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REGISTERED NUMBER: NI607510 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

McKenna Sweeney McKeown Solicitors Ltd

McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McKenna Sweeney McKeown Solicitors Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Eoghan McKenna





REGISTERED OFFICE: MSM Chambers
9-15 Queen Street
Belfast
BT1 6EA





REGISTERED NUMBER: NI607510 (Northern Ireland)





ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW

McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 539,706 559,200
539,706 559,200

CURRENT ASSETS
Debtors 6 869,716 915,127
Cash at bank and in hand 117,129 70,219
986,845 985,346
CREDITORS
Amounts falling due within one year 7 439,215 462,481
NET CURRENT ASSETS 547,630 522,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,087,336

1,082,065

CREDITORS
Amounts falling due after more than one
year

8

239,167

245,000
NET ASSETS 848,169 837,065

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 847,169 836,065
848,169 837,065

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

Balance Sheet - continued
31 July 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 director and authorised for issue on 14 November 2023 and were signed by:





Eoghan McKenna - Director


McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

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


1. STATUTORY INFORMATION

McKenna Sweeney McKeown Solicitors 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 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 2011, is being amortised evenly over its estimated useful life of ten 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.

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.

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.

McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

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


2. ACCOUNTING POLICIES - continued

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 8 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 978,136
AMORTISATION
At 1 August 2022
and 31 July 2023 978,136
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 658,465 108,812 767,277
DEPRECIATION
At 1 August 2022 124,566 83,511 208,077
Charge for year 13,170 6,324 19,494
At 31 July 2023 137,736 89,835 227,571
NET BOOK VALUE
At 31 July 2023 520,729 18,977 539,706
At 31 July 2022 533,899 25,301 559,200

McKenna Sweeney McKeown Solicitors Ltd (Registered number: NI607510)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 851,851 830,947
Other debtors 17,865 84,180
869,716 915,127

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 243,313 315,646
Hire purchase contracts 7,458 7,408
Taxation and social security 66,915 67,346
Other creditors 121,529 72,081
439,215 462,481

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 239,167 245,000