Registered number
NI064965
P&A McCullagh Limited
Report and Unaudited Accounts
31 December 2023
P&A McCullagh Limited
Company Information
Directors
Mr Patrick McCullagh
Mrs Anna McCullagh
Mr Kevin McCullagh
Secretary
Mrs Anna McCullagh
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Ulster Bank
4 Main Street
Gortin
Co Tyrone
BT78 1DE
Solicitors
James McNulty & Co
25-27 Georges Street
Omagh
Co Tyrone
BT78 1DE
Registered office
304 Crockanbuoy Road
Omagh
Co Tyrone
BT79 8HA
Registered number
NI064965
P&A McCullagh Limited
Registered number: NI064965
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 17,177 21,861
Tangible assets 4 1,543 2,058
18,720 23,919
Current assets
Stocks 5,000 32,904
Debtors 5 4,044 4,519
Cash at bank and in hand 161,032 97,563
170,076 134,986
Creditors: amounts falling due within one year 6 (81,209) (51,494)
Net current assets 88,867 83,492
Total assets less current liabilities 107,587 107,411
Provisions for liabilities 7 (34) (74)
Net assets 107,553 107,337
Capital and reserves
Called up, issued and fully paid share capital 3 3
Profit and loss account 107,550 107,334
Shareholders' funds 9 107,553 107,337
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 9 form an integral part of the accounts.
Patrick McCullagh
Director
Approved by the board on 12 September 2024
P&A McCullagh Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Grants are recognised using the accruals basis. Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account in the period in which they become receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 93,682
At 31 December 2023 93,682
Amortisation
At 1 January 2023 71,821
Provided during the year 4,684
At 31 December 2023 76,505
Net book value
At 31 December 2023 17,177
At 31 December 2022 21,861
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 64,489
At 31 December 2023 64,489
Depreciation
At 1 January 2023 62,431
Charge for the year 515
At 31 December 2023 62,946
Net book value
At 31 December 2023 1,543
At 31 December 2022 2,058
5 Debtors 2023 2022
£ £
Other debtors 4,044 4,519
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 714 695
Trade creditors 45,645 22,983
Taxes and social security costs 2,395 2,268
Other creditors 32,455 25,548
81,209 51,494
7 Provision for liabilities
Deferred Taxation
£
At 1 January 2023 74
Charged to the profit and loss (40)
At 31 December 2023 34
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances 40 61
40 61
8 Directors' advances, credits and guarantees
During the year the directors advanced £8,000, and the company repaid £1,091 leaving a balance owed to the directors at the year end of £30,955.

The balances are interest free and repayable on demand.
9 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments.
10 Other information
P&A McCullagh Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
304 Crockanbuoy Road
Omagh
Co Tyrone
BT79 8HA
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