Mallusk Auto Centre Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

Registered number: NI048826

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Stocks	5	225,673		301,968
Debtors	6	34,943		42,210
Cash at bank and in hand		262,716		196,385

		523,332		540,563
Creditors: Amounts Falling Due Within One Year	7	(348,226 )		(371,603 )

NET CURRENT ASSETS (LIABILITIES)			175,106		168,960

TOTAL ASSETS LESS CURRENT LIABILITIES			175,106		168,960

NET ASSETS			175,106		168,960

CAPITAL AND RESERVES
Called up share capital	10		2		2
Profit and Loss Account			175,104		168,958

SHAREHOLDERS' FUNDS			175,106		168,960

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Neil Watson Director	Mr Darren Crooks Director
19/09/2025

The notes on pages 2 to 4 form part of these financial statements.

1. General Information

Mallusk Auto Centre Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI048826 . The registered office is 607 Antrim Road, Newtownabbey, County Antrim, BT36 4RF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

2.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Sales, marketing and distribution	2	2

	2	2

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Mallusk Auto Centre Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	1,275

As at 31 December 2024	1,275

Depreciation
As at 1 January 2024	1,275

As at 31 December 2024	1,275

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

5. Stocks

	2024	2023
	£	£
Finished goods	225,673	301,968

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	9,511	5,594
Prepayments and accrued income	25,432	29,381
VAT	-	7,235

	34,943	42,210

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	173,068	234,922
Trade creditors	25,240	20,640
Corporation tax	18,746	27,972
Other taxes and social security	99	171
VAT	9,458	-
Other creditors	33,611	-
Accruals and deferred income	1,768	3,042
Directors' loan accounts	86,236	84,856

	348,226	371,603

8. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	173,068	234,922

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Mallusk Auto Centre Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Deferred Taxation

The provision for deferred tax is made up as follows:

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

11. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	60,000	64,000