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Company registration number: NI627073
MCGURK HAULAGE LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2021
MCGURK HAULAGE LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
_________________________________________________________________________________________
Contents
Directors and other information
Balance sheet
Notes to the financial statements
MCGURK HAULAGE LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
_________________________________________________________________________________________
Company Information
Director Mr Stephen McGurk
Company number NI627073
Registered office Dungate
Dunnamore Road
Cookstown
Co. Tyrone
BT80 9NX
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Ulster Bank
20 William Street
Cookstown
Co. Tyrone
BT80 8ND
MCGURK HAULAGE LTD
BALANCE SHEET
31 OCTOBER 2021
_________________________________________________________________________________________
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 463,854 456,660
_______ _______
463,854 456,660
Current assets
Debtors 7 115,169 70,083
Cash at bank and in hand 328,625 221,915
_______ _______
443,794 291,998
Creditors: amounts falling due
within one year 8 ( 403,436) ( 329,421)
_______ _______
Net current assets/(liabilities) 40,358 ( 37,423)
_______ _______
Total assets less current liabilities 504,212 419,237
Creditors: amounts falling due
after more than one year 9 ( 101,781) ( 72,444)
_______ _______
Net assets 402,431 346,793
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 402,430 346,792
_______ _______
Shareholders funds 402,431 346,793
_______ _______
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 20 April 2022 , and are signed on behalf of the board by:
Mr Stephen McGurk
Director
Company registration number: NI627073
MCGURK HAULAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Dungate, Dunnamore Road, Cookstown, Co. Tyrone, BT80 9NX.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 - 25 % 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 - 15 % reducing balance
Fittings fixtures and equipment - 15 % 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 6 (2020: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2020 and 31 October 2021 89,180 89,180
_______ _______
Amortisation
At 1 November 2020 and 31 October 2021 89,180 89,180
_______ _______
Carrying amount
At 31 October 2021 - -
_______ _______
At 31 October 2020 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 November 2020 767,630 24,091 791,721
Additions 97,663 - 97,663
Disposals ( 16,500) - ( 16,500)
_______ _______ _______
At 31 October 2021 848,793 24,091 872,884
_______ _______ _______
Depreciation
At 1 November 2020 324,043 11,018 335,061
Charge for the year 79,895 1,961 81,856
Disposals ( 7,887) - ( 7,887)
_______ _______ _______
At 31 October 2021 396,051 12,979 409,030
_______ _______ _______
Carrying amount
At 31 October 2021 452,742 11,112 463,854
_______ _______ _______
At 31 October 2020 443,587 13,073 456,660
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 80,830 48,907
Other debtors 34,339 21,176
_______ _______
115,169 70,083
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 27,978 -
Trade creditors 157,121 140,650
Corporation tax 6,042 -
Social security and other taxes 50,059 29,396
Other creditors 162,236 159,375
_______ _______
403,436 329,421
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 101,781 72,444
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Stephen McGurk ( 131,060) ( 17,527) ( 148,587)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Stephen McGurk ( 106,147) ( 24,913) ( 131,060)
_______ _______ _______