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REGISTERED NUMBER: NI043490 (Northern Ireland)















P.M. FIREPLACES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P.M. FIREPLACES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Seamus McNulty
John McNulty
Brendan McNulty
Niall McNulty





REGISTERED OFFICE: 56 Ballygawley Road
Dungannon
Co. Tyrone
BT70 1TZ





REGISTERED NUMBER: NI043490 (Northern Ireland)





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

P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)

Statement of Financial Position
31 MARCH 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 598,097 476,461

CURRENT ASSETS
Inventories 650,282 633,282
Receivables 6 664,404 522,939
Cash at bank and in hand 44,925 33,032
1,359,611 1,189,253
PAYABLES
Amounts falling due within one year 7 (1,387,601 ) (1,341,812 )
NET CURRENT LIABILITIES (27,990 ) (152,559 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

570,107

323,902

PAYABLES
Amounts falling due after more than
one year

8

(243,587

)

(47,426

)

PROVISIONS FOR LIABILITIES (49,447 ) (49,447 )

GOVERNMENT GRANTS (45,625 ) (17,250 )
NET ASSETS 231,448 209,779

CAPITAL AND RESERVES
Called up share capital 24 24
Share premium 99,489 99,489
Retained earnings 131,935 110,266
231,448 209,779

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 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.

P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)

Statement of Financial Position - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:




John McNulty - Director



Brendan McNulty - Director


P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

P.M. Fireplaces 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 financial statements have been prepared under the historical cost convention.

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

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Long leasehold - 4% straight line
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

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 stocks 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.

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 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
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.

P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 47 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Long Plant and
property leasehold machinery
£ £ £
COST
At 1 April 2023 130,000 297,362 960,317
Additions - 1,450 185,465
At 31 March 2024 130,000 298,812 1,145,782
DEPRECIATION
At 1 April 2023 - 135,349 844,463
Charge for year - 11,894 42,613
At 31 March 2024 - 147,243 887,076
NET BOOK VALUE
At 31 March 2024 130,000 151,569 258,706
At 31 March 2023 130,000 162,013 115,854

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 April 2023 124,886 150,354 1,662,919
Additions 7,752 - 194,667
At 31 March 2024 132,638 150,354 1,857,586
DEPRECIATION
At 1 April 2023 101,383 105,263 1,186,458
Charge for year 7,256 11,268 73,031
At 31 March 2024 108,639 116,531 1,259,489
NET BOOK VALUE
At 31 March 2024 23,999 33,823 598,097
At 31 March 2023 23,503 45,091 476,461

6. RECEIVABLES
2024 2023
£ £
Trade receivables 538,439 512,522
Other receivables 125,965 10,417
664,404 522,939

P.M. FIREPLACES LIMITED (REGISTERED NUMBER: NI043490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 531,689 668,114
Hire purchase contracts (see note 9) 63,837 38,346
Trade payables 657,229 456,180
Amounts owed to group undertakings 7,609 4,173
Taxation and social security 62,083 114,715
Other payables 65,154 60,284
1,387,601 1,341,812

8. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 93,755 -
Hire purchase contracts (see note 9) 149,832 47,426
243,587 47,426

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 63,837 38,346
Between one and five years 149,832 47,426
213,669 85,772

Hire purchase liabilities are secured on the assets to which they relate.