BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company during the period was construction 21 November 2024 6 6 NI622117 2024-03-31 NI622117 2023-03-31 NI622117 2022-03-31 NI622117 2023-04-01 2024-03-31 NI622117 2022-04-01 2023-03-31 NI622117 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI622117 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI622117 uk-bus:AbridgedAccounts 2023-04-01 2024-03-31 NI622117 uk-core:ShareCapital 2024-03-31 NI622117 uk-core:ShareCapital 2023-03-31 NI622117 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI622117 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI622117 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI622117 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI622117 uk-bus:FRS102 2023-04-01 2024-03-31 NI622117 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI622117 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI622117 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI622117 2023-04-01 2024-03-31 NI622117 uk-bus:Director1 2023-04-01 2024-03-31 NI622117 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI622117
 
 
Maguire Brothers Contracts Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 March 2024
Maguire Brothers Contracts Limited
Company Registration Number: NI622117
ABRIDGED BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 326,052 383,591
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Current Assets
Stocks 127,973 127,973
Debtors 286,257 312,573
Cash and cash equivalents 291,269 11,054
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705,499 451,600
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Creditors: amounts falling due within one year (254,519) (144,004)
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Net Current Assets 450,980 307,596
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Total Assets less Current Liabilities 777,032 691,187
 
Creditors:
amounts falling due after more than one year (151,056) (174,792)
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Net Assets 625,976 516,395
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Capital and Reserves
Called up share capital 100 100
Retained earnings 625,876 516,295
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Equity attributable to owners of the company 625,976 516,395
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 21 November 2024
           
           
________________________________          
Noel Maguire          
Director          
           



Maguire Brothers Contracts Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Maguire Brothers Contracts Limited  is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI622117. The registered office of the company is 19 Drumrallagh, Strabane, Co. Tyrone, BT82 8JW, United Kingdom. The nature of the company's operations and its principal activities are set out in the Director's Report. 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 financial year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and 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.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets 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 tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 15% Reducing balance
  Fixtures, fittings and equipment - 15% Reducing balance
  Motor vehicles - 15% 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 and hire purchases
Tangible assets 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 Balance Sheet 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 Profit and Loss Account.
 
Stocks
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.
 
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.
 
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
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 Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet 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 Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 6, (2023 - 6).
 
  2024 2023
  Number Number
 
Admin 6 6
  ═════════ ═════════
           
4. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 April 2023 590,909 1,176 62,497 654,582
  ───────── ───────── ───────── ─────────
 
At 31 March 2024 590,909 1,176 62,497 654,582
  ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 222,113 917 47,961 270,991
Charge for the financial year 55,320 39 2,180 57,539
  ───────── ───────── ───────── ─────────
At 31 March 2024 277,433 956 50,141 328,530
  ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 313,476 220 12,356 326,052
  ═════════ ═════════ ═════════ ═════════
At 31 March 2023 368,796 259 14,536 383,591
  ═════════ ═════════ ═════════ ═════════
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.