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REGISTERED NUMBER: NI048810 (Northern Ireland)















Financial Statements

for the Year Ended 31 January 2023

for

McCleary & Company Ltd

McCleary & Company Ltd (Registered number: NI048810)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McCleary & Company Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr Henry Warren McCleary
Mr John Robert McCleary



SECRETARY: Mr Henry Warren McCleary



REGISTERED OFFICE: Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



REGISTERED NUMBER: NI048810 (Northern Ireland)



BANKERS: Ulster Bank Limited
14-16 Market Street
Lurgan
Co. Armagh
BT66 6AP

McCleary & Company Ltd (Registered number: NI048810)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 162,847 37,311
Tangible assets 5 25,610 31,284
188,457 68,595

CURRENT ASSETS
Debtors 6 612,672 401,490
Cash at bank and in hand 52,039 105,574
664,711 507,064
CREDITORS
Amounts falling due within one year 7 (473,763 ) (339,997 )
NET CURRENT ASSETS 190,948 167,067
TOTAL ASSETS LESS CURRENT
LIABILITIES

379,405

235,662

CREDITORS
Amounts falling due after more than one
year

8

(206,563

)

(93,085

)

PROVISIONS FOR LIABILITIES (3,591 ) (3,549 )
NET ASSETS 169,251 139,028

McCleary & Company Ltd (Registered number: NI048810)

Balance Sheet - continued
31 January 2023

31.1.23 31.1.22
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 169,151 138,928
SHAREHOLDERS' FUNDS 169,251 139,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Mr John Robert McCleary - Director


McCleary & Company Ltd (Registered number: NI048810)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

McCleary & Company Ltd 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.

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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of a businesses in 2004 is being amortised evenly over its estimated useful life of twenty years.

Goodwill paid in connection with the acquisition of a business in 2023 is being amortised evenly over its estimated useful life of 10 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.
Land and buildings - Straight line over 8 years
Plant and machinery etc - 33% on reducing balance and 20% on reducing balance

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 balance sheet date.


McCleary & Company Ltd (Registered number: NI048810)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account 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.

Grants
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 27 ) .

McCleary & Company Ltd (Registered number: NI048810)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022 745,435
Additions 150,000
At 31 January 2023 895,435
AMORTISATION
At 1 February 2022 708,124
Charge for year 24,464
At 31 January 2023 732,588
NET BOOK VALUE
At 31 January 2023 162,847
At 31 January 2022 37,311

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 9,000 63,373 72,373
Additions - 4,977 4,977
Disposals - (10,891 ) (10,891 )
At 31 January 2023 9,000 57,459 66,459
DEPRECIATION
At 1 February 2022 1,688 39,401 41,089
Charge for year 1,125 7,990 9,115
Eliminated on disposal - (9,355 ) (9,355 )
At 31 January 2023 2,813 38,036 40,849
NET BOOK VALUE
At 31 January 2023 6,187 19,423 25,610
At 31 January 2022 7,312 23,972 31,284

McCleary & Company Ltd (Registered number: NI048810)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 426,488 218,145
Other debtors 186,184 183,345
612,672 401,490

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts - 8,333
Trade creditors 53,197 45,741
Taxation and social security 215,323 138,015
Other creditors 205,243 147,908
473,763 339,997

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.23 31.1.22
£    £   
Other creditors 206,563 93,085

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans - 8,333

Ulster Bank Limited hold a fixed and floating charge over the undertaking and all property and assets present and future of the company.

McCleary & Company Ltd (Registered number: NI048810)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
Mr Henry Warren McCleary
Balance outstanding at start of year 75,466 67,629
Amounts advanced 83,678 81,012
Amounts repaid (80,061 ) (73,175 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,083 75,466

Mr John Robert McCleary
Balance outstanding at start of year 75,678 67,560
Amounts advanced 84,065 81,204
Amounts repaid (80,013 ) (73,086 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,730 75,678

Interest on loans to directors is charged at the current official rate for beneficial loan arrangements.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £84,800 were paid to the directors.

12. POST BALANCE SHEET EVENTS

An interim dividend of £1,600 per Ordinary share was declared on 8 March 2023.