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REGISTERED NUMBER: 05984381 (England and Wales)












MCNAMARA & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2024






MCNAMARA & SON LIMITED (REGISTERED NUMBER: 05984381)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MCNAMARA & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: J K McNamara





SECRETARY:





REGISTERED OFFICE: Elmsleigh
Bickington
Barnstaple
Devon
EX31 2JG





REGISTERED NUMBER: 05984381 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Chartered Accountants
Castle Chambers
6 Westgate Hill
Pembroke
Pembrokeshire
SA71 4LB

MCNAMARA & SON LIMITED (REGISTERED NUMBER: 05984381)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 228,533 277,691

CURRENT ASSETS
Debtors 5 111,490 130,666
Cash at bank 35,045 27,879
146,535 158,545
CREDITORS
Amounts falling due within one year 6 155,027 159,206
NET CURRENT LIABILITIES (8,492 ) (661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

220,041

277,030

CREDITORS
Amounts falling due after more than one
year

7

109,495

137,626
NET ASSETS 110,546 139,404

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 110,545 139,403
SHAREHOLDERS' FUNDS 110,546 139,404

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 director acknowledges his 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 director and authorised for issue on 28 July 2025 and were signed by:





J K McNamara - Director


MCNAMARA & SON LIMITED (REGISTERED NUMBER: 05984381)

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

1. STATUTORY INFORMATION

McNamara & Son Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Boat - 10% on cost
Plant and Machinery - 20% on cost
Boat improvements - 10% on cost
Motor vehicles - 25% reducing balance

Grants
Revenue grants are recognised in the year that the funds are received. Capital grants are released at the same rate as the depreciating asset.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

MCNAMARA & SON LIMITED (REGISTERED NUMBER: 05984381)

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

4. TANGIBLE FIXED ASSETS
Plant and Boat Motor
Boat Machinery improvements vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 304,650 158,681 171,497 50,755 685,583
Additions - 10,800 - - 10,800
At 31 October 2024 304,650 169,481 171,497 50,755 696,383
DEPRECIATION
At 1 November 2023 170,465 148,901 71,816 16,710 407,892
Charge for year 30,465 4,182 16,800 8,511 59,958
At 31 October 2024 200,930 153,083 88,616 25,221 467,850
NET BOOK VALUE
At 31 October 2024 103,720 16,398 82,881 25,534 228,533
At 31 October 2023 134,185 9,780 99,681 34,045 277,691

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 111,490 130,666

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,223 31,049
Other loans 50,000 50,000
Trade creditors 52,224 70,732
Tax 140 3,510
Social security and other taxes - 133
Other creditors 245 100
Directors' current accounts 5,195 1,682
Accrued expenses 2,000 2,000
155,027 159,206

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 109,495 137,626

8. RELATED PARTY DISCLOSURES

During the year wages of £5,200 (2023 £5,200) was paid to Mrs S McNamara, the wife of J K McNamara, a director. Also £66,577 (2023 £58,840) was paid to M McNamara, the son of J K McNamara, as a share fisherman.

9. ULTIMATE CONTROLLING PARTY

During the period under review the company was controlled by J K McNamara, by virtue of his 100% holding of the issued share capital.

MCNAMARA & SON LIMITED (REGISTERED NUMBER: 05984381)

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

10. GRANT INCOME

During the period the company received the following grants relating to the refurbishment of the commercial fishing vessel. All amounts have been spent during the year, no amounts are outstanding at the year end.

2024 2023

Marine Management Organisation 92,849 -