4 28/02/2023 2023-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI629199 2022-03-01 2023-02-28 NI629199 2023-02-28 NI629199 2022-02-28 NI629199 2021-03-01 2022-02-28 NI629199 2022-02-28 NI629199 2021-02-28 NI629199 bus:Director1 2022-03-01 2023-02-28 NI629199 core:NetGoodwill 2023-02-28 NI629199 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 NI629199 core:FurnitureFittingsToolsEquipment 2022-02-28 NI629199 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 NI629199 core:FurnitureFittingsToolsEquipment 2023-02-28 NI629199 core:WithinOneYear 2023-02-28 NI629199 core:WithinOneYear 2022-02-28 NI629199 core:AfterOneYear 2023-02-28 NI629199 core:AfterOneYear 2022-02-28 NI629199 core:ShareCapital 2023-02-28 NI629199 core:ShareCapital 2022-02-28 NI629199 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI629199 core:RetainedEarningsAccumulatedLosses 2022-02-28 NI629199 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 NI629199 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 NI629199 core:NetGoodwill 2022-02-28 NI629199 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 NI629199 core:FurnitureFittingsToolsEquipment 2022-02-28 NI629199 bus:SmallEntities 2022-03-01 2023-02-28 NI629199 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 NI629199 bus:FullAccounts 2022-03-01 2023-02-28 NI629199 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI629199 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI629199 1 2022-03-01 2023-02-28
Company registration number: NI629199
McPolin Financial Services Ltd
Unaudited filleted financial statements
28 February 2023
McPolin Financial Services Ltd
Contents
Statement of financial position
Notes to the financial statements
McPolin Financial Services Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 109,077 113,344
________ ________
109,077 113,344
Current assets
Debtors 7 219,458 265,617
Cash at bank and in hand 6 6
________ ________
219,464 265,623
Creditors: amounts falling due
within one year 8 ( 74,368) ( 112,405)
________ ________
Net current assets 145,096 153,218
________ ________
Total assets less current liabilities 254,173 266,562
Creditors: amounts falling due
after more than one year 9 ( 86,198) ( 93,456)
Provisions for liabilities ( 1,079) ( 1,472)
________ ________
Net assets 166,896 171,634
________ ________
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 165,896 170,634
________ ________
Shareholders funds 166,896 171,634
________ ________
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
Mr John Martin McPolin
Director
Company registration number: NI629199
McPolin Financial Services Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Church Square, Banbridge, Co Down, BT32 4AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 100,000 100,000
________ ________
Amortisation
At 1 March 2022 and 28 February 2023 100,000 100,000
________ ________
Carrying amount
At 28 February 2023 - -
________ ________
At 28 February 2022 - -
________ ________
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2022 110,000 17,888 127,888
Additions - 545 545
________ ________ ________
At 28 February 2023 110,000 18,433 128,433
________ ________ ________
Depreciation
At 1 March 2022 4,400 10,144 14,544
Charge for the year 2,200 2,612 4,812
________ ________ ________
At 28 February 2023 6,600 12,756 19,356
________ ________ ________
Carrying amount
At 28 February 2023 103,400 5,677 109,077
________ ________ ________
At 28 February 2022 105,600 7,744 113,344
________ ________ ________
7. Debtors
2023 2022
£ £
Other debtors 219,458 265,617
________ ________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,818 21,476
Trade creditors 4,320 4,320
Corporation tax 5,354 40,592
Social security and other taxes 3,013 6,642
Other creditors 39,863 39,375
________ ________
74,368 112,405
________ ________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 86,198 93,456
________ ________
86,198 93,456
________ ________
10. Directors advances, credits and guarantees
At the year end the company was owed £165,628 (2022 - £200,465) by its director. This loan was interest free and has no fixed date for repayment.
11. Controlling party
The company is controlled by J McPolin who owns the entire share capital .