REGISTERED NUMBER: NI071477 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

MC Wholesale Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

J A Mooney

SECRETARY:

J A Mooney

REGISTERED OFFICE:

5 Station Road

Ballinderry Upper

Lisburn

Co. Antrim

BT28 2LW

REGISTERED NUMBER:

NI071477 (Northern Ireland)

ACCOUNTANTS:

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

90,462

94,416

90,462

94,416

CURRENT ASSETS

Stocks

91,700

109,745

Debtors

7

139,449

120,467

Cash at bank and in hand

326,836

241,052

557,985

471,264

CREDITORS

Amounts falling due within one year

8

280,670

262,076

NET CURRENT ASSETS

277,315

209,188

TOTAL ASSETS LESS CURRENT LIABILITIES

367,777

303,604

PROVISIONS FOR LIABILITIES

9

9,303

9,502

NET ASSETS

358,474

294,102

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

358,374

294,002

SHAREHOLDERS' FUNDS

358,474

294,102

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 31 December 2025 and were signed by:

J A Mooney - Director

1.	STATUTORY INFORMATION

MC Wholesale Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Warehouse

-

4% Straight Line

Plant and machinery

-

25% on Reducing Balance

Equipment

-

25% on Reducing Balance

Lorry

-

25% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

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 ar recognised in the profit and loss account in other administrative expenses.

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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

125,000

AMORTISATION

At 1 January 2024

and 31 December 2024

125,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Plant and

Warehouse

machinery

Equipment

Lorry

Totals

£

£

£

£

£

COST

At 1 January 2024

78,983

104,002

15,699

19,400

218,084

Additions

-

-

275

11,800

12,075

Disposals

-

-

-

(5,000

)

(5,000

)

At 31 December 2024

78,983

104,002

15,974

26,200

225,159

DEPRECIATION

At 1 January 2024

22,841

71,221

13,033

16,573

123,668

Charge for year

3,159

8,194

738

3,563

15,654

Eliminated on disposal

-

-

-

(4,625

)

(4,625

)

At 31 December 2024

26,000

79,415

13,771

15,511

134,697

NET BOOK VALUE

At 31 December 2024

52,983

24,587

2,203

10,689

90,462

At 31 December 2023

56,142

32,781

2,666

2,827

94,416

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

136,751

118,676

Prepayments

2,698

1,791

139,449

120,467

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

79,023

66,583

Tax

20,885

14,872

Social security and other taxes

612

589

VAT

12,837

12,531

Other creditors

220

203

Directors' current accounts

163,218

158,128

Accrued expenses

3,875

9,170

280,670

262,076

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

9,303

9,502

Deferred

tax

£

Balance at 1 January 2024

9,502

Credit to Statement of Income and Retained Earnings during year

(199

)

Timing Differences

Balance at 31 December 2024

9,303

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100