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REGISTERED NUMBER: NI042056 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PJ MCGRANAGHAN LIMITED

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


PJ MCGRANAGHAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr P J McGranaghan
Ms G McGranaghan
Mr A J McGranaghan
Mrs E McGranaghan



SECRETARY: Mrs E McGranaghan



REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



REGISTERED NUMBER: NI042056 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
Chartered Certified Accountants
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: First Trust Bank
31 - 35 High Street
Belfast
Co. Antrim
BT1 2AL

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,977,160 2,084,815

CURRENT ASSETS
Stocks 156,807 122,825
Debtors 5 67,439 44,108
Cash at bank and in hand 379,465 692,527
603,711 859,460
CREDITORS
Amounts falling due within one year 6 457,691 461,189
NET CURRENT ASSETS 146,020 398,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,123,180

2,483,086

CREDITORS
Amounts falling due after more than one
year

7

(36,033

)

(515,145

)

PROVISIONS FOR LIABILITIES (63,782 ) (79,988 )
NET ASSETS 2,023,365 1,887,953

CAPITAL AND RESERVES
Called up share capital 84 84
Capital redemption reserve 16 16
Retained earnings 2,023,265 1,887,853
SHAREHOLDERS' FUNDS 2,023,365 1,887,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 7 June 2024 and were signed on its behalf by:




Mrs E McGranaghan - Director



Mr P J McGranaghan - Director


PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

PJ McGranaghan 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The address of the company's main place of business is 120 Blacks Road, Belfast BT10 0NF.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets and the business in general.

Estimates are made in respect of the recoverable value of trade debtors and stock. When assessing the level of provisions required, factors considered include current experience of debtor book, historical rates of non-recoverability, the ageing profile of debtors, the age and condition of stock.

The directors also consider the depreciation rate on an annual basis to ensure this estimate remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 29 ) .

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings
property machinery & equipment Totals
£    £    £    £   
COST
At 1 February 2023
and 31 January 2024 2,118,118 481,612 12,127 2,611,857
DEPRECIATION
At 1 February 2023 353,722 168,564 4,756 527,042
Charge for year 42,363 63,818 1,474 107,655
At 31 January 2024 396,085 232,382 6,230 634,697
NET BOOK VALUE
At 31 January 2024 1,722,033 249,230 5,897 1,977,160
At 31 January 2023 1,764,396 313,048 7,371 2,084,815

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 28,295 27,060
Prepayments 39,144 17,048
67,439 44,108

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 76,683 88,109
Other loans 58,616 82,616
Trade creditors 164,017 164,149
Corporation Tax 103,111 13,061
Social security and other taxes 514 2,614
VAT 13,142 14,272
Accrued expenses 41,608 96,368
457,691 461,189

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years - 88,109
Bank loans - 2-5 years - 264,327
Bank loans more 5 yr by instal - 88,202
Directors loans 36,033 74,507
36,033 515,145

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.24 31.1.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 88,202

8. RELATED PARTY DISCLOSURES

Included in other creditors falling due after more than one year are directors loans. These loans have no fixed repayment date and are interest free. At 31 January 2024 the directors were owed £36,033 (2023: £74,507).

9. ULTIMATE CONTROLLING PARTY

The company continues to be controlled by the directors, who are also the shareholders of the company.