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Company registration number: NI027272
P. McNABB & COMPANY LIMITED
Unaudited filleted financial statements
31 March 2024
P. McNABB & COMPANY LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
P. McNABB & COMPANY LIMITED
Directors and other information
Directors Patrick McNabb
Desmond McNabb
Dermot McNabb
Secretary Desmond McNabb
Company number NI027272
Registered office 28 Clarendon Street
Derry
BT48 7HD
Business address 8 Westland Terrace
Derry
BT48 9JD
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
Bankers Bank of Ireland
27 Culmore Road
Derry
BT48 8JB
P. McNABB & COMPANY LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of P. McNabb & Company
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P. McNabb & Company for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of P. McNabb & Company, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of P. McNabb & Company and state those matters that we have agreed to state to the board of directors of P. McNabb & Company as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. McNabb & Company and its board of directors as a body for our work or for this report.
It is your duty to ensure that P. McNabb & Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of P. McNabb & Company. You consider that P. McNabb & Company is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of P. McNabb & Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
28 November 2024
P. McNABB & COMPANY LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 350,308 353,437
_______ _______
350,308 353,437
Current assets
Stocks 398,564 607,254
Debtors:
Amounts falling due after more than one year 7 24,587 -
Amounts falling due within one year 7 220,346 363,854
Cash at bank and in hand 231,138 206,816
_______ _______
874,635 1,177,924
Creditors: amounts falling due
within one year 8 ( 574,874) ( 634,745)
_______ _______
Net current assets 299,761 543,179
_______ _______
Total assets less current liabilities 650,069 896,616
Creditors: amounts falling due
after more than one year 9 ( 958) ( 1,006)
Provisions for liabilities - ( 41,561)
_______ _______
Net assets 649,111 854,049
_______ _______
Capital and reserves
Called up share capital 10 1,000 1,000
Revaluation reserve 11 170,235 170,235
Profit and loss account 11 477,876 682,814
_______ _______
Shareholders funds 649,111 854,049
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Desmond McNabb
Director
Company registration number: NI027272
P. McNABB & COMPANY LIMITED
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 1,000 170,235 695,272 866,507
Loss for the year ( 9,458) ( 9,458)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 9,458) ( 9,458)
Dividends paid and payable ( 3,000) ( 3,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 3,000) ( 3,000)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 1,000 170,235 682,814 854,049
Loss for the year ( 201,938) ( 201,938)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 201,938) ( 201,938)
Dividends paid and payable ( 3,000) ( 3,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 3,000) ( 3,000)
_______ _______ _______ _______
At 31 March 2024 1,000 170,235 477,876 649,111
_______ _______ _______ _______
P. McNABB & COMPANY LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is P. McNabb & Company Limited, 28 Clarendon Street, Derry, BT48 7HD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - straight line over Fifty years
Investment property - not depreciated
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Loss/profit before taxation
Loss/profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 4,519 4,380
_______ _______
6. Tangible assets
Freehold property Investment property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 April 2023 188,000 230,637 439,274 18,280 22,749 898,940
Additions - - 1,390 - - 1,390
_______ _______ _______ _______ _______ _______
At 31 March 2024 188,000 230,637 440,664 18,280 22,749 900,330
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2023 67,680 - 439,274 18,280 20,269 545,503
Charge for the year 3,760 - 139 - 620 4,519
_______ _______ _______ _______ _______ _______
At 31 March 2024 71,440 - 439,413 18,280 20,889 550,022
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 116,560 230,637 1,251 - 1,860 350,308
_______ _______ _______ _______ _______ _______
At 31 March 2023 120,320 230,637 - - 2,480 353,437
_______ _______ _______ _______ _______ _______
Buildings were externally valued by Mr Aidan Conway, a member of the Royal Institution of Chartered Surveyors, on 31st March 2005 at Open Market Value. The surplus arising on revaluation of buildings has been credited to the Revaluation Reserve.
Investment property
The directors have not obtained an independent professional valuation of Investment Properties held at 31 March 2024 due to volatility and low level activity in the property market. However, the directors have compiled their own valuation based upon their knowledge and experience of the market. The properties held at 31 March 2024 have been valued at £230,637.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Tangible fixed assets Total
£ £
At 31 March 2024
Aggregate cost 266,626 266,626
Aggregate depreciation (22,313) (22,313)
_______ _______
Carrying amount 244,313 244,313
_______ _______
At 31 March 2023
Aggregate cost 266,626 266,626
Aggregate depreciation (21,593) (21,593)
_______ _______
Carrying amount 245,033 245,033
_______ _______
7. Debtors
Debtors falling due within one year are as follows:
2024 2023
£ £
Trade debtors 219,229 353,790
Other debtors 1,117 10,064
_______ _______
220,346 363,854
_______ _______
Debtors falling due after one year are as follows:
2024 2023
£ £
Deferred tax asset 24,587 -
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,990 111,447
Corporation tax - 3,470
Social security and other taxes 38,971 22,915
Other creditors 530,913 496,913
_______ _______
574,874 634,745
_______ _______
Bank borrowings are secured by a) Legal charge over 43 Barrs Lane, and 29 Parkmore Drive. b) Letter of guarantee for £850,000 counter covered by legal mortgage/charge over directors personal assets. c) Equitable deposit over 18 Westland Avenue and 8 Westland Terrace.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 958 1,006
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
11. Reserves
Profit and Loss:This reserve records retained earnings and accumulated losses.Revaluation Reserve:This reserve records revaluation surplus and deficits on tangible fixed assets.