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Registration number: NI601304

P MCKENNA TRANSPORT LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

P MCKENNA TRANSPORT LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

P MCKENNA TRANSPORT LTD

Company Information

Director

Mr Paul McKenna

Registered office

112 Hanslough Road
Middletown
Armagh
BT60 4JJ

Accountants

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

 

P MCKENNA TRANSPORT LTD

(Registration number: NI601304)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

373,015

323,096

Current assets

 

Stocks

5

30,000

30,000

Debtors

6

200,104

180,241

Cash at bank and in hand

 

63,241

62,889

 

293,345

273,130

Creditors: Amounts falling due within one year

7

(367,864)

(337,717)

Net current liabilities

 

(74,519)

(64,587)

Total assets less current liabilities

 

298,496

258,509

Creditors: Amounts falling due after more than one year

7

(233,332)

(206,891)

Provisions for liabilities

(31,085)

(20,911)

Net assets

 

34,079

30,707

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

34,078

30,706

Shareholders' funds

 

34,079

30,707

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 30 August 2024
 

 

P MCKENNA TRANSPORT LTD

(Registration number: NI601304)
Balance Sheet as at 30 November 2023

.........................................
Mr Paul McKenna
Director

   
     
 

P MCKENNA TRANSPORT LTD

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:
112 Hanslough Road
Middletown
Armagh
BT60 4JJ

These financial statements were authorised for issue by the director on 30 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.

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.

 

P MCKENNA TRANSPORT LTD

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

Tax

The tax expense for the period comprises 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.

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 and machinery

25% Reducing Balance

Office Equipment

15% Reducing Balance

Fixtures & fittings

15% 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.

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.

 

P MCKENNA TRANSPORT LTD

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

P MCKENNA TRANSPORT LTD

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

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 the director) during the year, was 6 (2022 - 4).

 

P MCKENNA TRANSPORT LTD

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

4,406

760,731

765,137

Additions

-

184,630

184,630

Disposals

-

(17,600)

(17,600)

At 30 November 2023

4,406

927,761

932,167

Depreciation

At 1 December 2022

1,878

440,163

442,041

Charge for the year

380

123,622

124,002

Eliminated on disposal

-

(6,891)

(6,891)

At 30 November 2023

2,258

556,894

559,152

Carrying amount

At 30 November 2023

2,148

370,867

373,015

At 30 November 2022

2,528

320,568

323,096

5

Stocks

2023
£

2022
£

Work in progress

30,000

30,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

191,433

153,564

Prepayments

(4,000)

-

Other debtors

12,671

26,677

 

200,104

180,241

7

Creditors

Creditors: amounts falling due within one year

 

P MCKENNA TRANSPORT LTD

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

109,756

108,949

Trade creditors

 

62,272

66,702

Taxation and social security

 

22,655

18,672

Accruals and deferred income

 

2,661

2,827

Other creditors

 

170,520

140,567

 

367,864

337,717

 

P MCKENNA TRANSPORT LTD

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

233,332

206,891

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

30,063

35,171

Hire purchase contracts

203,269

171,720

233,332

206,891

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,108

8,872

Hire purchase contracts

104,648

100,077

109,756

108,949

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1.00 (2022 - £Nil) per each Ordinary Share

40,000

-

 

 

11

Related party transactions

 

P MCKENNA TRANSPORT LTD

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 Paul McKenna

Directors Loan

(16,199)

(14,230)

60,382

29,952

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr Paul McKenna

Directors Loan

(8,936)

(8,550)

1,287

(16,199)

 

P MCKENNA TRANSPORT LTD

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

Dividends paid to the director

2023
£

2022
£

Mr Paul McKenna

Dividends

40,000

-

 

 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

140,567

140,567

At end of period

140,567

140,567

2022

Other related parties
£

Total
£

At start of period

140,567

140,567

At end of period

140,567

140,567