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REGISTERED NUMBER: NI050574 (Northern Ireland)














Unaudited Financial Statements

for the Year Ended 31 May 2023

for

PAUL HAFFEY DESIGN LIMITED

PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAUL HAFFEY DESIGN LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr P Haffey





SECRETARY: Mrs E G Haffey





REGISTERED OFFICE: 1st Floor 8 Market Place
Lisburn
Co. Antrim
BT28 1AN





REGISTERED NUMBER: NI050574 (Northern Ireland)





ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH

PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Balance Sheet
31 MAY 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,500 5,000
Tangible assets 5 1,023 1,279
3,523 6,279

CURRENT ASSETS
Stocks 4,054 13,312
Debtors 6 10,248 9,750
Cash at bank and in hand 284,695 285,931
298,997 308,993
CREDITORS
Amounts falling due within one year 7 42,971 58,437
NET CURRENT ASSETS 256,026 250,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,549

256,835

PROVISIONS FOR LIABILITIES 194 304
NET ASSETS 259,355 256,531

CAPITAL AND RESERVES
Called up share capital 50 30
Retained earnings 259,305 256,501
259,355 256,531

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

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

PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Balance Sheet - continued
31 MAY 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 27 November 2023 and were signed by:





Mr P Haffey - Director


PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Paul Haffey Design 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, is being amortised evenly over its estimated useful life of 20 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.
Plant and machinery etc - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 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.

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 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 50,000
AMORTISATION
At 1 June 2022 45,000
Charge for year 2,500
At 31 May 2023 47,500
NET BOOK VALUE
At 31 May 2023 2,500
At 31 May 2022 5,000

PAUL HAFFEY DESIGN LIMITED (REGISTERED NUMBER: NI050574)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 23,983
DEPRECIATION
At 1 June 2022 22,704
Charge for year 256
At 31 May 2023 22,960
NET BOOK VALUE
At 31 May 2023 1,023
At 31 May 2022 1,279

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 7,224 8,219
Other debtors 3,024 1,531
10,248 9,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade creditors (445 ) (252 )
Taxation and social security 20,909 29,655
Other creditors 22,507 29,034
42,971 58,437