Company registration number SC218542 (Scotland)
JAMES MURPHY OF FALKIRK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
JAMES MURPHY OF FALKIRK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JAMES MURPHY OF FALKIRK LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
87,857
-
0
Tangible assets
4
31,091
40,170
118,948
40,170
Current assets
Stocks
103,700
4,500
Debtors
5
148,965
174,696
Cash at bank and in hand
253,979
417,193
506,644
596,389
Creditors: amounts falling due within one year
6
(362,600)
(270,606)
Net current assets
144,044
325,783
Total assets less current liabilities
262,992
365,953
Provisions for liabilities
(7,086)
(9,205)
Net assets
255,906
356,748
Capital and reserves
Called up share capital
22,500
22,500
Profit and loss reserves
233,406
334,248
Total equity
255,906
356,748

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 July 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.

JAMES MURPHY OF FALKIRK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 April 2025
Mr G Pollock
Director
Company Registration No. SC218542
JAMES MURPHY OF FALKIRK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

James Murphy of Falkirk Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 4, Lochlands Industrial Estate, Larbert, Stirlingshire, United Kingdom, FK5 3NS.

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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of incorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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:

Plant and equipment
- 15% on reducing balance
Fixtures and fittings
- 15% on reducing balance
Computers Equipment
- 33% on cost
Motor vehicles
- 25% on cost

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 the profit and loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. After making due allowances for obsolete and slow moving items.

JAMES MURPHY OF FALKIRK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

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

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

1.11
Retirement benefits

The company pays contributions towards the personal pension arrangements of its directors and certain members of staff.

JAMES MURPHY OF FALKIRK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023
14,000
Additions
93,300
At 31 July 2024
107,300
Amortisation and impairment
At 1 August 2023
14,000
Amortisation charged for the year
5,443
At 31 July 2024
19,443
Carrying amount
At 31 July 2024
87,857
At 31 July 2023
-
0
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
381,557
18,082
8,915
44,052
452,606
Additions
4,200
-
0
-
0
-
0
4,200
At 31 July 2024
385,757
18,082
8,915
44,052
456,806
Depreciation and impairment
At 1 August 2023
351,349
16,361
8,364
36,362
412,436
Depreciation charged in the year
4,899
257
433
7,690
13,279
At 31 July 2024
356,248
16,618
8,797
44,052
425,715
Carrying amount
At 31 July 2024
29,509
1,464
118
-
0
31,091
At 31 July 2023
30,208
1,721
551
7,690
40,170
JAMES MURPHY OF FALKIRK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,786
101,472
Amounts owed by group undertakings
29,140
54,420
Other debtors
20,039
18,804
148,965
174,696
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
163,947
46,478
Taxation and social security
19,901
30,909
Other creditors
178,752
193,219
362,600
270,606
7
Secured debts

The Royal Bank of Scotland PLC holds a bond and floating charge over all property and assets of the company.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
23,511
-

The above loans are unsecured, interest free and repayable on demand.

2024
2023
Amounts due from related parties
£
£
Amounts due from related parties
29,140
54,420

The above loans are unsecured, interest free and repayable on demand.

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