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REGISTERED NUMBER: NI045093 (Northern Ireland)













Martha Faloon Agencies Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024






Martha Faloon Agencies Ltd (Registered number: NI045093)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


Martha Faloon Agencies Ltd

Company Information
for the Year Ended 31 January 2024







Directors: Mr R Moorhead
Mrs C Moorhead





Secretary: Mrs C Moorhead





Registered office: 67 Villawood Road
Dromore
Co Down
BT25 1LQ





Registered number: NI045093 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Martha Faloon Agencies Ltd (Registered number: NI045093)

Statement of Financial Position
31 January 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 1,336 1,782

Current assets
Receivables 5 1,122 10,735
Cash at bank and in hand 50,733 74,918
51,855 85,653
Payables
Amounts falling due within one year 6 (25,474 ) (3,424 )
Net current assets 26,381 82,229
Total assets less current liabilities 27,717 84,011

Provisions for liabilities 7 (255 ) (340 )
Net assets 27,462 83,671

Capital and reserves
Called up share capital 8 10 10
Retained earnings 27,452 83,661
Shareholders' funds 27,462 83,671

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

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

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





Mr R Moorhead - Director


Martha Faloon Agencies Ltd (Registered number: NI045093)

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


1. Statutory information

Martha Faloon Agencies Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Martha Faloon Agencies Ltd (Registered number: NI045093)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Martha Faloon Agencies Ltd (Registered number: NI045093)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. Accounting policies - continued

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the director there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Property, plant and equipment
Fixtures
and
fittings
£
Cost
At 1 February 2023
and 31 January 2024 10,161
Depreciation
At 1 February 2023 8,379
Charge for year 446
At 31 January 2024 8,825
Net book value
At 31 January 2024 1,336
At 31 January 2023 1,782

5. Receivables less than one year
2024 2023
£ £
Trade receivables 1,105 813
Other receivables 17 9,922
1,122 10,735

Martha Faloon Agencies Ltd (Registered number: NI045093)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


6. Payables less than one year
2024 2023
£ £
Taxation and social security 410 1,051
Other payables 25,064 2,373
25,474 3,424

7. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 255 340

Deferred tax
£
Balance at 1 February 2023 340
Credit to Statement of income and retained earnings during year (85 )
Balance at 31 January 2024 255

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
5 Ordinary Shares 1 5 10
5 Class B ordinary shares 1 5 -
10 10

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£ £
Mr R Moorhead and Mrs C Moorhead
Balance outstanding at start of year (9,885 ) (2,114 )
Amounts advanced (28,051 ) (54,141 )
Amounts repaid 58,164 46,370
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,228 (9,885 )