Bright AccountsProduction v1.0.0 v1.0.0 2022-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is to carry on the business of manufacture and repair of slurry storage systems. 4 August 2023 5 6 NI056698 2023-02-28 NI056698 2022-02-28 NI056698 2021-02-28 NI056698 2022-03-01 2023-02-28 NI056698 2021-03-01 2022-02-28 NI056698 uk-bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI056698 uk-curr:PoundSterling 2022-03-01 2023-02-28 NI056698 uk-bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI056698 uk-bus:FullAccounts 2022-03-01 2023-02-28 NI056698 uk-core:ShareCapital 2023-02-28 NI056698 uk-core:ShareCapital 2022-02-28 NI056698 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI056698 uk-core:RetainedEarningsAccumulatedLosses 2022-02-28 NI056698 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI056698 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-02-28 NI056698 uk-bus:FRS102 2022-03-01 2023-02-28 NI056698 uk-core:PlantMachinery 2022-03-01 2023-02-28 NI056698 uk-core:CurrentFinancialInstruments 2023-02-28 NI056698 uk-core:CurrentFinancialInstruments 2022-02-28 NI056698 uk-core:WithinOneYear 2023-02-28 NI056698 uk-core:WithinOneYear 2022-02-28 NI056698 uk-core:WithinOneYear 2023-02-28 NI056698 uk-core:WithinOneYear 2022-02-28 NI056698 uk-core:AfterOneYear 2023-02-28 NI056698 uk-core:AfterOneYear 2022-02-28 NI056698 uk-core:AfterOneYear 2023-02-28 NI056698 uk-core:AfterOneYear 2022-02-28 NI056698 uk-core:AfterOneYear 2023-02-28 NI056698 uk-core:AfterOneYear 2022-02-28 NI056698 uk-core:BetweenOneTwoYears 2023-02-28 NI056698 uk-core:BetweenOneTwoYears 2022-02-28 NI056698 uk-core:BetweenTwoFiveYears 2023-02-28 NI056698 uk-core:BetweenTwoFiveYears 2022-02-28 NI056698 uk-core:OtherMiscellaneousReserve 2022-02-28 NI056698 uk-core:OtherMiscellaneousReserve 2022-03-01 2023-02-28 NI056698 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI056698 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-02-28 NI056698 uk-core:OtherDeferredTax 2023-02-28 NI056698 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-02-28 NI056698 uk-core:OtherMiscellaneousReserve 2023-02-28 NI056698 2022-03-01 2023-02-28 NI056698 uk-bus:Director1 2022-03-01 2023-02-28 NI056698 uk-bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI056698
 
 
Jones McGirr & Co. Ltd
 
Unaudited Financial Statements
 
for the financial year ended 28 February 2023
Jones McGirr & Co. Ltd
Company Registration Number: NI056698
BALANCE SHEET
as at 28 February 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 29,242 41,229
───────── ─────────
 
Current Assets
Stocks 5 103,001 101,433
Debtors 6 38,999 65,683
Cash and cash equivalents 110 30,416
───────── ─────────
142,110 197,532
───────── ─────────
Creditors: amounts falling due within one year 7 (157,520) (134,820)
───────── ─────────
Net Current (Liabilities)/Assets (15,410) 62,712
───────── ─────────
Total Assets less Current Liabilities 13,832 103,941
 
Creditors:
amounts falling due after more than one year 8 (43,131) (73,618)
 
Provisions for liabilities 9 34,147 22,826
 
Government grants 10 (806) (1,008)
───────── ─────────
Net Assets 4,042 52,141
═════════ ═════════
 
Capital and Reserves
Called up share capital 13,002 13,002
Retained earnings (8,960) 39,139
───────── ─────────
Equity attributable to owners of the company 4,042 52,141
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 4 August 2023
           
           
________________________________          
Mr. Michael McGirr          
Director          
           



Jones McGirr & Co. Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 28 February 2023

   
1. General Information
 
Jones McGirr & Co. Ltd is a company limited by shares incorporated in Northern Ireland. 73 Dooish Road, Dromore, Co Tyrone  BT78 3BA is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 28 February 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
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.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Tangible assets and depreciation
Tangible assets 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 tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks 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.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet 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 Profit and Loss Account.
 
Research and development
Research and development expenditure is written off to the Profit and Loss Account in the year in which it is incurred.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 5 6
  ═════════ ═════════
       
4. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost
At 1 March 2022 160,775 160,775
Additions 492 492
Disposals (62,219) (62,219)
  ───────── ─────────
At 28 February 2023 99,048 99,048
  ───────── ─────────
Depreciation
At 1 March 2022 119,546 119,546
Charge for the financial year 7,311 7,311
On disposals (57,051) (57,051)
  ───────── ─────────
At 28 February 2023 69,806 69,806
  ───────── ─────────
Net book value
At 28 February 2023 29,242 29,242
  ═════════ ═════════
At 28 February 2022 41,229 41,229
  ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Raw materials 20,589 -
Work in progress - 15,667
  ───────── ─────────
  20,589 15,667
Finished goods and goods for resale 82,412 85,766
  ───────── ─────────
  103,001 101,433
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 37,331 58,990
Taxation 1,668 6,693
  ───────── ─────────
  38,999 65,683
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 1,505 -
Bank loan 11,232 10,209
Loans 9,770 4,883
Trade creditors 127,976 108,764
Taxation 1,936 3,155
Other creditors 1,594 4,470
Accruals:
Pension accrual 607 439
Other accruals 2,900 2,900
  ───────── ─────────
  157,520 134,820
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Loan 39,079 51,332
Amounts owed to group undertakings 3,258 18,883
Amounts owed to related parties (Note 11) 153 2,815
Director's loan accounts 641 588
  ───────── ─────────
  43,131 73,618
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 22,507 15,092
Repayable between one and two years 13,513 18,869
Repayable between two and five years 25,566 32,463
  ───────── ─────────
  61,586 66,424
  ═════════ ═════════
 
           
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start 7,650 (30,476) (22,826) (26,648)
Charged to profit and loss (2,244) (9,077) (11,321) 3,822
  ───────── ───────── ───────── ─────────
At financial year end 5,406 (39,553) (34,147) (22,826)
  ═════════ ═════════ ═════════ ═════════
       
10. Government Grants Deferred 2023 2022
  £ £
 
Capital grants received and receivable
At 1 March 2022 1,260 1,260
  ───────── ─────────
Amortisation
At 1 March 2022 (454) -
Amortised in financial year - (252)
  ───────── ─────────
 
At 28 February 2023 (454) (252)
  ───────── ─────────
Net book value
At 28 February 2023 806 1,008
  ═════════ ═════════
At 1 March 2022 806 1,260
  ═════════ ═════════
           
11. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
The director of Jones McGirr & Co Ltd and his wife had an opening directors loan balance of £3,403. During the year a further £11,943 was borrowed and £14,553 repaid. At the year end, the director and his wife are owed £793 (2022:£3,403) from Jones McGirr & Co Ltd and this is included in the creditors section of the balance sheet.

During the year Jones McGirr & Co. Ltd was charged £7,800 for the rental of business premises by F & M McGirr Partnership. The rental charge is not deemed to be higher than that of market value.

During the year Jones McGirr & Co. Ltd was charged £4,680 for equipment hire by F & M McGirr Partnership. The hire charge is not deemed to be higher than that of market value.