SEAN MURPHY PROPERTY LET LIMITED NI615941 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is Letting & Property rental Digita Accounts Production Advanced 6.30.9574.0 true NI615941 2022-12-01 2023-11-30 NI615941 2023-11-30 NI615941 bus:Director1 1 2023-11-30 NI615941 bus:OrdinaryShareClass1 2023-11-30 NI615941 core:CurrentFinancialInstruments 2023-11-30 NI615941 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 NI615941 core:Goodwill 2023-11-30 NI615941 bus:SmallEntities 2022-12-01 2023-11-30 NI615941 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI615941 bus:FilletedAccounts 2022-12-01 2023-11-30 NI615941 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI615941 bus:RegisteredOffice 2022-12-01 2023-11-30 NI615941 bus:Director1 2022-12-01 2023-11-30 NI615941 bus:Director1 1 2022-12-01 2023-11-30 NI615941 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 NI615941 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI615941 bus:Agent1 2022-12-01 2023-11-30 NI615941 core:Goodwill 2022-12-01 2023-11-30 NI615941 countries:NorthernIreland 2022-12-01 2023-11-30 NI615941 2022-11-30 NI615941 bus:Director1 1 2022-11-30 NI615941 core:Goodwill 2022-11-30 NI615941 2021-12-01 2022-11-30 NI615941 2022-11-30 NI615941 bus:Director1 1 2022-11-30 NI615941 bus:OrdinaryShareClass1 2022-11-30 NI615941 core:CurrentFinancialInstruments 2022-11-30 NI615941 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 NI615941 bus:Director1 1 2021-12-01 2022-11-30 NI615941 bus:Director1 1 2021-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI615941

SEAN MURPHY PROPERTY LET LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

SEAN MURPHY PROPERTY LET LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SEAN MURPHY PROPERTY LET LIMITED

Company Information

Director

Mr Sean Murphy

Registered office

41 Carrickbroad Road
Drumintee
Newry
Co Down
BT35 8TQ

Bankers

Ulster Bank
Newry
86 Hill Street
Newry
BT34 1BT

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

SEAN MURPHY PROPERTY LET LIMITED

(Registration number: NI615941)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

1,800

193

Cash at bank and in hand

 

201,254

238,796

 

203,054

238,989

Creditors: Amounts falling due within one year

6

(114,436)

(127,357)

Net assets

 

88,618

111,632

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

88,617

111,631

Shareholders' funds

 

88,618

111,632

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr Sean Murphy
Director

   
     
 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
41 Carrickbroad Road
Drumintee
Newry
Co Down
BT35 8TQ

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

20,000

20,000

At 30 November 2023

20,000

20,000

Amortisation

At 1 December 2022

20,000

20,000

At 30 November 2023

20,000

20,000

Carrying amount

At 30 November 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

1,800

193

 

1,800

193

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

72

-

Taxation and social security

3,042

5,136

Accruals and deferred income

1,872

1,788

Other creditors

109,450

120,433

114,436

127,357

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Dividends

2023

2022

£

£

Interim dividend of £35,000.00 (2022 - £5,000.00) per ordinary share

35,000

5,000

 

 

9

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

11,448

9,775

 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr Sean Murphy

Directors Loan

55,919

(55,887)

46,448

46,481

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr Sean Murphy

Directors Loan

33,208

(3,880)

26,591

55,919

 

SEAN MURPHY PROPERTY LET LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,571

9,775

Dividends paid to the director

2023
£

2022
£

Mr Sean Murphy

Dividends

35,000

5,000