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REGISTERED NUMBER: NI645930 (Northern Ireland)















Financial Statements for the Year Ended 31 March 2024

for

Peter & Mark McKenna Ltd

Peter & Mark McKenna Ltd (Registered number: NI645930)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Peter & Mark McKenna Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P McKenna
M McKenna





REGISTERED OFFICE: 5 Legamaghery Road
Fintona
United Kingdom
Co. Tyrone
BT78 2HA





REGISTERED NUMBER: NI645930 (Northern Ireland)





ACCOUNTANTS: Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG

Peter & Mark McKenna Ltd (Registered number: NI645930)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 241,421 194,950

CURRENT ASSETS
Stocks 330,000 315,000
Debtors 5 822,494 927,883
Cash at bank 838,343 583,663
1,990,837 1,826,546
CREDITORS
Amounts falling due within one year 6 325,088 385,027
NET CURRENT ASSETS 1,665,749 1,441,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,907,170

1,636,469

CREDITORS
Amounts falling due after more than one year 7 (54,440 ) (46,248 )

PROVISIONS FOR LIABILITIES (45,870 ) (37,041 )
NET ASSETS 1,806,860 1,553,180

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,806,858 1,553,178
1,806,860 1,553,180

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:



P McKenna - Director



M McKenna - Director


Peter & Mark McKenna Ltd (Registered number: NI645930)

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

1. STATUTORY INFORMATION

Peter & Mark McKenna 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.

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.

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

Tangible fixed assets
Tangible fixed assets are originally stated at cost and are subsequently carried at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes any costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 15% 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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 3 ) .

Peter & Mark McKenna Ltd (Registered number: NI645930)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 416,377
Additions 97,000
Disposals (55,000 )
At 31 March 2024 458,377
DEPRECIATION
At 1 April 2023 221,427
Charge for year 35,542
Eliminated on disposal (40,013 )
At 31 March 2024 216,956
NET BOOK VALUE
At 31 March 2024 241,421
At 31 March 2023 194,950

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 816,494 830,883
Other debtors 6,000 97,000
822,494 927,883

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 6,209 6,209
Trade creditors 164,452 263,372
Taxation and social security 96,976 80,447
Other creditors 57,451 34,999
325,088 385,027

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 29,565 34,873
Other creditors 24,875 11,375
54,440 46,248