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REGISTERED NUMBER: NI608492 (Northern Ireland)















KILMEGAN LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






KILMEGAN LIMITED (REGISTERED NUMBER: NI608492)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


KILMEGAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Marisa Devlin
Maurice Devlin





REGISTERED OFFICE: 53 Main Street
Coalisland
Co. Tyrone
BT71 4NB





REGISTERED NUMBER: NI608492 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

KILMEGAN LIMITED (REGISTERED NUMBER: NI608492)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 42,463 49,956

CURRENT ASSETS
Cash at bank 2,608 2,763

PAYABLES
Amounts falling due within one year 6 (33,203 ) (30,183 )
NET CURRENT LIABILITIES (30,595 ) (27,420 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,868

22,536

PROVISIONS FOR LIABILITIES (6,358 ) -
NET ASSETS 5,510 22,536

CAPITAL AND RESERVES
Called up share capital 7 370,002 370,002
Retained earnings (364,492 ) (347,466 )
SHAREHOLDERS' FUNDS 5,510 22,536

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 5 January 2024 and were signed on its behalf by:





Maurice Devlin - Director


KILMEGAN LIMITED (REGISTERED NUMBER: NI608492)

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

1. STATUTORY INFORMATION

Kilmegan 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Property, plant and equipment
Property, plant and equipment 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 property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures and fittings 15% reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 Statement of Financial Position date.

Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

KILMEGAN LIMITED (REGISTERED NUMBER: NI608492)

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

3. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis notwithstanding the fact, the company's statement of financial position is in a deficit position of £13,150. The company now leases its licenced premises to a third party and as such has significantly reduced its overheads, with the directors anticipating an increase in profits post year end.

The company has the continued support of its group companies who remain the most significant creditor of the company.

As such, the directors believe it is appropriate to adopt the going concern basis, which assumes the company will be in operation for 12 months from the date of signing the financial statements.

4. EMPLOYEES AND DIRECTORS

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

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£
COST
At 1 April 2022
and 31 March 2023 116,143
DEPRECIATION
At 1 April 2022 66,187
Charge for year 7,493
At 31 March 2023 73,680
NET BOOK VALUE
At 31 March 2023 42,463
At 31 March 2022 49,956

6. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables - 1,705
Amounts owed to group undertakings 33,203 28,478
33,203 30,183

Amounts owed to group undertakings are unsecured, interest free and payable on demand.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary 1.00 2 2
370,000 Preference 1.00 370,000 370,000
370,002 370,002

KILMEGAN LIMITED (REGISTERED NUMBER: NI608492)

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

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Desmond Kelly FCA (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. PARENT COMPANY

The ultimate controlling party is MMD Communications (Holdings)Limited.

The address of MMD Communications (Holdings) Limited is 53 Main Street, Coalisland, BT71 4NB.

The parent of the largest group in which the results are consolidated is MMD Communications (Holdings) Limited.