Mallons Hardware Limited NI629654 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Hardware Store Digita Accounts Production Advanced 6.30.9574.0 true true NI629654 2022-03-01 2023-02-28 NI629654 2023-02-28 NI629654 bus:Director1 1 2023-02-28 NI629654 bus:Director2 1 2023-02-28 NI629654 bus:OrdinaryShareClass1 2023-02-28 NI629654 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 NI629654 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 NI629654 core:CurrentFinancialInstruments 2023-02-28 NI629654 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI629654 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI629654 core:FurnitureFittingsToolsEquipment 2023-02-28 NI629654 core:MotorVehicles 2023-02-28 NI629654 core:OtherPropertyPlantEquipment 2023-02-28 NI629654 bus:SmallEntities 2022-03-01 2023-02-28 NI629654 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 NI629654 bus:FullAccounts 2022-03-01 2023-02-28 NI629654 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI629654 bus:RegisteredOffice 2022-03-01 2023-02-28 NI629654 bus:Director1 2022-03-01 2023-02-28 NI629654 bus:Director1 1 2022-03-01 2023-02-28 NI629654 bus:Director2 2022-03-01 2023-02-28 NI629654 bus:Director2 1 2022-03-01 2023-02-28 NI629654 bus:HighestPaidDirector 2022-03-01 2023-02-28 NI629654 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 NI629654 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI629654 core:FurnitureFittings 2022-03-01 2023-02-28 NI629654 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 NI629654 core:MotorVehicles 2022-03-01 2023-02-28 NI629654 core:OfficeEquipment 2022-03-01 2023-02-28 NI629654 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 NI629654 core:PlantMachinery 2022-03-01 2023-02-28 NI629654 countries:NorthernIreland 2022-03-01 2023-02-28 NI629654 2022-02-28 NI629654 bus:Director1 1 2022-02-28 NI629654 bus:Director2 1 2022-02-28 NI629654 core:FurnitureFittingsToolsEquipment 2022-02-28 NI629654 core:MotorVehicles 2022-02-28 NI629654 core:OtherPropertyPlantEquipment 2022-02-28 NI629654 2021-03-01 2022-02-28 NI629654 2022-02-28 NI629654 bus:Director1 1 2022-02-28 NI629654 bus:Director2 1 2022-02-28 NI629654 bus:OrdinaryShareClass1 2022-02-28 NI629654 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 NI629654 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 NI629654 core:CurrentFinancialInstruments 2022-02-28 NI629654 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 NI629654 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 NI629654 core:FurnitureFittingsToolsEquipment 2022-02-28 NI629654 core:MotorVehicles 2022-02-28 NI629654 core:OtherPropertyPlantEquipment 2022-02-28 NI629654 bus:Director1 1 2021-03-01 2022-02-28 NI629654 bus:Director2 1 2021-03-01 2022-02-28 NI629654 bus:HighestPaidDirector 2021-03-01 2022-02-28 NI629654 bus:Director1 1 2021-02-28 NI629654 bus:Director2 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI629654

Mallons Hardware Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Mallons Hardware Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Mallons Hardware Limited

Company Information

Directors

Mrs Elizabeth Mallon

Mr Damian Mallon

Registered office

1 Ayallogue Road
Killeavy
Newry
County Down
BT35 8RQ

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Mallons Hardware Limited

(Registration number: NI629654)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

118,250

119,584

Current assets

 

Stocks

5

210,000

150,000

Debtors

6

507,859

179,087

Cash at bank and in hand

 

320,614

738,217

 

1,038,473

1,067,304

Creditors: Amounts falling due within one year

7

(244,767)

(263,575)

Net current assets

 

793,706

803,729

Total assets less current liabilities

 

911,956

923,313

Creditors: Amounts falling due after more than one year

7

(13,540)

(26,154)

Provisions for liabilities

(22,467)

(22,825)

Net assets

 

875,949

874,334

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

875,947

874,332

Shareholders' funds

 

875,949

874,334

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

 

Mallons Hardware Limited

(Registration number: NI629654)
Balance Sheet as at 28 February 2023

.........................................
Mrs Elizabeth Mallon
Director

.........................................
Mr Damian Mallon
Director

 
     
 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Ayallogue Road
Killeavy
Newry
County Down
BT35 8RQ
Northern Ireland

These financial statements were authorised for issue by the Board on 27 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% Reducing balance basis

Motor vehicles

20% Reducing balance basis

Fixtures & fittings

15% Reducing balance basis

Office equipment

12.5% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 12).

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

51,012

24,280

138,357

213,649

Additions

-

-

25,650

25,650

At 28 February 2023

51,012

24,280

164,007

239,299

Depreciation

At 1 March 2022

20,733

16,462

56,317

93,512

Charge for the year

4,436

1,563

21,538

27,537

At 28 February 2023

25,169

18,025

77,855

121,049

Carrying amount

At 28 February 2023

25,843

6,255

86,152

118,250

At 28 February 2022

29,726

7,818

82,040

119,584

5

Stocks

2023
£

2022
£

Other inventories

210,000

150,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

124,515

136,648

Other debtors

383,344

42,439

 

507,859

179,087

7

Creditors

Creditors: amounts falling due within one year

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

12,614

14,317

Trade creditors

 

169,676

102,183

Taxation and social security

 

57,656

102,368

Accruals and deferred income

 

4,552

44,426

Other creditors

 

269

281

 

244,767

263,575

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,540

26,154

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

13,540

26,154

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

12,614

14,317

10

Related party transactions

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mrs Elizabeth Mallon

Directors loan repayable on demand

(2,497)

(12,000)

7,625

(6,872)

         
       

Mr Damian Mallon

Directors loan repayable on demand

(2,497)

(12,000)

7,625

(6,872)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mrs Elizabeth Mallon

Directors loan repayable on demand

2,854

(13,000)

7,650

(2,497)

         
       

Mr Damian Mallon

Directors loan repayable on demand

2,854

(13,000)

7,650

(2,497)

         
       

 

 

Mallons Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,000

9,999

In respect of the highest paid director:

2023
£

2022
£

Remuneration

5,000

5,000

Dividends paid to directors

   

2023
£

 

2022
£

Mrs Elizabeth Mallon

       

Dividends

 

-

 

-

         

Mr Damian Mallon

       

Dividends

 

-

 

-