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Registration number: NI058013

Richard McCullough Designco Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Richard McCullough Designco Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Richard McCullough Designco Ltd

Company Information

Directors

Mrs M T McCullough

Mr R H McCullough

Registered office

6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

Accountants

Hopper & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Richard McCullough Designco Ltd

(Registration number: NI058013)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,889

32,323

Current assets

 

Stocks

5

33,900

16,740

Debtors

6

193,289

108,810

Cash at bank and in hand

 

204,437

316,653

 

431,626

442,203

Creditors: Amounts falling due within one year

7

(77,699)

(93,501)

Net current assets

 

353,927

348,702

Total assets less current liabilities

 

402,816

381,025

Provisions for liabilities

(8,640)

(4,515)

Net assets

 

394,176

376,510

Capital and reserves

 

Called up share capital

8

10,000

10,000

Share premium reserve

15,750

15,750

Retained earnings

368,426

350,760

Shareholders' funds

 

394,176

376,510

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

 

Richard McCullough Designco Ltd

(Registration number: NI058013)
Balance Sheet as at 31 January 2024

.........................................
Mrs M T McCullough
Director

.........................................
Mr R H McCullough
Director

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG
Northern Ireland

The principal place of business is:
Unit 9
Abbey Business Park
Mill Road
Newtownabbey
Co Antrim
BT36 7EE
Northern Ireland

These financial statements were authorised for issue by the Board on 6 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% straight line basis

Fixtures & Fittings

20% straight line basis

Office Equipment

33% straight line basis

Motor Vehicles

25% reducing balance

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.

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

179,745

38,275

218,020

Additions

1,832

29,000

30,832

At 31 January 2024

181,577

67,275

248,852

Depreciation

At 1 February 2023

152,010

33,687

185,697

Charge for the year

7,077

7,189

14,266

At 31 January 2024

159,087

40,876

199,963

Carrying amount

At 31 January 2024

22,490

26,399

48,889

At 31 January 2023

27,735

4,588

32,323

5

Stocks

2024
£

2023
£

Raw materials and consumables

33,900

16,740

6

Debtors

Current

2024
£

2023
£

Trade debtors

167,994

108,410

Prepayments

261

400

Other debtors

25,034

-

 

193,289

108,810

7

Creditors

Creditors: amounts falling due within one year

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

23,333

33,333

Trade creditors

 

1,367

19,162

Taxation and social security

 

37,105

25,041

Accruals and deferred income

 

3,038

4,191

Other creditors

 

12,856

11,774

 

77,699

93,501

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

23,333

33,333

10

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £2.00) per ordinary share

10,000

60,000

Interim dividend of £1.00 (2023 - £4.00) per ordinary share

-

-

10,000

60,000

 

 

The directors are recommending a final dividend of £2.00 (2023 - £6.00) per share totalling £30,000.00 (2023 - £60,000.00). This dividend has not been accrued in the balance sheet.

11

Related party transactions

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr R H McCullough

Directors Loan

(4,231)

40,757

(11,491)

25,034

 

Richard McCullough Designco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

79,490

82,170

Dividends paid to directors

2024
£

2023
£

Mr R H McCullough

Ordinary Dividend

5,000

30,000

 

 

Mrs M T McCullough

Ordinary Dividend

5,000

30,000