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REGISTERED NUMBER: NI614962 (Northern Ireland)













MCHUGHS TYRES AND FUEL LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


MCHUGHS TYRES AND FUEL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: John James McHugh
Mark McHugh



SECRETARY: John James McHugh



REGISTERED OFFICE: 15 Railway Street
Strabane
Co. Tyrone
BT82 8EG



REGISTERED NUMBER: NI614962 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Bank of Ireland
25 Campsie Road
OMAGH
Co. Tyrone
BT79 0AE

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MCHUGHS TYRES AND FUEL LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 October 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


6 March 2025

MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,419 14,837
Tangible assets 5 452,283 186,272
459,702 201,109

CURRENT ASSETS
Stocks 206,283 230,831
Debtors 6 151,329 320,860
Cash at bank and in hand 48,682 88,892
406,294 640,583
CREDITORS
Amounts falling due within one year 7 254,102 241,736
NET CURRENT ASSETS 152,192 398,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

611,894

599,956

CREDITORS
Amounts falling due after more than one
year

8

(6,721

)

(19,042

)

PROVISIONS FOR LIABILITIES (37,636 ) (46,568 )
NET ASSETS 567,537 534,346

MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

BALANCE SHEET - continued
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 567,527 534,336
SHAREHOLDERS' FUNDS 567,537 534,346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:




John James McHugh - Director



Mark McHugh - Director


MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

McHughs Tyres and Fuel Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Turnover
Represents sales made exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - 2% straight line
Plant & machinery - 15% straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 74,189
AMORTISATION
At 1 November 2023 59,352
Charge for year 7,418
At 31 October 2024 66,770
NET BOOK VALUE
At 31 October 2024 7,419
At 31 October 2023 14,837

5. TANGIBLE FIXED ASSETS
Freehold Plant &
property machinery Totals
£    £    £   
COST
At 1 November 2023 - 396,651 396,651
Additions 316,593 61,943 378,536
Disposals - (190,690 ) (190,690 )
At 31 October 2024 316,593 267,904 584,497
DEPRECIATION
At 1 November 2023 - 210,379 210,379
Charge for year 6,332 34,179 40,511
Eliminated on disposal - (118,676 ) (118,676 )
At 31 October 2024 6,332 125,882 132,214
NET BOOK VALUE
At 31 October 2024 310,261 142,022 452,283
At 31 October 2023 - 186,272 186,272

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 82,041 95,192
Other debtors 69,288 225,668
151,329 320,860

MCHUGHS TYRES AND FUEL LTD (REGISTERED NUMBER: NI614962)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,644 10,644
Trade creditors 124,411 113,121
Taxation and social security 58,882 48,443
Other creditors 60,165 69,528
254,102 241,736

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 6,721 16,798
Other creditors - 2,244
6,721 19,042

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan - 2,244

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 October 2023, the company owed members of key personnel £2,244. This is presented within creditors: amounts falling due after more than one year.

At 31 October 2024, members of key personnel owed the company £48,751. This is presented within other debtors: amounts falling due within one year.

10. RELATED PARTY DISCLOSURES

McHugh's Oil Ltd

Mr J McHugh is a director in this company

2024 2023

Amount due to related party at the balance sheet date £51,321 £51,321