13 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 720,000 240,000 72,000 312,000 408,000 480,000 xbrli:pure xbrli:shares iso4217:GBP NI071396 2022-06-01 2023-05-31 NI071396 2023-05-31 NI071396 2022-05-31 NI071396 2021-06-01 2022-05-31 NI071396 2022-05-31 NI071396 2021-05-31 NI071396 core:NetGoodwill 2022-06-01 2023-05-31 NI071396 bus:Director1 2022-06-01 2023-05-31 NI071396 bus:Director2 2022-06-01 2023-05-31 NI071396 bus:Director3 2022-06-01 2023-05-31 NI071396 bus:Director4 2022-06-01 2023-05-31 NI071396 core:NetGoodwill 2022-05-31 NI071396 core:NetGoodwill 2023-05-31 NI071396 core:WithinOneYear 2023-05-31 NI071396 core:WithinOneYear 2022-05-31 NI071396 core:AfterOneYear 2023-05-31 NI071396 core:AfterOneYear 2022-05-31 NI071396 core:ShareCapital 2023-05-31 NI071396 core:ShareCapital 2022-05-31 NI071396 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI071396 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI071396 core:NetGoodwill 2022-05-31 NI071396 bus:SmallEntities 2022-06-01 2023-05-31 NI071396 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 NI071396 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI071396 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 NI071396 bus:FullAccounts 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: NI071396
Eamonn McEvoy & Co. Solicitors Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Eamonn McEvoy & Co. Solicitors Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Eamonn McEvoy & Co. Solicitors Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
408,000
480,000
Tangible assets
6
25,567
30,078
---------
---------
433,567
510,078
Current assets
Debtors
7
345,622
247,576
Cash at bank and in hand
3,972,449
3,837,760
------------
------------
4,318,071
4,085,336
Creditors: amounts falling due within one year
8
4,057,751
3,884,195
------------
------------
Net current assets
260,320
201,141
---------
---------
Total assets less current liabilities
693,887
711,219
Creditors: amounts falling due after more than one year
10
133,009
211,464
Provisions
Taxation including deferred tax
4,363
5,111
---------
---------
Net assets
556,515
494,644
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
555,515
493,644
---------
---------
Shareholders funds
556,515
494,644
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Eamonn McEvoy & Co. Solicitors Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 8 January 2024 , and are signed on behalf of the board by:
Mr R McEvoy
Mr C McEvoy
Director
Director
Mrs S McEvoy
Mr J McKenna
Director
Director
Company registration number: NI071396
Eamonn McEvoy & Co. Solicitors Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 22 Church Place, Lurgan, Co.Armagh, BT666EY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Goodwill
-
10% straight line
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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
15 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 13 (2022: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
720,000
---------
Amortisation
At 1 June 2022
240,000
Charge for the year
72,000
---------
At 31 May 2023
312,000
---------
Carrying amount
At 31 May 2023
408,000
---------
At 31 May 2022
480,000
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 June 2022 and 31 May 2023
44,075
44,075
--------
--------
Depreciation
At 1 June 2022
13,997
13,997
Charge for the year
4,511
4,511
--------
--------
At 31 May 2023
18,508
18,508
--------
--------
Carrying amount
At 31 May 2023
25,567
25,567
--------
--------
At 31 May 2022
30,078
30,078
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
95,638
72,602
Other debtors
249,984
174,974
---------
---------
345,622
247,576
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,978
43,096
Corporation tax
66,915
74,938
Social security and other taxes
42,205
42,684
Monies due to clients
3,888,218
3,683,509
Other creditors
47,435
39,968
------------
------------
4,057,751
3,884,195
------------
------------
9. Creditors: Amounts falling due within one year
The bank overdraft is secured by a floating charge over the assets of the company and a Letter of Guarantee in the amount of £300,000 executed by the directors Chris McEvoy and Richard McEvoy.
The bank loan is secured by the Department for Business Energy Industrial Strategy.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,986
Other creditors
112,023
211,464
---------
---------
133,009
211,464
---------
---------
11. Related party transactions
The company was charged rent of £12,000 during the year (£12,000 - 2022) by Drumaduan Limited. There is a balance of £35,717.69 outstanding from Drumaduan at the year end (2022 £678.33). Drumaduan Limited is owned by Mr and Mrs Chris McEvoy. There is a balance of £66,989 (£66,667 - 2022) outstanding from Graysville Ltd to the company as at the 31st May 2023. Graysville Ltd is owned by Mr and Mrs Richard McEvoy.