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Company Registration Number: 02856600
 
 
Tony McDonagh & Co Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023



Tony McDonagh & Co Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Sean McDonagh
James McDonagh
 
 
Company Secretary Sean McDonagh
 
 
Company Registration Number 02856600
 
 
Registered Office and Business Address Avoca House
The Pavilion Business Centre
6 Kinetic Crescent
Enfield
Middlesex
EN3 7FJ
England
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers AIB
  Hampstead
  202-204 Finchley Road
  London
  NW3 6BX
  United Kingdom



Tony McDonagh & Co Ltd

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Tony McDonagh & Co Ltd
for the financial year ended 30 November 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2023 as set out on pages  to 15 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Tony McDonagh & Co Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 30 November 2023 your duty to ensure that Tony McDonagh & Co Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tony McDonagh & Co Ltd. You consider that Tony McDonagh & Co Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Tony McDonagh & Co Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
28 August 2024



Tony McDonagh & Co Ltd
Company Registration Number: 02856600
STATEMENT OF FINANCIAL POSITION
as at 30 November 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 49,125 68,113
Financial assets 5 1,000 1,000
───────── ─────────
Non-Current Assets 50,125 69,113
───────── ─────────
 
Current Assets
Receivables 6 735,090 676,665
Cash and cash equivalents 1,134,309 884,522
───────── ─────────
1,869,399 1,561,187
───────── ─────────
Payables: amounts falling due within one year 7 (823,907) (695,848)
───────── ─────────
Net Current Assets 1,045,492 865,339
───────── ─────────
Total Assets less Current Liabilities 1,095,617 934,452
 
Payables:
amounts falling due after more than one year 8 (36,820) (40,472)
 
Provisions for liabilities 10 567 (1,033)
───────── ─────────
Net Assets 1,059,364 892,947
═════════ ═════════
 
Equity
Called up share capital 1,000 1,000
Retained earnings 1,058,364 891,947
───────── ─────────
Equity attributable to owners of the company 1,059,364 892,947
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 28 August 2024 and signed on its behalf by
           
           
           
________________________________          
Sean McDonagh          
Director          
           



Tony McDonagh & Co Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2023

   
1. General Information
 
Tony McDonagh & Co Ltd is a company limited by shares incorporated in the United Kingdom. Avoca House, The Pavilion Business Centre, 6 Kinetic Crescent, Enfield, Middlesex, EN3 7FJ, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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:
 
  Fixtures, fittings and equipment - 33% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial 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 balance sheet 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 balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 15, (2022 - 17).
 
  2023 2022
  Number Number
 
Average number of employees 15 17
  ═════════ ═════════
         
4. Property, plant and equipment
  Fixtures, Motor Total
  fittings and vehicles  
  equipment    
  £ £ £
Cost
At 1 December 2022 90,139 98,743 188,882
Additions 2,219 - 2,219
  ───────── ───────── ─────────
At 30 November 2023 92,358 98,743 191,101
  ───────── ───────── ─────────
Depreciation
At 1 December 2022 85,713 35,056 120,769
Charge for the financial year 2,101 19,106 21,207
  ───────── ───────── ─────────
At 30 November 2023 87,814 54,162 141,976
  ───────── ───────── ─────────
Carrying amount
At 30 November 2023 4,544 44,581 49,125
  ═════════ ═════════ ═════════
At 30 November 2022 4,426 63,687 68,113
  ═════════ ═════════ ═════════
           
4.1. Property, plant and equipment continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Carrying Depreciation Carrying Depreciation
  amount charge amount charge
  £ £ £ £
 
Motor vehicles 44,581 19,106 63,687 12,737
  ═════════ ═════════ ═════════ ═════════
       
5. Financial fixed assets
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost
 
At 30 November 2023 1,000 1,000
  ───────── ─────────
Carrying amount
At 30 November 2023 1,000 1,000
  ═════════ ═════════
At 30 November 2022 1,000 1,000
  ═════════ ═════════
             
5.1. Holdings in related undertakings
The company holds 20% or more of the share capital of the following company:
 
  Country Nature   Details Proportion
  of of   of held by
Name incorporation and address of Registered Office business   investment company
 
Subsidiary undertaking
NLIG Ltd United Kingdom Insurance Broker   Ordinary Shares 100%
 
 
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
 
  Year ended Capital and     Profit for
    reserves     the year
    £     £
 
NLIG Ltd 30 November 2023 76,943     (53,131)
    ═════════     ═════════
 
In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.
       
