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Registration number: 14316606

L&M McKay Ltd

trading as Dream Doors Bath

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

L&M McKay Ltd

trading as Dream Doors Bath

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

L&M McKay Ltd

trading as Dream Doors Bath

(Registration number: 14316606)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,320

27,940

Tangible assets

5

21,041

25,512

 

41,361

53,452

Current assets

 

Stocks

6

14,435

25,910

Debtors

7

15,221

15,790

Cash at bank and in hand

 

28,156

30,367

 

57,812

72,067

Creditors: Amounts falling due within one year

8

(326,438)

(280,630)

Net current liabilities

 

(268,626)

(208,563)

Net liabilities

 

(227,265)

(155,111)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(227,267)

(155,113)

Shareholders' deficit

 

(227,265)

(155,111)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

L&M McKay Ltd

trading as Dream Doors Bath

(Registration number: 14316606)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

.........................................
Mrs Lorraine Elizabeth McKay
Director

.........................................
Mr Malcolm Alister McKay
Director

 

L&M McKay Ltd

trading as Dream Doors Bath

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
12 Bannerdown Close
Batheaston
Bath
BA1 7JN

These financial statements were authorised for issue by the Board on 24 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

L&M McKay Ltd

trading as Dream Doors Bath

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Fixtures and fittings

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

Franchise fee

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

L&M McKay Ltd

trading as Dream Doors Bath

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

L&M McKay Ltd

trading as Dream Doors Bath

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

15,000

23,100

38,100

At 31 December 2024

15,000

23,100

38,100

Amortisation

At 1 January 2024

4,000

6,160

10,160

Amortisation charge

3,000

4,620

7,620

At 31 December 2024

7,000

10,780

17,780

Carrying amount

At 31 December 2024

8,000

12,320

20,320

At 31 December 2023

11,000

16,940

27,940

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

29,918

29,918

At 31 December 2024

29,918

29,918

Depreciation

At 1 January 2024

4,406

4,406

Charge for the year

4,471

4,471

At 31 December 2024

8,877

8,877

Carrying amount

At 31 December 2024

21,041

21,041

At 31 December 2023

25,512

25,512

 

L&M McKay Ltd

trading as Dream Doors Bath

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

14,435

25,910

7

Debtors

Current

2024
£

2023
£

Trade debtors

8,585

8,072

Prepayments

6,636

7,718

 

15,221

15,790

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

15,943

27,683

Taxation and social security

13,614

17,921

Accruals and deferred income

19,234

21,683

Other creditors

277,647

213,343

326,438

280,630