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REGISTERED NUMBER: 06455453 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MONAGHANS LIMITED

MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MONAGHANS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: C M Hibbert
S J Turner
S R Hirst
T B Casswell





REGISTERED OFFICE: Quayside House
Furnival Road
Sheffield
South Yorkshire
S4 7YA





REGISTERED NUMBER: 06455453 (England and Wales)

MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 219,179 251,648
219,179 251,648

CURRENT ASSETS
Debtors 7 2,817,869 2,554,188
Cash at bank and in hand 1,370,530 2,266,636
4,188,399 4,820,824
CREDITORS
Amounts falling due within one year 8 1,380,371 1,826,891
NET CURRENT ASSETS 2,808,028 2,993,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,027,207

3,245,581

CREDITORS
Amounts falling due after more than one
year

9

(17,500

)

(27,500

)

PROVISIONS FOR LIABILITIES (27,840 ) (29,552 )
NET ASSETS 2,981,867 3,188,529

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Retained earnings 2,980,367 3,187,029
SHAREHOLDERS' FUNDS 2,981,867 3,188,529

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 19 September 2024 and were signed on its behalf by:



C M Hibbert - Director


MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Monaghans Limited is a private company, limited by shares , registered in England and Wales. 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 (£).


All monetary values stated within these financial statements are rounded to the nearest £.

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Management have prepared forecasts that have been sensitised to reflect plausible downside scenarios which have been reviewed by the directors. These forecasts demonstrate that the company will generate profits and positive cash returns in the year ended 31 December 2024 and beyond and that the company will have sufficient cash reserves to enable it to meet all obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.

Having considered the above the directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Company's financial statements includes the use of estimates and assumptions. Although the estimates used are based on management's best information about current circumstances and future events and actions, actual results may differ from those estimates.

The most significant estimates and judgements are:

Recoverability of intercompany debtors - the Company assesses the recoverability of intercompany debtors on an annual basis, and make any necessary provision where necessary in the financial statements.The financial results and forward looking cashflows of intercompany debtors are used as part of this assessment.

MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of professional services, excluding value added tax.

Revenue is recognised when the company has been judged to have achieved the right to consideration resulting from a level of completed performance under individual contracts but only to the extent that the outcome of such contracts can be assessed with reasonable certainty.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, has been fully amortised over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Over term of the lease
Plant and machinery etc - 33% on cost, 25% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

Amounts recoverable on contracts
To the extent that amounts recoverable on contracts are considered to be in excess of amounts invoiced to date, those sums are included in debtors. To the extent that amounts invoiced to date are considered to be in excess of amounts recoverable on contracts, those sums are included in creditors.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 81 (2022 - 79 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 300,920
AMORTISATION
At 1 January 2023
and 31 December 2023 300,920
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 307,386 832,401 1,139,787
Additions - 56,139 56,139
At 31 December 2023 307,386 888,540 1,195,926
DEPRECIATION
At 1 January 2023 175,213 712,926 888,139
Charge for year 28,718 59,890 88,608
At 31 December 2023 203,931 772,816 976,747
NET BOOK VALUE
At 31 December 2023 103,455 115,724 219,179
At 31 December 2022 132,173 119,475 251,648

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,979,334 2,065,786
Amounts owed by group undertakings 96,658 58,311
Amounts due under contracts 227,722 199,157
Other debtors 514,155 230,934
2,817,869 2,554,188

Amounts owed by group undertakings are unsecured, have no fixed date of repayment, no interest charge and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,892 10,000
Trade creditors 342,137 82,078
Amounts owed to group undertakings - 316,053
Taxation and social security 605,864 540,692
Other creditors 421,478 878,068
1,380,371 1,826,891

Amounts owed to group undertakings are unsecured, have no fixed date of repayment, no interest charge and are repayable on demand.

MONAGHANS LIMITED (REGISTERED NUMBER: 06455453)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 17,500 27,500

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 266,623 271,514
Between one and five years 359,996 626,619
626,619 898,133

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Berry (Senior Statutory Auditor)
for and on behalf of Paul Howley & Co

12. RELATED PARTY DISCLOSURES

During the year the company has supplied goods and services to fellow group companies free of charge. In prior years a charge was made for these supplies of £75,360 under normal commercial terms.

All other transactions between the company and related parties have been concluded under normal commercial terms.

13. ULTIMATE CONTROLLING PARTY

The company's parent company is Rixil Services Limited, incorporated in England and Wales, which produces publicly available consolidated financial statements available on request from its registered office at Quayside House, Furnival Road, Sheffield, S4 7YA.

The ultimate controlling party is C M & J Hibbert by virtue of their 100% interest in the issued share capital of Rixil Services Limited.

14. EXCEPTIONAL ITEMS

During the year the company provided working capital to a company associated by common control to facilitate that company in providing goods and services that Monaghans do not provide. Unfortunately, the enterprise has not proved successful and as a consequence, an amount of £365,000 has been provided for in the Profit and Loss statement as being irrecoverable at the year end and due to the nature of the debt, no tax relief can be enjoyed on the amounts so provided.