-
0
Other creditors
1,928
2,494
21,409
13,259
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