BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The companies principal activities during the year continued to be the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements. 31 July 2024 NI057547 2024-01-31 NI057547 2023-01-31 NI057547 2022-01-31 NI057547 2023-02-01 2024-01-31 NI057547 2022-02-01 2023-01-31 NI057547 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI057547 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI057547 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI057547 uk-bus:Director1 2023-02-01 2024-01-31 NI057547 uk-bus:Director2 2023-02-01 2024-01-31 NI057547 uk-bus:Director3 2023-02-01 2024-01-31 NI057547 uk-bus:Director4 2023-02-01 2024-01-31 NI057547 uk-bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 NI057547 uk-bus:CompanySecretaryDirector2 2023-02-01 2024-01-31 NI057547 uk-bus:CompanySecretary1 2023-02-01 2024-01-31 NI057547 uk-bus:RegisteredOffice 2023-02-01 2024-01-31 NI057547 uk-bus:Agent1 2023-02-01 2024-01-31 NI057547 uk-bus:Audited 2023-02-01 2024-01-31 NI057547 uk-core:ShareCapital 2024-01-31 NI057547 uk-core:ShareCapital 2023-01-31 NI057547 uk-core:SharePremium 2024-01-31 NI057547 uk-core:SharePremium 2023-01-31 NI057547 uk-core:OtherReservesSubtotal 2024-01-31 NI057547 uk-core:OtherReservesSubtotal 2023-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI057547 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI057547 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI057547 uk-bus:FRS102 2023-02-01 2024-01-31 NI057547 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI057547 uk-core:MotorVehicles 2023-02-01 2024-01-31 NI057547 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-02-01 2024-01-31 NI057547 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-02-01 2023-01-31 NI057547 uk-core:CurrentFinancialInstruments 2024-01-31 NI057547 uk-core:CurrentFinancialInstruments 2023-01-31 NI057547 uk-core:WithinOneYear 2024-01-31 NI057547 uk-core:WithinOneYear 2023-01-31 NI057547 uk-core:WithinOneYear 2024-01-31 NI057547 uk-core:WithinOneYear 2023-01-31 NI057547 uk-core:AfterOneYear 2024-01-31 NI057547 uk-core:AfterOneYear 2023-01-31 NI057547 uk-core:AfterOneYear 2024-01-31 NI057547 uk-core:AfterOneYear 2023-01-31 NI057547 uk-core:BetweenOneTwoYears 2024-01-31 NI057547 uk-core:BetweenOneTwoYears 2023-01-31 NI057547 uk-core:BetweenTwoFiveYears 2024-01-31 NI057547 uk-core:BetweenTwoFiveYears 2023-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2023-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI057547 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI057547 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI057547 uk-core:OtherDeferredTax 2024-01-31 NI057547 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2024-01-31 NI057547 uk-bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI057547 uk-bus:OrdinaryShareClass1 2024-01-31 NI057547 uk-bus:PreferenceShareClass1 2023-02-01 2024-01-31 NI057547 uk-bus:PreferenceShareClass1 2024-01-31 NI057547 uk-core:WithinOneYear 2024-01-31 NI057547 uk-core:WithinOneYear 2023-01-31 NI057547 uk-core:BetweenTwoFiveYears 2024-01-31 NI057547 uk-core:BetweenTwoFiveYears 2023-01-31 NI057547 uk-core:MoreThanFiveYears 2024-01-31 NI057547 uk-core:MoreThanFiveYears 2023-01-31 NI057547 uk-core:AllPeriods 2024-01-31 NI057547 uk-core:AllPeriods 2023-01-31 NI057547 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI057547
 
 
Menarys Retail Limited
 
Reports and Financial Statements
 
for the financial year ended 31 January 2024
Menarys Retail Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr Iain Gillespie
Mr Jonathan Kerrigan
Mr Philip McCammon
Mr Peter McCammon
Mr Stephen McCammon
Ms Monica Kelly (Resigned 20 June 2023)
 
 
Company Secretary Ms Tracy Conlan (Appointed 20 June 2023)
Ms Monica Kelly (Resigned 20 June 2023)
 
