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REGISTERED NUMBER: NI678808 (Northern Ireland)















MURNAGHAN FEE SOLICITORS LIMITED

Unaudited Financial Statements for the Year Ended 31 October 2023






MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MURNAGHAN FEE SOLICITORS LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Nessa Murnaghan
Kevin Murnaghan





REGISTERED OFFICE: Boston Chambers
Queen Elizabeth Road
Enniskillen
Co. Fermanagh
BT74 7BA





REGISTERED NUMBER: NI678808 (Northern Ireland)





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

MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)

Statement of Financial Position
31 OCTOBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 500,000 500,000
Tangible assets 6 56,202 58,369
556,202 558,369

CURRENT ASSETS
Work in Progress 5,621 5,522
Receivables: amounts falling due within
one year

7

313,015

382,669
Cash at bank and in hand 4,270,757 4,322,538
4,589,393 4,710,729
PAYABLES
Amounts falling due within one year 8 (4,870,584 ) (4,993,060 )
NET CURRENT LIABILITIES (281,191 ) (282,331 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

275,011

276,038

PAYABLES
Amounts falling due after more than
one year

9

(197,833

)

(220,008

)

PROVISIONS FOR LIABILITIES 10 (5,789 ) (5,699 )
NET ASSETS 71,389 50,331

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 71,387 50,329
71,389 50,331

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)

Statement of Financial Position - continued
31 OCTOBER 2023


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 30 August 2024 and were signed on its behalf by:




Kevin Murnaghan - Director



Nessa Murnaghan - Director


MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)

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

1. STATUTORY INFORMATION

Murnaghan Fee Solicitors 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 have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

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

Goodwill
Goodwill is the amount paid in connection with the acquisition of a business. No amortisation is charged in respect of same.

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.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation.
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment less their estimated residual value, over their expected useful lives as follows:

Short Leasehold - straight line over the life of the lease
Fixtures and fittings - 20% 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.

Inventories
Stocks are valued at the lower of cost and net realisable value. 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.

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.


MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)

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

3. ACCOUNTING POLICIES - continued
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.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2022
and 31 October 2023 500,000
NET BOOK VALUE
At 31 October 2023 500,000
At 31 October 2022 500,000

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and
leasehold fittings Totals
£ £ £
COST
At 1 November 2022 34,451 32,835 67,286
Additions - 6,795 6,795
At 31 October 2023 34,451 39,630 74,081
DEPRECIATION
At 1 November 2022 2,350 6,567 8,917
Charge for year 2,350 6,612 8,962
At 31 October 2023 4,700 13,179 17,879
NET BOOK VALUE
At 31 October 2023 29,751 26,451 56,202
At 31 October 2022 32,101 26,268 58,369

MURNAGHAN FEE SOLICITORS LIMITED (REGISTERED NUMBER: NI678808)

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

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 310,838 382,669
Other debtors and prepayments 2,177 -
313,015 382,669

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 175,556 186,713
Trade payables 4,241,766 4,298,738
Taxation and social security 71,332 75,573
Other payables 381,930 432,036
4,870,584 4,993,060

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans 197,833 220,008

10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 5,789 5,699

Deferred tax
£
Balance at 1 November 2022 5,699
Provided during year 90
Balance at 31 October 2023 5,789