IRIS Accounts Production v24.2.0.383 NI044665 director 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0446652022-12-31NI0446652023-12-31NI0446652023-01-012023-12-31NI0446652021-12-31NI0446652022-01-012022-12-31NI0446652022-12-31NI044665ns15:NorthernIreland2023-01-012023-12-31NI044665ns14:PoundSterling2023-01-012023-12-31NI044665ns10:Director12023-01-012023-12-31NI044665ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31NI044665ns10:SmallEntities2023-01-012023-12-31NI044665ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31NI044665ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31NI044665ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31NI044665ns10:FullAccounts2023-01-012023-12-31NI044665ns10:OrdinaryShareClass12023-01-012023-12-31NI044665ns10:RegisteredOffice2023-01-012023-12-31NI044665ns5:CurrentFinancialInstruments2023-12-31NI044665ns5:CurrentFinancialInstruments2022-12-31NI044665ns5:Non-currentFinancialInstruments2023-12-31NI044665ns5:Non-currentFinancialInstruments2022-12-31NI044665ns5:ShareCapital2023-12-31NI044665ns5:ShareCapital2022-12-31NI044665ns5:RetainedEarningsAccumulatedLosses2023-12-31NI044665ns5:RetainedEarningsAccumulatedLosses2022-12-31NI044665ns5:PlantMachinery2022-12-31NI044665ns5:FurnitureFittings2022-12-31NI044665ns5:MotorVehicles2022-12-31NI044665ns5:PlantMachinery2023-01-012023-12-31NI044665ns5:FurnitureFittings2023-01-012023-12-31NI044665ns5:MotorVehicles2023-01-012023-12-31NI044665ns5:PlantMachinery2023-12-31NI044665ns5:FurnitureFittings2023-12-31NI044665ns5:MotorVehicles2023-12-31NI044665ns5:PlantMachinery2022-12-31NI044665ns5:FurnitureFittings2022-12-31NI044665ns5:MotorVehicles2022-12-31NI044665ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31NI044665ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31NI044665ns5:Non-currentFinancialInstruments2023-01-012023-12-31NI044665ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: NI044665 (Northern Ireland)















SEAN MCGLONE LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SEAN MCGLONE LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Sean McGlone





REGISTERED OFFICE: 136 Lough Fea Road
Cookstown
Co. Tyrone
BT80 9ST





REGISTERED NUMBER: NI044665 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 95,118 117,681

CURRENT ASSETS
Inventories 6 50,105 436,546
Receivables: amounts falling due within
one year

7

9,205

1,041
Cash at bank 129,165 81,842
188,475 519,429
PAYABLES
Amounts falling due within one year 8 (170,485 ) (349,624 )
NET CURRENT ASSETS 17,990 169,805
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,108

287,486

PAYABLES
Amounts falling due after more than
one year

9

(16,294

)

(37,582

)

PROVISIONS FOR LIABILITIES (26,912 ) (26,912 )
NET ASSETS 69,902 222,992

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 59,902 212,992
SHAREHOLDERS' FUNDS 69,902 222,992

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Statement of Financial Position - continued
31 DECEMBER 2023



The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





Sean McGlone - Director


SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sean McGlone 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.

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
The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.
The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of services:
Revenue from the sale of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the group will receive consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if
events or changes in circumstances indicate the carrying value my not be recoverable.

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Work in progress
Work in progress is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each contract to its present stage, plus an element of profit attributable to the current stage of completion. Net realisable value is based on estimated contract price less any further costs expected to be incurred in completion.

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have 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 and 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 current 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(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 liability simultaneously.


SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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 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.

Leasing and hire purchases
Property, plant and equipment held under leasing and Hire purchases arrangements which transfer
substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding
commitments are recorded as liabilities. Payments in respect of these obligations are treated as
consisting of capital and interest elements, with interest charged to the Income Statement.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Distributions to equity holders
Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 January 2023 418,572 56,785 66,551 541,908
Additions - 108 - 108
Disposals (20,000 ) - - (20,000 )
At 31 December 2023 398,572 56,893 66,551 522,016
DEPRECIATION
At 1 January 2023 357,346 39,574 27,307 424,227
Charge for year 9,184 2,582 10,905 22,671
Eliminated on disposal (20,000 ) - - (20,000 )
At 31 December 2023 346,530 42,156 38,212 426,898
NET BOOK VALUE
At 31 December 2023 52,042 14,737 28,339 95,118
At 31 December 2022 61,226 17,211 39,244 117,681

6. INVENTORIES
2023 2022
£ £
Work in Progress 50,105 436,546

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 8,000 -
Other receivables 1,205 1,041
9,205 1,041

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 10,644 -
Hire purchase contracts - 175
Trade payables 15,502 133,223
Taxation and social security 21,303 37,535
Other payables 123,036 178,691
170,485 349,624

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans 16,294 37,582

The Hire Purchase liabilities are secured upon the assets to which they relate.

SEAN MCGLONE LIMITED (REGISTERED NUMBER: NI044665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 Ordinary 1 10,000 10,000