 
Company Registration Number NI057547
 
 
Registered Office London House
41 Market Square
Dungannon
Co. Tyrone
BT70 1JN
Northern Ireland
 
 
Business Address Unit 2 Saltmarine
Tamnamore Road
Dungannon
Tyrone
BT71 6HW
 
 
Independent Auditors Muldoon & Co
Chartered Accountants & Statutory Auditors
16 Mount Charles
Belfast
BT7 1NZ
 
 
Bankers Bank of Ireland
  32 James St
  Cookstown
  Co. Tyrone
  BT80 8LT
  Northern Ireland
 
   
Solicitors DWF (Northern Ireland) LLP
  42 Queen Street
  BT1 6HL



Menarys Retail Limited
STRATEGIC REPORT
for the financial year ended 31 January 2024

 
The directors present their strategic report on the company for the financial year ended 31 January 2024.
 
Review of the Company's Business
The Directors are satisfied with the performance of the last financial year. The cost of ‘doing business’ has increased through sustained increases in the cost of labour and energy. During the year we relocated both our Head Office and our Logistics & Distribution facility. Given the minor disruption caused by these relocations, coupled with economic challenges, we feel our team have delivered strongly.

The results show a pre-tax profit of £848,625  (2023: £716,436) on sales of £14,913,401  (2023: £14,887,824).
       
Principal Risks and Uncertainties
The management of the business and the execution of the companys' strategy are subject to a number of risks. The key business risks and uncertainities affecting the company are considered to relate to competition from both national and international businesses of a similar nature alongside changes in the high street where Menarys Retail Limited trades.

The company uses various financial instruments including bank loans, overdrafts and various items such as trade creditors arising from its operations. The main purpose of these financial instruments is to raise finance for the company. The existance of financial instruments expose the company to a number of financial risks that includes price risk, foreign exchange risk, interest rate risk and liquidity risk.

Given the size of the company the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors' are implimented by the companys' finance department.

Price Risk -
The company has exposure to price risk due to the nature of its operations. Given the size of the company the costs of managing exposure to commodity price risk exceeding benefits. The company focuses on customer experience and actively monitors the pricing of fellow retailers to remain competitive.

Foreign Exchange  Risk -
The greater part of revenues are denominated in sterling. The company is exposed to foreign exchange risk in relation to purchases from foreign suppliers. Active daily monitoring of the respective currencies, consultation with and advice from the company's bankers and forward planning mitigates this risk.

Credit Risk -
There is no significant credit risk as the company operates on a cash sale basis.

Interest Rate Risk -
The company has both interest bearing assets and liabilities. Interest bearing assets include cash balances and interest bearing liabilities include loans.  Active monitoring, planning and consultaton with the company's bankers mitigate this risk.

Liquidity Risk -
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense while ensuring the company has sufficient liquid resources to meet the operational needs of the business.
 
Key Performance Indicators
The Key Performance Indicators during the financial year were as follows:
       
    2024 2023
    £ £
Turnover   14,913,401 14,887,824
Movement in Sales   25,577 2,094,582
Gross profit   6,567,858 6,020,816
Gross Profit Margin %   44 40
       
Future Developments
Our focus remains on offering customers an appropriate width of range at affordable prices while operating our model in as efficient a manner as possible. We believe the first half of 2024 will be particularly challenging economically but are confident we are well placed to offer customers product ranges and value that suit the economic times. We expect to increase our branch numbers within the local market which will increase the profitability of the business.
       
       
On behalf of the board
       
       
       
___________________________      
Mr Stephen McCammon      
Director      
       
31 July 2024      



Menarys Retail Limited
DIRECTORS' REPORT
for the financial year ended 31 January 2024

 
The directors present their report and the audited financial statements for the financial year ended 31 January 2024.
 
Principal Activity
The companies principal activities during the year continued to be the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £638,516 (2023 - £588,884).
The directors have paid a final dividend amounting to £245,592.
     
