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Company registration number: NI058806
Alan Murphy Limited
Unaudited filleted financial statements
30 April 2022
Alan Murphy Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Alan Murphy Limited
Directors and other information
Directors Mr Alan Murphy
Mrs Caroline Murphy
Mr George Murphy
Secretary Caroline Murphy
Company number NI058806
Registered office 100 Coast Road
Cushendall
Ballymena
Co Antrim
BT44 0QW
Business address 100 Coast Road
Cushendall
Ballymena
Co Antrim
BT44 OQW
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Dankse Bank
1-2 Broadway Avenue
Ballymena
Co Antrim
BT43 7PE
Alan Murphy Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Alan Murphy Limited
Year ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alan Murphy Limited for the year ended 30 April 2022 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Alan Murphy Limited, as a body, in accordance with the terms of our engagement letter dated 22 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Alan Murphy Limited and state those matters that we have agreed to state to the board of directors of Alan Murphy Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alan Murphy Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Alan Murphy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Alan Murphy Limited. You consider that Alan Murphy Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Alan Murphy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
9 August 2022
Alan Murphy Limited
Balance sheet
30 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 48,893 64,631
_______ _______
48,893 64,631
Current assets
Stocks 54,002 35,129
Debtors 7 390,142 339,129
Cash at bank and in hand 349,831 344,580
_______ _______
793,975 718,838
Creditors: amounts falling due
within one year 8 ( 99,014) ( 39,954)
_______ _______
Net current assets 694,961 678,884
_______ _______
Total assets less current liabilities 743,854 743,515
Provisions for liabilities 9 ( 9,290) ( 12,280)
_______ _______
Net assets 734,564 731,235
_______ _______
Capital and reserves
Called up share capital 11 100 100
Profit and loss account 734,464 731,135
_______ _______
Shareholders funds 734,564 731,235
_______ _______
For the year ending 30 April 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 August 2022 , and are signed on behalf of the board by:
Mr Alan Murphy
Director
Company registration number: NI058806
Alan Murphy Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 100 Coast Road, Cushendall, Ballymena, Co Antrim, BT44 0QW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2021 and 30 April 2022 90,000 90,000
_______ _______
Amortisation
At 1 May 2021 and 30 April 2022 90,000 90,000
_______ _______
Carrying amount
At 30 April 2022 - -
_______ _______
At 30 April 2021 - -
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 May 2021 and 30 April 2022 58,425 140,388 198,813
_______ _______ _______
Depreciation
At 1 May 2021 49,799 84,383 134,182
Charge for the year 1,735 14,003 15,738
_______ _______ _______
At 30 April 2022 51,534 98,386 149,920
_______ _______ _______
Carrying amount
At 30 April 2022 6,891 42,002 48,893
_______ _______ _______
At 30 April 2021 8,626 56,005 64,631
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 368,735 299,129
Other debtors 21,407 40,000
_______ _______
390,142 339,129
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 76,379 -
Corporation tax 3,771 16,273
Other creditors 18,864 23,681
_______ _______
99,014 39,954
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 May 2021 12,280 12,280
Charges against provisions ( 2,990) ( 2,990)
_______ _______
At 30 April 2022 9,290 9,290
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2022 2021
£ £
Included in provisions (note 9) 9,290 12,280
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances 9,290 12,280
_______ _______
11. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 1 each 100 100 100 100
_______ _______ _______ _______
12. Controlling party
The company is controlled by the directors.