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REGISTERED NUMBER: NI631264 (Northern Ireland)















MCDADE RETAIL LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023






MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MCDADE RETAIL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: John McDade
Judith McDade





REGISTERED OFFICE: 18-20 Augher Road
Clogher
Co. Tyrone
BT76 0AD





REGISTERED NUMBER: NI631264 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 28,725 43,088
Tangible assets 6 3,279,849 3,456,181
3,308,574 3,499,269

CURRENT ASSETS
Inventories 7 287,484 227,406
Receivables: amounts falling due within
one year

8

487,069

529,384
Cash at bank 825,940 555,148
1,600,493 1,311,938
PAYABLES
Amounts falling due within one year 9 (1,548,096 ) (1,393,284 )
NET CURRENT ASSETS/(LIABILITIES) 52,397 (81,346 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,360,971

3,417,923

PAYABLES
Amounts falling due after more than
one year

10

(1,571,199

)

(1,764,783

)

PROVISIONS FOR LIABILITIES (193,822 ) (281,959 )
NET ASSETS 1,595,950 1,371,181

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,595,949 1,371,180
1,595,950 1,371,181

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.

MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2023


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 11 August 2023 and were signed on its behalf by:





John McDade - Director


MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

McDade Retail 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. 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 on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold4 % Straight line
Fixtures, fittings and equipment25% Straight line
Motor vehicles25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.


MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

3. ACCOUNTING POLICIES - continued
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at the date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Non- monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Liquor licence
Liquor Licences are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 84 (2022 - 84 ) .

5. INTANGIBLE FIXED ASSETS
Patents and
Goodwill licences Totals
£ £ £
COST
At 1 February 2022
and 31 January 2023 15,834 99,223 115,057
AMORTISATION
At 1 February 2022 15,834 56,135 71,969
Amortisation for year - 14,363 14,363
At 31 January 2023 15,834 70,498 86,332
NET BOOK VALUE
At 31 January 2023 - 28,725 28,725
At 31 January 2022 - 43,088 43,088

MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 February 2022 2,527,258 2,487,091 18,251 5,032,600
Additions 23,978 218,925 32,190 275,093
At 31 January 2023 2,551,236 2,706,016 50,441 5,307,693
DEPRECIATION
At 1 February 2022 23,450 1,548,407 4,562 1,576,419
Charge for year 4,124 434,692 12,609 451,425
At 31 January 2023 27,574 1,983,099 17,171 2,027,844
NET BOOK VALUE
At 31 January 2023 2,523,662 722,917 33,270 3,279,849
At 31 January 2022 2,503,808 938,684 13,689 3,456,181

7. INVENTORIES
2023 2022
£ £
Inventories 287,484 227,406

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 5,797 5,285
Other receivables 35,293 54,987
Amounts owed by connected parties 356,340 356,340
Directors' current account - 99,477
Taxation 11,048 -
Prepayments and accrued income 78,591 13,295
487,069 529,384

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 11)
276,342

252,214
Hire purchase contracts 2,875 2,875
Trade payables 645,624 592,148
Taxation 92,069 143,680
Social security and other taxes 10,414 19,210
Other payables 41,682 27,506
Directors' current account 65,912 -
Accruals and deferred income 413,178 355,651
1,548,096 1,393,284

MCDADE RETAIL LTD (REGISTERED NUMBER: NI631264)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 11) 1,567,605 1,758,314
Hire purchase contracts 3,594 6,469
1,571,199 1,764,783

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 276,342 252,214

Amounts falling due between one and two years:
Bank loans - 1-2 years 277,432 253,303

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,290,173 1,505,011

The bank loan and overdraft are secured by property held by the company.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end an amount of £65,912 was owed to the Directors by the company (2022:£99,447 was owed to the company by the Directors.).

13. EVENTS AFTER END OF REPORTING PERIOD

There have been no significant events affecting the company since the year-end.