McCarthy Cars (Uk) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02226376 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

McCarthy Cars (Uk) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J F McCarthy

REGISTERED OFFICE:

72-74 Mitcham Road

Croydon

CR0 3RJ

REGISTERED NUMBER:

02226376 (England and Wales)

ACCOUNTANTS:

DHP Accountants Ltd

15 Buxton Old Road

Disley

Stockport

SK12 2BB

FIXED ASSETS

Tangible assets

4

1,002,938

1,004,734

Investment property

5

880,000

1,882,938

1,884,734

CURRENT ASSETS

Stocks

1,618,684

2,024,086

Debtors

6

1,531,978

1,055,039

Cash at bank and in hand

1,386

5,555

3,152,048

3,084,680

CREDITORS

Amounts falling due within one year

7

2,789,651

2,560,719

NET CURRENT ASSETS

362,397

523,961

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,245,335

2,408,695

CREDITORS

Amounts falling due after more than
one year

8

(175,945

)

(337,806

)

PROVISIONS FOR LIABILITIES

(183,135

)

(183,455

)

NET ASSETS

1,886,255

1,887,434

CAPITAL AND RESERVES

Called up share capital

4

Revaluation reserve

11

421,556

Retained earnings

1,464,695

1,465,874

SHAREHOLDERS' FUNDS

1,886,255

1,887,434

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 October 2025 and were signed by:

J F McCarthy - Director

1.	STATUTORY INFORMATION

McCarthy Cars (Uk) 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 as modified by the revaluation of certain assets.

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.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on cost

Freehold property is not depreciated. This represents a departure from the provisions of the Companies Act 2006. The company has had a policy and practice of regular maintainance and repair, the charges for which are recognised in the Income Statement as incurred. The company believes that such a policy ensures that the estimated residual values of properties at the reporting date are maintained at levels not materially different from the carrying amount of the assets. As such, no depreciation charge is made on the grounds that any such charge would be immaterial.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass and CAP valuations. The directors maintain oversight of stock ageing profiles and a yearly review of any provision required is performed.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

Operating leases: lessee

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

975,000

182,288

1,157,288

Additions

-

10,010

At 31 December 2024

975,000

192,298

1,167,298

DEPRECIATION

At 1 January 2024

-

152,554

Charge for year

-

11,806

At 31 December 2024

-

164,360

NET BOOK VALUE

At 31 December 2024

975,000

27,938

1,002,938

At 31 December 2023

975,000

29,734

1,004,734

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2016

975,000

-

975,000

Cost

-

192,298

975,000

192,298

1,167,298

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

460,907

Freehold buildings were valued on an open market basis on 14 September 2016 by Hunter property .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

880,000

NET BOOK VALUE

At 31 December 2024

880,000

At 31 December 2023

880,000

The property valuation for 2024 was made by the director

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

37,914

38,747

Other debtors

1,494,064

1,016,292

1,531,978

1,055,039

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

1,478,201

1,406,190

Trade creditors

1,002,937

744,472

Taxation and social security

99,226

148,112

Other creditors

209,287

261,945

2,789,651

2,560,719

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Bank loans

175,945

337,806

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

35,000

11,667

Between one and five years

140,000

-

In more than five years

151,667

-

326,667

11,667

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank overdrafts

1,315,141

1,243,130

Bank loans

339,005

500,866

Stocking loans

629,051

305,105

2,283,197

2,049,101

11.

RESERVES

Revaluation Reserves

This reserve relates to revaluation gains on freehold properties.

Retained earnings

This reserve includes all current and prior period retained profits less dividends as well as all revalued gains on investment properties.

12.	RELATED PARTY DISCLOSURES

As at 31 December 2024 three sons of the director owed balances of £1,185,600 (2023: £600,379) to the company.

As at 31 December 2024 the director owed the company £134,079 (2023: £251,118).

The loans are non interest bearing and are repayable on demand.

13.

PENSION

The company contributes into a pension plans for the employees. The contributions payable by the company for the year totalled £23,481 (2023: £24,210). There were no outstanding contributions at either year end.