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REGISTERED NUMBER: 06003633 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 March 2022

for

Flavin & Mcghee Limited

Flavin & Mcghee Limited (Registered number: 06003633)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Flavin & Mcghee Limited

Company Information
for the Year Ended 31 March 2022







DIRECTOR: S J Flavin





SECRETARY:





REGISTERED OFFICE: 6 Grove Avenue
Beeston
Nottingham
Nottinghamshire
NG9 4ED





REGISTERED NUMBER: 06003633 (England and Wales)





ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB

Flavin & Mcghee Limited (Registered number: 06003633)

Statement of Financial Position
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,200 10,400
Tangible assets 5 455,125 459,957
460,325 470,357

CURRENT ASSETS
Stocks 1,100 41,850
Debtors 6 36,635 53,572
Cash at bank and in hand 11,541 37,511
49,276 132,933
CREDITORS
Amounts falling due within one year 7 283,270 255,998
NET CURRENT LIABILITIES (233,994 ) (123,065 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

226,331

347,292

CREDITORS
Amounts falling due after more than one year 8 (61,866 ) (121,184 )

PROVISIONS FOR LIABILITIES (16,927 ) (13,783 )
NET ASSETS 147,538 212,325

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 147,438 212,225
SHAREHOLDERS' FUNDS 147,538 212,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

Flavin & Mcghee Limited (Registered number: 06003633)

Statement of Financial Position - continued
31 March 2022


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





S J Flavin - Director


Flavin & Mcghee Limited (Registered number: 06003633)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Flavin & Mcghee 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.

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 2008, is being amortised evenly over its estimated useful life of four 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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Flavin & Mcghee Limited (Registered number: 06003633)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Loans from directors
Any loans from the directors to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 52,000
AMORTISATION
At 1 April 2021 41,600
Amortisation for year 5,200
At 31 March 2022 46,800
NET BOOK VALUE
At 31 March 2022 5,200
At 31 March 2021 10,400

Flavin & Mcghee Limited (Registered number: 06003633)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2021 332,555 113,435 59,470 111,081 616,541
Additions - 20,997 4,060 23,980 49,037
Disposals - - - (29,729 ) (29,729 )
At 31 March 2022 332,555 134,432 63,530 105,332 635,849
DEPRECIATION
At 1 April 2021 - 79,088 35,061 42,435 156,584
Charge for year - 8,302 4,273 17,511 30,086
Eliminated on disposal - - - (5,946 ) (5,946 )
At 31 March 2022 - 87,390 39,334 54,000 180,724
NET BOOK VALUE
At 31 March 2022 332,555 47,042 24,196 51,332 455,125
At 31 March 2021 332,555 34,347 24,409 68,646 459,957

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 3,243 6,459
Other debtors 17,767 17,767
Directors' current accounts - 13,848
Tax 4,501 4,501
Prepayments 11,124 10,997
36,635 53,572

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 7,200 5,000
Hire purchase contracts 15,868 22,802
Trade creditors 100,387 50,329
Tax - 10,064
Social security and other taxes 912 2,977
VAT 14,297 7,782
Other creditors 16,113 6,758
Owed to related company 124,441 150,286
Directors' current accounts 4,052 -
283,270 255,998

Flavin & Mcghee Limited (Registered number: 06003633)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 2-5 years 28,800 24,000
Bank loans more 5 yr by instal 6,079 21,000
Hire purchase contracts 26,987 76,184
61,866 121,184

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,079 21,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 42,079 50,000
Hire purchase contracts 42,855 -
84,934 50,000

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
S J Flavin
Balance outstanding at start of year 13,848 -
Amounts advanced - 13,848
Amounts repaid (13,848 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 13,848

Flavin & Mcghee Limited (Registered number: 06003633)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

During the year the director paid interest to the company on his overdrawn loan account at the commercial rate. The loan is repayable on demand.

12. RELATED PARTY DISCLOSURES

The company is controlled by Flavin Group Limited.

During the year the company paid dividends of £45,000 (2021 - £33,730) to Flavin Group Limited. At the balance sheet date the amount owing by Flavin and McGhee Limited was £95,464 (2021 - £120,547). The balance is interest free and repayable on demand.