Directors
The directors who served during the financial year are as follows:
     
Mr Iain Gillespie
Mr Jonathan Kerrigan
Mr Philip McCammon
Mr Peter McCammon
Mr Stephen McCammon
Ms Monica Kelly (Resigned 20 June 2023)
   
     
Charitable Donations
During the year ended 31st January 2024 the company made charitable donations of £5,143 to local charities, Menarys Retail Limited aim to continue supporting the local community where it can with projects and events run within its local area.
     
Company Policy on employing disabled people
The company gives full consideration to applications for employment from disabled persons where the candidate's particular abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled it is the company's policy to provide continuing employment where practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
     
Company Policy on employee information/consultation/involvement
Employees are kept as fully informed as practicable about developments within the business.  It is the policy of the company to offer opportunities to all employees having regard to their aptitudes and abilities in relation to jobs available.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-select suitable accounting policies and apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, Muldoon & Co, (Chartered Accountants & Statutory Auditors) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Disclosures Required Under Schedule 7
Under section 414 of Companies Act 2016 all matters not disclosed in the Directors' Report have been included in the Strategic Report.
     
     
On behalf of the board
     
     
     
___________________________
Mr Stephen McCammon
Director
     
31 July 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Menarys Retail Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Menarys Retail Limited ('the company') for the financial year ended 31 January 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
 
__________________________________
Mr Robert Barr (Senior Statutory Auditor)
for and on behalf of
MULDOON & CO
Chartered Accountants & Statutory Auditors
16 Mount Charles
Belfast
BT7 1NZ
 
31 July 2024



Menarys Retail Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Menarys Retail Limited
INCOME STATEMENT
for the financial year ended 31 January 2024
2024 2023
Notes £ £

Turnover 4 14,913,401 14,887,824
 
Cost of sales (8,345,543) (8,867,008)
───────── ─────────
Gross profit 6,567,858 6,020,816
 
Distribution costs (2,238,869) (2,029,625)
Administrative expenses (3,592,421) (3,444,583)
Other operating income 120,327 201,117
───────── ─────────
Operating profit 5 856,895 747,725
 
Interest receivable and similar income 6 17,668 -
Interest payable and similar expenses 7 (25,938) (31,289)
───────── ─────────
Profit before taxation 848,625 716,436
 
Tax on profit 9 (210,109) (127,552)
───────── ─────────
Profit for the financial year 638,516 588,884
───────── ─────────
Total comprehensive income 638,516 588,884
    ═════════   ═════════



Menarys Retail Limited
Company Registration Number: NI057547
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 11 1,120,244 880,790
───────── ─────────
 
Current Assets
Stocks 12 1,814,407 1,684,600
Debtors 13 579,914 283,124
Cash and cash equivalents 14 2,929,395 3,439,242
───────── ─────────
5,323,716 5,406,966
───────── ─────────
Creditors: amounts falling due within one year 15 (3,299,069) (3,104,685)
───────── ─────────
Net Current Assets 2,024,647 2,302,281
───────── ─────────
Total Assets less Current Liabilities 3,144,891 3,183,071
 
Creditors:
amounts falling due after more than one year 16 (69,084) (547,766)
 
Provisions for liabilities 18 (126,608) (67,200)
 
Government grants 21 (3,810) (7,260)
───────── ─────────
Net Assets 2,945,389 2,560,845
═════════ ═════════
 
Capital and Reserves
Called up share capital 22 118,710 118,710
Share premium account 23 569,892 569,892
Other reserves including the fair value reserve 23 6,024 14,404
Retained earnings 2,250,763 1,857,839
───────── ─────────
Equity attributable to owners of the company 2,945,389 2,560,845
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 31 July 2024 and signed on its behalf by
           
           
           
________________________________          
Mr Stephen McCammon          
Director          
           



Menarys Retail Limited
STATEMENT OF CHANGES IN EQUITY
as at 31 January 2024

Called up Share Retained Capital Total
share premium earnings contribution
capital account reserve
£ £ £ £ £
 
