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REGISTERED NUMBER: NI001169 (Northern Ireland)















MCANERNEY BROTHERS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MCANERNEY BROTHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Aidan John McAnerney
Catherine McAnerney
Karen Catherine McAnerney
Paula Conroy





REGISTERED OFFICE: Irish Street
Armagh
Co. Armagh
BT61 7EP





REGISTERED NUMBER: NI001169 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 80,000 80,000
Property, plant & equipment 6 2,048,988 1,753,341
Investment property 7 315,000 315,000
2,443,988 2,148,341

CURRENT ASSETS
Inventories 8 498,673 414,176
Receivables: amounts falling due within
one year

9

406,343

412,096
Cash at bank and in hand 547,437 836,397
1,452,453 1,662,669
PAYABLES
Amounts falling due within one year 10 (1,429,816 ) (1,169,639 )
NET CURRENT ASSETS 22,637 493,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,466,625

2,641,371

PROVISIONS FOR LIABILITIES 11 (64,142 ) (29,692 )

PENSION LIABILITY (133,640 ) (22,292 )
NET ASSETS 2,268,843 2,589,387

CAPITAL AND RESERVES
Called up share capital 12 15,000 15,000
Revaluation reserve 1,100,967 1,112,136
Capital redemption reserve 10,000 10,000
Retained earnings 1,142,876 1,452,251
SHAREHOLDERS' FUNDS 2,268,843 2,589,387

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each 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.

MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


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 11 December 2023 and were signed on its behalf by:




Aidan John McAnerney - Director



Catherine McAnerney - Director


MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

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

1. STATUTORY INFORMATION

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

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised upon delivery of goods to the customer.

Liquor licence
The directors consider the intangible asset to have an indefinite useful life and therefore no amortisation has been provided.

Property, plant & equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold buildings 2% Straight line
Plant and machinery 10% Reducing balance
Fixtures, fittings and equipment 20% Reducing balance
Motor vehicles 20% Reducing balance
Office equipment20% 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.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventory 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.


MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

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

3. ACCOUNTING POLICIES - continued
Taxation & deferred 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

The company also provides pension scheme arrangements for specific employees through defined benefit schemes and the related costs are assessed in accordance with the advice of professionally qualified actuaries. Actuarial gains and losses are recognised in the statement of total recognised gains and losses.

Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Cash flow exemption
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.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES & DIRECTORS

The average number of employees during the year was 102 (2022 - 93 ) .

MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

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

5. INTANGIBLE FIXED ASSETS
Patents and
licences
£
COST
At 1 August 2022
and 31 July 2023 80,000
NET BOOK VALUE
At 31 July 2023 80,000
At 31 July 2022 80,000

6. PROPERTY, PLANT & EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST
At 1 August 2022 2,125,679 103,567 2,157,767
Additions - - 447,747
At 31 July 2023 2,125,679 103,567 2,605,514
DEPRECIATION
At 1 August 2022 556,760 95,899 2,046,879
Charge for year 42,513 767 110,945
At 31 July 2023 599,273 96,666 2,157,824
NET BOOK VALUE
At 31 July 2023 1,526,406 6,901 447,690
At 31 July 2022 1,568,919 7,668 110,888

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 August 2022 154,920 172,899 4,714,832
Additions - 17,949 465,696
At 31 July 2023 154,920 190,848 5,180,528
DEPRECIATION
At 1 August 2022 100,622 161,331 2,961,491
Charge for year 10,860 4,964 170,049
At 31 July 2023 111,482 166,295 3,131,540
NET BOOK VALUE
At 31 July 2023 43,438 24,553 2,048,988
At 31 July 2022 54,298 11,568 1,753,341

MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

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

7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 August 2022
and 31 July 2023 315,000
NET BOOK VALUE
At 31 July 2023 315,000
At 31 July 2022 315,000

The directors consider that such valuations are reflective of the open market value of the properties at 31 July 2023.

8. INVENTORIES
2023 2022
£ £
Finished goods 498,673 414,176

9. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 4,177 7,684
Other receivables 301,997 301,997
Prepayments & accrued income 100,169 102,415
406,343 412,096

10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans & overdrafts 106,514 96,920
Trade payables 881,724 574,687
Taxation & social security 41,873 48,486
Other payables 399,705 449,546
1,429,816 1,169,639

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 64,142 29,692

Deferred tax
£
Balance at 1 August 2022 29,692
Provided during year 34,450
Balance at 31 July 2023 64,142

MCANERNEY BROTHERS LIMITED (REGISTERED NUMBER: NI001169)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
15,000 Ordinary 1 15,000 15,000

13. TRANSACTIONS WITH DIRECTORS

At the year end a balance of £293,116 (2022 - £318,830) was due to the Directors in respect of monies advanced to the company.

14. PENSION COSTS

The company provides pension scheme arrangements for specific employees through defined benefit schemes and the related costs are assessed in accordance with the advice of professionally qualified actuaries. The most recent actuarial valuation of the scheme was carried out on 5 April 2022. The net pension deficit of £177k included within the 2022 valuation remains the best estimate. The 2022 valuation was carried out by Aon Hewitt Limited, professionally qualified actuary. Actuarial gains and losses are recognised through other comprehensive income.