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COMPANY REGISTRATION NUMBER: NI629671
Mountjoy Filling Station Limited
Filleted Unaudited Financial Statements
29 February 2024
Mountjoy Filling Station Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
306,667
307,090
Current assets
Stocks
42,030
47,577
Debtors
7
14,330
38,833
Cash at bank and in hand
34,414
53,342
--------
---------
90,774
139,752
Creditors: amounts falling due within one year
8
141,944
203,831
---------
---------
Net current liabilities
51,170
64,079
---------
---------
Total assets less current liabilities
255,497
243,011
Creditors: amounts falling due after more than one year
9
90,866
123,767
Provisions
Taxation including deferred tax
13,500
10,340
---------
---------
Net assets
151,131
108,904
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
151,031
108,804
---------
---------
Shareholders funds
151,131
108,904
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mountjoy Filling Station Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
Patricia Duddy
Director
Company registration number: NI629671
Mountjoy Filling Station Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 86 Beltany Road, Omagh, Co Tyrone, BT78 5NL. The principal actvity of the company is the retail of fuel and other goods such as food.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the Statement of Financial Position date. Current and deferred is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% reducing balance
Fixtures and Fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
11,250
--------
Amortisation
At 1 March 2023 and 29 February 2024
11,250
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2023
250,000
100,956
25,603
376,559
Additions
14,042
14,042
---------
---------
--------
---------
At 29 February 2024
250,000
114,998
25,603
390,601
---------
---------
--------
---------
Depreciation
At 1 March 2023
48,635
20,834
69,469
Charge for the year
13,273
1,192
14,465
---------
---------
--------
---------
At 29 February 2024
61,908
22,026
83,934
---------
---------
--------
---------
Carrying amount
At 29 February 2024
250,000
53,090
3,577
306,667
---------
---------
--------
---------
At 28 February 2023
250,000
52,321
4,769
307,090
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
941
1,179
Other debtors
13,389
37,654
--------
--------
14,330
38,833
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
53,404
82,791
Trade creditors
71,873
94,299
Social security and other taxes
12,224
6,591
Director loan accounts
4,261
15,842
Other creditors
182
4,308
---------
---------
141,944
203,831
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
90,866
123,767
--------
---------
10. Director's advances, credits and guarantees
During the year the director withdrew from the company £11,580. The balance owed to the director at the 29 February 2024 was £4,261 (2023: £15,841).