At 1 February 2022 118,710 569,892 1,514,553 25,526 2,228,681
───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - 588,884 - 588,884
───────── ───────── ───────── ───────── ─────────
Payment of dividends - - (245,598) - (245,598)
Capital contribution received - - - (11,122) (11,122)
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2023 118,710 569,892 1,857,839 14,404 2,560,845
  ───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - 638,516 - 638,516
  ───────── ───────── ───────── ───────── ─────────
Payment of dividends - - (245,592) - (245,592)
Capital contribution received - - - (8,380) (8,380)
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 118,710 569,892 2,250,763 6,024 2,945,389
  ═════════ ═════════ ═════════ ═════════ ═════════



Menarys Retail Limited
STATEMENT OF CASH FLOWS
for the financial year ended 31 January 2024
2024 2023
Notes £ £

Cash flows from operating activities
Profit for the financial year 638,516 588,884
Adjustments for:
Interest receivable and similar income (17,668) -
Interest payable and similar expenses 25,938 31,289
Tax on profit on ordinary activities 210,109 127,552
Depreciation 256,018 223,010
Profit/loss on disposal of property, plant and equipment - 41,077
Amortisation of government grants (3,451) (4,330)
───────── ─────────
1,109,462 1,007,482
Movements in working capital:
Movement in stocks (129,807) 211,611
Movement in debtors (296,790) (18,219)
Movement in creditors 244,643 (94,082)
───────── ─────────
Cash generated from operations 927,508 1,106,792
Interest paid (25,938) (31,289)
Tax paid (13,341) (42,334)
───────── ─────────
Net cash generated from operating activities 888,229 1,033,169
───────── ─────────
Cash flows from investing activities
Interest received   17,668 -
Payments to acquire property, plant and equipment   (495,473) (351,405)
Receipts from sales of property, plant and equipment   - (1,462)
    ───────── ─────────
Net cash used in investment activities   (477,805) (352,867)
    ───────── ─────────
Cash flows from financing activities
New long term loan and movement in financing   (474,142) (220,800)
New loan   (192,157) 1,711
Capital contribution received   (8,380) (11,122)
Dividends paid   (245,592) (245,598)
    ───────── ─────────
Net cash used in financing activities   (920,271) (475,809)
    ───────── ─────────
       
Net (decrease)/increase in cash and cash equivalents   (509,847) 204,493
Cash and cash equivalents at beginning of financial year   3,439,242 3,234,749
    ───────── ─────────
Cash and cash equivalents at end of financial year 14 2,929,395 3,439,242
    ═════════ ═════════



Menarys Retail Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Menarys Retail Limited is a private company limited by shares incorporated in Northern Ireland. London House, 41 Market Square, Dungannon, Co. Tyrone, BT70 1JN, Northern Ireland is the registered office. The principal place of business of the company is Menarys Retail Limited, Unit 2 Saltmarine, Tamnamore Road, Dungannon, Tyrone, BT71 6HW. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The company registration number is NI057547. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern basis assumes that the company will continue in operational existence for the foreseeable future, having adequate funds to meet its obligations as they fall due.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon customer receipt.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 12.5% per annum Straight Line
  Motor vehicles - 25% per annum 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 may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks 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.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Share capital of the company
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Preference share capital
The dividend rights of the preference shares are non-cumulative and payment is at the discretion of the company. The preference shares carry voting rights at meetings. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities. There is no option to redeem the preference shares.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying amount of assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the period. Actual results may differ from these estimates. No judgements were identified that would have a material impact on the companys' financial Statements.

The following are the companys' key source of estimation uncertainity:

Stock
Stocks consist of finished goods and a provision is made for slow moving, obsolote and damaged stock. Management estimation is required to determine the sale value of aged and past season stock items and is dependent on their understanding of the market, customer willingness to purchase past season stock and current market trends. Management use their extensive experience in the clothing sector, together with their understanding of customer needs to determine what value should be placed on aged, obsolete and damaged stock items.

The estimations and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision affects both current and future periods.
       
4. Turnover
 
The turnover for the financial year is analysed as follows:
  2024 2023
  £ £
 
United Kingdom 12,301,899 12,545,401
Republic of Ireland 2,611,502 2,342,423
  ───────── ─────────
  14,913,401 14,887,824
  ═════════ ═════════
 
All turnover presented in the accounts is driven from the principal activity of the company. This is the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements.
 
