Registered number
NI632559
E McNulty & Sons Ltd
Filleted Accounts
31 August 2024
E McNulty & Sons Ltd
Registered number: NI632559
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,266 14,531
Tangible assets 4 259 575
7,525 15,106
Current assets
Stock and Work in Progress 105,760 95,902
Debtors 5 90,370 119,324
Cash at bank and in hand 269 222
196,399 215,448
Creditors: amounts falling due within one year 6 (113,128) (130,756)
Net current assets 83,271 84,692
Total assets less current liabilities 90,796 99,798
Creditors: amounts falling due after more than one year 7 (84,096) (84,998)
Provisions for liabilities (49) (109)
Net assets 6,651 14,691
Capital and reserves
Called up share capital 200 200
Profit and loss account 6,451 14,491
Shareholders' funds 6,651 14,691
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 financial statements.
The financial statements 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.
Mr Donal McNulty
Director
Approved by the board on 31 October 2024
Notes to the Financial Statements
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The financial statements 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 (as applied to small entities by section 1A of the standard).
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 72,651
At 31 August 2024 72,651
Amortisation
At 1 September 2023 58,120
Provided during the year 7,265
At 31 August 2024 65,385
Net book value
At 31 August 2024 7,266
At 31 August 2023 14,531
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 19,895
At 31 August 2024 19,895
Depreciation
At 1 September 2023 19,320
Charge for the year 316
At 31 August 2024 19,636
Net book value
At 31 August 2024 259
At 31 August 2023 575
5 Debtors 2024 2023
£ £
Trade debtors 90,370 119,324
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 59,727 53,476
Trade creditors 40,203 63,217
Taxation and social security costs 7,818 8,582
Other creditors 5,380 5,481
113,128 130,756
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,290 20,559
Other creditors 73,806 64,439
84,096 84,998
8 Events after the reporting date
There have been no significant events affecting the company since the balance sheet date.
9 Contingent liabilities
There were no contingent liabilities at the year end.
10 Transactions with directors
There were no transactions with directors outside the normal course of business. Dividends of £30,000 in total were paid to directors in the year ended 31 August 2024.
11 Controlling party
The ultimate controlling parties have been identified as the company's shareholders Donal and Edel McNulty who hold 100 shares each in the Company. Each share has full rights in the company with respect to voting, dividends and distributions.
12 Other information
E McNulty & Sons Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
35-37 St Mary's Street
Newry
Co Down
BT34 2AA
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