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REGISTERED NUMBER: NI053338 (Northern Ireland)













MICHAEL MCELROY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


MICHAEL MCELROY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs U McElroy
M McElroy
C McElroy



SECRETARY: M McElroy



REGISTERED OFFICE: 32-36 Main Street
Augher
Co. Tyrone
BT77 0BG



REGISTERED NUMBER: NI053338 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Bank of Ireland
Townhall Street
ENNISKILLEN
Co. Fermanagh
BT74 7BD



SOLICITORS: McGale Kelly & Company
13 High Street
Omagh
BT78 1BA

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MICHAEL MCELROY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


25 October 2023

MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,786 41,857
Tangible assets 5 262,790 267,144
300,576 309,001

CURRENT ASSETS
Stocks 67,244 63,858
Debtors 6 8,715 3,657
Cash at bank and in hand 83,448 57,898
159,407 125,413
CREDITORS
Amounts falling due within one year 7 191,736 234,604
NET CURRENT LIABILITIES (32,329 ) (109,191 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,247

199,810

CREDITORS
Amounts falling due after more than one year 8 (172,025 ) (84,707 )

PROVISIONS FOR LIABILITIES (13,290 ) (10,258 )
NET ASSETS 82,932 104,845

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 82,632 104,545
SHAREHOLDERS' FUNDS 82,932 104,845

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

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

MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

BALANCE SHEET - continued
31 MARCH 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 25 October 2023 and were signed on its behalf by:




M McElroy - Director



C McElroy - Director


MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

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

1. STATUTORY INFORMATION

Michael McElroy Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Fixtures & fittings - 10% straight line
Motor vehicles - 20% straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

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 balance sheet date.


MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 81,416
AMORTISATION
At 1 April 2022 39,559
Charge for year 4,071
At 31 March 2023 43,630
NET BOOK VALUE
At 31 March 2023 37,786
At 31 March 2022 41,857

MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

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

5. TANGIBLE FIXED ASSETS
Freehold Fixtures Motor
property & fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 236,449 520,459 - 756,908
Additions - 13,417 17,840 31,257
At 31 March 2023 236,449 533,876 17,840 788,165
DEPRECIATION
At 1 April 2022 44,338 445,426 - 489,764
Charge for year 4,729 27,314 3,568 35,611
At 31 March 2023 49,067 472,740 3,568 525,375
NET BOOK VALUE
At 31 March 2023 187,382 61,136 14,272 262,790
At 31 March 2022 192,111 75,033 - 267,144

Assets held under hire purchase £14,272 (NIL 31.03.22)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,657
Other debtors 8,715 -
8,715 3,657

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,192 31,783
Hire purchase contracts 3,497 -
Trade creditors 134,962 90,535
Taxation and social security 11,168 32,148
Other creditors 19,917 80,138
191,736 234,604

MICHAEL MCELROY LIMITED (REGISTERED NUMBER: NI053338)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 62,909 84,707
Hire purchase contracts 10,783 -
Other creditors 98,333 -
172,025 84,707

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 85,101 116,490
Other creditors 98,333 -
183,434 116,490

Bank borrowings are secured on a personal guarantee provided by a director. Other creditors are secured by an assignment over the company's liquor licence.

10. RELATED PARTY DISCLOSURES

At the year end the company had a loan amounting to £14,961 from a member of key management personnel. (£54,173 at 31.03.2022)

There is no repayment date for this loan and interest is not currently being charged.

The loan is presented with in creditors: amount falling due within one year.