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REGISTERED NUMBER: NI010812 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MC NEILL HOTELWARE LIMITED

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


MC NEILL HOTELWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M McNeill
Ms L McNeill
S McNeill





REGISTERED OFFICE: Maryland Industrial Estate
286 Ballygowan Road
Castlereagh
Belfast
BT23 6BL





REGISTERED NUMBER: NI010812 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,995 -
Tangible assets 5 60,392 24,825
72,387 24,825

CURRENT ASSETS
Stocks 246,134 226,563
Debtors 6 153,006 189,307
Cash at bank 15,724 12,089
414,864 427,959
CREDITORS
Amounts falling due within one year 7 347,133 346,581
NET CURRENT ASSETS 67,731 81,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,118

106,203

CREDITORS
Amounts falling due after more than one
year

8

(32,334

)

(22,443

)

PROVISIONS FOR LIABILITIES (13,556 ) (1,940 )
NET ASSETS 94,228 81,820

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 84,228 71,820
SHAREHOLDERS' FUNDS 94,228 81,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

BALANCE SHEET - continued
29 FEBRUARY 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 authorised for issue by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:




M McNeill - Director



Ms L McNeill - Director


MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Mc Neill Hotelware 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.

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.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets and the business in general.

Consider the age and condition of stock and the need for any impairment provisions. These considerations are undertaken by directors at regular intervals, especially at the year end date. Factors taken into consideration include the period of ownership of the stock, market demand and historical experience. Stock identified as impaired will be provided against in the relevant period.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rate on an annual basis to ensure this estimate remains reasonable.

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

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Financial liabilities
Financial liabilities are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 12,000
At 29 February 2024 12,000
AMORTISATION
Amortisation for year 5
At 29 February 2024 5
NET BOOK VALUE
At 29 February 2024 11,995

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 March 2023 7,700 1,414 73,902 83,016
Additions 3,741 - 53,810 57,551
Disposals - - (13,300 ) (13,300 )
At 29 February 2024 11,441 1,414 114,412 127,267
DEPRECIATION
At 1 March 2023 7,574 1,414 49,203 58,191
Charge for year 390 - 19,259 19,649
Eliminated on disposal - - (10,965 ) (10,965 )
At 29 February 2024 7,964 1,414 57,497 66,875
NET BOOK VALUE
At 29 February 2024 3,477 - 56,915 60,392
At 28 February 2023 126 - 24,699 24,825

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 44,894
Additions 53,811
Transfer to ownership (44,894 )
At 29 February 2024 53,811
DEPRECIATION
At 1 March 2023 35,545
Charge for year 11,830
Transfer to ownership (35,545 )
At 29 February 2024 11,830
NET BOOK VALUE
At 29 February 2024 41,981
At 28 February 2023 9,349

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 142,774 179,193
Other debtors 10,232 10,114
153,006 189,307

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 116,154 141,085
Hire purchase contracts 15,539 -
Trade creditors 146,598 112,420
Taxation and social security 52,177 65,753
Other creditors 16,665 27,323
347,133 346,581

MC NEILL HOTELWARE LIMITED (REGISTERED NUMBER: NI010812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 12,761 22,443
Hire purchase contracts 19,573 -
32,334 22,443

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 105,506 130,437
Hire purchase contracts 35,112 -
140,618 130,437

The bank overdrafts relate to a receivables financing agreement which is secured by a fixed charge over book debts within the agreement and a floating charge over all the rights and assets of the company excluding the book debts which are subject to the fixed charge.

Hire purchase agreements are secured on the asset to which they relate.

10. RELATED PARTY DISCLOSURES

Rent is paid by the company to a shareholder in the amount of £15,000.

No further transactions are required to be disclosed under FRS 102 Section 1A.