Turnover attributable to geographical markets outside the United Kingdom amounted to 18% for the financial year.
       
5. Operating profit 2024 2023
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of property, plant and equipment 256,018 223,010
(Profit)/loss on disposal of property, plant and equipment - 41,077
Loss/(profit) on foreign currencies 2,078 (106,613)
Operating lease rentals
- Land and buildings 996,929 825,608
Auditor's remuneration
- audit services 13,950 17,000
Government grants received - (14,065)
Amortisation of Government grants (3,451) (4,330)
  ═════════ ═════════
       
6. Interest receivable and similar income 2024 2023
  £ £
 
Bank interest 17,668 -
  ═════════ ═════════
       
7. Interest payable and similar expenses 2024 2023
  £ £
 
On bank loans and overdrafts 25,938 31,289
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2024 2023
  Number Number
 
Administration 29 24
Sales 187 205
  ───────── ─────────
  216 229
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2024 2023
  £ £
 
Wages and salaries 2,638,107 2,420,919
Social security costs 170,056 152,420
Pension costs 50,108 79,569
  ───────── ─────────
  2,858,271 2,652,908
  ═════════ ═════════
       
9. Tax on profit
  2024 2023
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2023 - 19.00%) (Note 9 (b)) 150,701 25,092
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences 59,408 102,460
  ───────── ─────────
Total deferred tax 59,408 102,460
  ═════════ ═════════
Tax on profit  (Note 9 (b)) 210,109 127,552
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 19.00%). The differences are explained below:
  2024 2023
  £ £
 
Profit taxable at 25.00% 848,625 716,436
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2023 - 19.00%) 212,156 136,123
Effects of:
Expenses not deductible for tax purposes 1,054 (9,613)
Capital allowances for period in excess of depreciation (56,433) (39,814)
Utilisation of tax losses - (61,604)
Deferred tax 59,408 102,460
Change in Corporation Tax Rates (6,076) -
  ───────── ─────────
Total tax charge for the financial year (Note 9 (a)) 210,109 127,552
  ═════════ ═════════
 
       
10. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary shares - Final paid 245,592 245,598
  ═════════ ═════════
         
11. Property, plant and equipment
  Fixtures, Motor Total
  fittings and vehicles  
  equipment    
  £ £ £
Cost
At 1 February 2023 10,740,441 51,962 10,792,403
Additions 495,473 - 495,473
  ───────── ───────── ─────────
At 31 January 2024 11,235,914 51,962 11,287,876
  ───────── ───────── ─────────
Depreciation
At 1 February 2023 9,883,829 27,784 9,911,613
Charge for the financial year 249,974 6,045 256,019
  ───────── ───────── ─────────
At 31 January 2024 10,133,803 33,829 10,167,632
  ───────── ───────── ─────────
Net book value
At 31 January 2024 1,102,111 18,133 1,120,244
  ═════════ ═════════ ═════════
At 31 January 2023 856,612 24,178 880,790
  ═════════ ═════════ ═════════
       
12. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 1,814,407 1,684,600
  ═════════ ═════════
       
13. Debtors 2024 2023
  £ £
 
Other debtors 12,413 12,780
Prepayments and accrued income 567,501 270,344
  ───────── ─────────
  579,914 283,124
  ═════════ ═════════
       
14. Cash and cash equivalents 2024 2023
  £ £
 
Cash and bank balances 2,929,395 3,439,242
  ═════════ ═════════
       
15. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan - 192,157
Trade creditors 1,948,973 1,220,243
Taxation  (Note 17) 735,024 734,495
Directors' current accounts (Note 25) 80,466 106,398
Other creditors 209,589 284,884
Accruals 325,017 566,508
  ───────── ─────────
  3,299,069 3,104,685
  ═════════ ═════════
 
The bank loan is secured by an all monies debenture over the company's assets.
       
16. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan - 407,522
Directors' loan accounts (Note 25) 69,084 135,704
Accrued expenditure - 4,540
  ───────── ─────────
  69,084 547,766
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 15) - 192,157
Repayable between one and two years - 192,157
Repayable between two and five years - 215,365
  ───────── ─────────
  - 599,679
  ═════════ ═════════
 
       
17. Taxation 2024 2023
  £ £
 
Creditors:
VAT 542,527 674,294
Corporation tax 150,701 25,131
PAYE / NI 41,796 35,070
  ───────── ─────────
  735,024 734,495
  ═════════ ═════════
         
18. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 67,200 67,200 -
Charged to profit and loss 59,408 59,408 67,200
  ───────── ───────── ─────────
At financial year end 126,608 126,608 67,200
  ═════════ ═════════ ═════════
       
19. Financial Instruments
 
  2024 2023
  £ £
Financial assets that are debt instruments measured at amortised cost
Cash at bank and in hand 2,929,395 3,439,242
  ═════════ ═════════
 
Financial liabilities at amortised cost
Trade creditors 1,948,973 1,322,072
Bank loans - 599,679
  ═════════ ═════════
 
   
20. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £50,108 (2023 - £79,569).
       
21. Government Grants Deferred 2024 2023
  £ £
 
At 1 February 2023 29,364 29,364
  ───────── ─────────
Amortisation
At 1 February 2023 (22,104) (17,774)
Amortised in financial year (3,450) (4,330)
  ───────── ─────────
 
At 31 January 2024 (25,554) (22,104)
  ───────── ─────────
Net book value
At 31 January 2024 3,810 7,260
  ═════════ ═════════
At 1 February 2023 7,260 11,590
  ═════════ ═════════
           
22. Share capital     2024 2023
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary shares 13,710 £1.00 each 13,710 13,710
5.25% Cummulative Preference Shares 105,000 £1.00 each 105,000 105,000
      ───────── ─────────
      118,710 118,710
      ═════════ ═════════
 
The dates on which the company can redeem the preference shares are at the option of the company, there is no premium payable on redemption.

The preference shares do not entitle their holders to any rights to receive notice of, to be present, speak or vote, either in person or by proxy, at any general meeting of the company.

On a winding up of the company the preference shareholders have the right to receive, in priority to any payments to ordinary shareholders, the amounts paid up on the preference shares.
   
23. Reserves
 
Share Premium Reserve
 
The amount carried forward is the premium that arose from the issue of shares in 2016.
 
Capital Contribution Reserve
 
In line with FRS102, the Capital Contribution Reserve represents the interest foregone by the Director on their Directors loan account, which is in credit.
       
24. Financial commitments
 
Total future minimum lease payments under non-cancellable operating leases are as follows:
 
  Land and Buildings
  2024 2023
  £ £
Due:
Within one year 357,500 853,293
Between one and five years 584,928 1,293,087
In over five years 228,520 96,405
  ───────── ─────────
  1,170,948 2,242,785
  ═════════ ═════════
       
25. Directors' remuneration and transactions 2024 2023
  £ £
 
Remuneration 156,025 193,045
Pension contributions 11,444 47,868
  ───────── ─────────
  167,469 240,913
  ═════════ ═════════
 
During the year retirement benefits were accruing to 2 (2023:5) directors in respect of defined contribution pension schemes.
           
The following amounts are repayable to the directors:
      2024 2023
      £ £
 
Mr Philip McCammon     10,233 30,699
Mr Peter McCammon     129,084 180,704
Mr Stephen McCammon     10,233 30,699
      ───────── ─────────
      149,550 242,102
      ═════════ ═════════
           
26. Related party transactions
 
During the year Menarys' Retail Limited had no related party transactions other than the Director's balances separately disclosed.
   
27. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
         
28 Reconciliation of Net Cash Flow to Movement in Net Debt
  Opening Cash Closing
  balance flows balance
       
  £ £ £
 
Long-term borrowings (543,226) 474,142 (69,084)
Short-term borrowings (192,157) 192,157 -
  ───────── ───────── ─────────
Total liabilities from financing activities (735,383) 666,299 (69,084)
  ═════════ ═════════ ─────────
Total Cash and cash equivalents (Note 14)     2,929,395
      ─────────
Total net cash     2,860,311
      ═════════
       
29. KEY MANAGEMENT PERSONNEL
 
All directors are considered to be key management personnel.