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Company registration number: NI072224
BP MAGUIRE LTD
Unaudited filleted financial statements
31 May 2023
BP MAGUIRE LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BP MAGUIRE LTD
Directors and other information
Director Bernard Patrick Maguire
Company number NI072224
Registered office 35 Main Street
Dromore
Omagh
Co. Tyrone
BT78 3AE
Business address 35 Main Street
Dromore
Omagh
Co. Tyrone
BT78 3AE
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
N.Ireland
BT48 7HD
Bankers AIB
Meadowbank
Strand Road
Derry
BT48 7TN
BP MAGUIRE LTD
Report to the director on the preparation of the
unaudited statutory financial statements of BP MAGUIRE LTD
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BP MAGUIRE LTD for the year ended 31 May 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of BP MAGUIRE LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BP MAGUIRE LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BP MAGUIRE LTD and its director as a body for our work or for this report.
It is your duty to ensure that BP MAGUIRE LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BP MAGUIRE LTD. You consider that BP MAGUIRE LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BP MAGUIRE LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
N.Ireland
BT48 7HD
15 February 2024
BP MAGUIRE LTD
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 855,162 910,372
Tangible assets 7 111,507 106,771
_______ _______
966,669 1,017,143
Current assets
Stocks 92,126 120,711
Debtors 8 159,475 178,758
Cash at bank and in hand 9,600 24,769
_______ _______
261,201 324,238
Creditors: amounts falling due
within one year 9 ( 515,754) ( 596,629)
_______ _______
Net current liabilities ( 254,553) ( 272,391)
_______ _______
Total assets less current liabilities 712,116 744,752
Creditors: amounts falling due
after more than one year 10 ( 308,819) ( 350,597)
Provisions for liabilities 11 ( 26,857) ( 25,448)
_______ _______
Net assets 376,440 368,707
_______ _______
Capital and reserves
Called up share capital 13 100 100
Profit and loss account 376,340 368,607
_______ _______
Shareholders funds 376,440 368,707
_______ _______
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.
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 15 February 2024 , and are signed on behalf of the board by:
Bernard Patrick Maguire
Director
Company registration number: NI072224
BP MAGUIRE LTD
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 100 266,495 266,595
Profit for the year 102,112 102,112
_______ _______ _______
Total comprehensive income for the year - 102,112 102,112
_______ _______ _______
At 31 May 2022 and 1 June 2022 100 368,607 368,707
Profit for the year 7,733 7,733
_______ _______ _______
Total comprehensive income for the year - 7,733 7,733
_______ _______ _______
At 31 May 2023 100 376,340 376,440
_______ _______ _______
BP MAGUIRE LTD
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 BP Maguire Ltd, 35 Main Street, Dromore, Omagh, Co. Tyrone, BT78 3AE.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 5 % 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
Website - 5 % straight line
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
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. 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 are 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 10 (2022: 10 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 12,485 25,382
_______ _______
Deferred tax:
Origination and reversal of timing differences 1,409 14,792
_______ _______
Tax on profit 13,894 40,174
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2022 and 31 May 2023 1,104,195 1,104,195
_______ _______
Amortisation
At 1 June 2022 193,823 193,823
Charge for the year 55,210 55,210
_______ _______
At 31 May 2023 249,033 249,033
_______ _______
Carrying amount
At 31 May 2023 855,162 855,162
_______ _______
At 31 May 2022 910,372 910,372
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £
Cost
At 1 June 2022 139,522 9,250 5,343 154,115
Additions 21,577 - - 21,577
_______ _______ _______ _______
At 31 May 2023 161,099 9,250 5,343 175,692
_______ _______ _______ _______
Depreciation
At 1 June 2022 38,435 7,708 1,202 47,345
Charge for the year 15,031 1,542 267 16,840
_______ _______ _______ _______
At 31 May 2023 53,466 9,250 1,469 64,185
_______ _______ _______ _______
Carrying amount
At 31 May 2023 107,633 - 3,874 111,507
_______ _______ _______ _______
At 31 May 2022 101,087 1,542 4,141 106,770
_______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 104,271 98,545
Other debtors 55,204 80,213
_______ _______
159,475 178,758
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 45,277 54,837
Trade creditors 163,605 161,080
Corporation tax 31,867 50,774
Social security and other taxes 14,269 23,469
Other creditors 260,736 306,469
_______ _______
515,754 596,629
_______ _______
Other creditors include a director's loan amounting to £255,104 (2022 - £299,260) which is interest free and repayable on demand.
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 308,819 350,597
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 June 2022 25,448 25,448
Charges against provisions 1,409 1,409
_______ _______
At 31 May 2023 26,857 26,857
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 26,857 25,448
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 26,856 25,448
_______ _______
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
14. Controlling party
Bernard P Maguire, Director and 100% Shareholder, is the company's controlling party.