6. Receivables 2023 2022
  £ £
 
Trade receivables 404,837 386,794
Amounts owed by group undertakings 253,433 193,433
Amounts owed by related parties 63,185 63,185
Other debtors 5,319 5,319
Prepayments and accrued income 8,316 27,934
  ───────── ─────────
  735,090 676,665
  ═════════ ═════════
       
7. Payables 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 638 2,566
Net obligations under finance leases
and hire purchase contracts 3,652 3,652
Trade payables 433,438 468,279
Taxation  (Note 9) 65,133 44,867
Directors' current accounts 3,132 3,132
Other creditors 312,344 143,601
Accruals 5,570 29,751
  ───────── ─────────
  823,907 695,848
  ═════════ ═════════
 
Tony McDonagh & Co Ltd executed a debenture in favour of Barclays Bank PLC including:
- a fixed charge over
a) all Land in England and Wales now vested in Tony McDonagh & Co Ltd and registered at HM Land Registry
b) all other Land which is now, or in the future becomes, property of Tony McDonagh & Co Ltd
c) all plant and machinery now or in the future attached to any land
d) all rental and other income and all debts and claims which are due to owing to Tony McDonagh & Co Ltd now or in the future under or in connection with any lease, agreement or licence relating to Land
e) all your securities
f) all insurance and assurance contracts and policies now or in the future held by or otherwise benefitting you which relate to Assets themselves subject to a fixed charge in favour of Barclays; or which are not in the future deposited by Tony McDonagh & Co Ltd with Barclays, together with all rights and interests in these contracts and policies
g) all goodwill and uncalled share capital for the time being
h) all Intellectual Property, present and future, including any Intellectual Property to which Tony McDonagh & Co Ltd is not absolutely entitled or to which Tony McDonagh & Co Ltd are entitled together with others; the benefit of all agreements and licences now or in the future entered into or enjoyed by Tony McDonagh & Co Ltd relating to the use of exploitation of any Intellectual Property in any part of the world; all trade secrets, confidential information and knowhow owned or enjoyed by Tony McDonagh & Co Ltd now or in the future in any part of the world
i) all trade debts now or in the future owning to Tony McDonagh & Co Ltd; all other debts now or in the future owing to Tony McDonagh & Co Ltd save for those arising on fluctuating accounts with associates.
j) the benefit of all instruments, guarantees, charges, pledges and other rights now or in the future available to you as security in respect of any Asset itself subject to a fixed charge in Barclay's favour.

- a floating charge over:
a) all Assets which are not effectively charged by the fixed charges detailed above; and
b) without exception all Assets insofar as they are situated for the time being in Scotland

- a negative pledge
 
 
       
8. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Finance leases and hire purchase contracts 36,820 40,472
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 3,652 3,652
Repayable between one and five years 36,820 40,472
  ───────── ─────────
  40,472 44,124
  ═════════ ═════════
       
9. Taxation 2023 2022
  £ £
 
Payables:
Corporation tax 40,121 28,111
PAYE / NI 25,012 16,756
  ───────── ─────────
  65,133 44,867
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 1,033 1,033 (3,663)
Charged to profit and loss (1,600) (1,600) 4,696
  ───────── ───────── ─────────
At financial year end (567) (567) 1,033
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
           
12. Related party transactions
 
Bespoke Indemnity Solutions Ltd
Sean McDonagh is a director in Tony McDonagh & Co Ltd and Bespoke Indemnity Solutions Ltd.
As at 1 December 2022 Bespoke Indemnity Solutions Ltd owed Tony McDonagh & Co Ltd £3,163.
During the financial year there was no movement in this balance.
As at 30 November 2023 Bespoke Indemnity Solutions Ltd owed Tony McDonagh & Co Ltd £3,163.

MCD Property Ltd
Sean McDonagh is a director in Tony McDonagh & Co Ltd and MCD Property Ltd.
As at 1st December 2022 MCD Property Ltd owed Tony McDonagh & Co Ltd £60,022.
During the financial year there was no movement in this balance.
As at 30th November 2023 MCD Property Ltd owed Tony McDonagh & Co Ltd £60,022.

During the financial year MCD Property Ltd charged Tony McDonagh & Co Ltd £47,220 for rent.
This balance was paid in full during the financial year.
Tony McDonagh & Co Ltd also have a prepayment in relation to MCD Property Ltd totalling £3,180 at 30th November 2023.


         
Transactions and balances with group company:
 
NLIG Ltd
 
NLIG Ltd is a subsidiary of Tony McDonagh & Co Ltd
As at 1 December 2022 NLIG Ltd owed Tony McDonagh & Co Ltd £193,433, this balance is included within amounts owed by a group company.
During the financial year Tony McDonagh & Co Ltd charged NLIG Ltd a management charges totalling £60,000. This is included within other income in the financial statements.  
As at 30 November 2023 NLIG Ltd owed Tony McDonagh & Co Ltd £253,433.
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.