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Registration number: NI042240

Murphy's Meigh Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Murphy's Meigh Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Murphy's Meigh Ltd

Company Information

Director

Mrs Sheila Johnston

Registered office

43 Lockview Road
Belfast
BT9 5FJ

Bankers

Bank of Ireland
Newry
12 Trevor Hill
Newry
Co Down
BT34 1DT

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Murphy's Meigh Ltd

(Registration number: NI042240)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

342,880

318,931

Investment property

6

190,000

190,000

 

532,880

508,931

Current assets

 

Stocks

7

25,000

25,000

Debtors

8

82,661

113,814

Cash at bank and in hand

 

10,402

93

 

118,063

138,907

Creditors: Amounts falling due within one year

9

(440,095)

(472,766)

Net current liabilities

 

(322,032)

(333,859)

Total assets less current liabilities

 

210,848

175,072

Creditors: Amounts falling due after more than one year

9

(51,741)

(79,751)

Provisions for liabilities

(2,752)

(110)

Net assets

 

156,355

95,211

Capital and reserves

 

Called up share capital

10

300

300

Retained earnings

156,055

94,911

Shareholders' funds

 

156,355

95,211

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

 

Murphy's Meigh Ltd

(Registration number: NI042240)
Balance Sheet as at 30 June 2024

.........................................
Mrs Sheila Johnston
Director

   
     
 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
43 Lockview Road
Belfast
BT9 5FJ

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

4% Straight Line

Plant & Machinery

25% Reducing Balance

Fixtures & Fittings

25% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

62,500

62,500

At 30 June 2024

62,500

62,500

Amortisation

At 1 July 2023

62,500

62,500

At 30 June 2024

62,500

62,500

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

674,366

273,444

351,485

1,299,295

Additions

28,080

-

19,200

47,280

At 30 June 2024

702,446

273,444

370,685

1,346,575

Depreciation

At 1 July 2023

361,010

271,988

347,366

980,364

Charge for the year

17,137

364

5,830

23,331

At 30 June 2024

378,147

272,352

353,196

1,003,695

Carrying amount

At 30 June 2024

324,299

1,092

17,489

342,880

At 30 June 2023

313,356

1,456

4,119

318,931

Included within the net book value of land and buildings above is £324,299 (2023 - £313,356) in respect of freehold land and buildings.
 

6

Investment properties

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

At 1 July

190,000

At 30 June

190,000

The director considers the fair value of the investment property to be £190,000.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

25,000

25,000

8

Debtors

Current

2024
£

2023
£

Other debtors

82,661

113,814

 

82,661

113,814

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

39,953

55,872

Taxation and social security

 

45,735

26,589

Accruals and deferred income

 

58,159

82,230

Other creditors

 

296,248

308,075

 

440,095

472,766

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

51,741

79,751

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

300

300

300

300

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

51,741

79,751

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,772

39,427

Bank overdrafts

181

16,445

39,953

55,872

Bank borrowings

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Bank of Ireland Bounceback Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 28 May 2026. The carrying amount at year end is £19,686 (2023 - £29,497).

Bank of Ireland Loan account 301020126 is denominated in sterling with a nominal interest rate of 3.58%, and the final instalment is due on . The carrying amount at year end is £71,827 (2023 - £89,681).

The Bank of Ireland hold charges over the property and licences of the Company. A cross guarantee has been issued to a related company, DPJ Developments, in the amount of £300,000

12

Related party transactions

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mrs Sheila Johnston

Director Loan

236,354

(25,428)

6,000

216,926

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mrs Sheila Johnston

Director Loan

246,786

(10,432)

236,354

 

Murphy's Meigh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

42,092

42,092

Advanced

98,000

98,000

Repaid

(120,353)

(120,353)

At end of period

19,739

19,739

2023

Other related parties
£

Total
£

Advanced

113,814

113,814

Repaid

(71,722)

(71,722)

At end of period

42,092

42,092