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REGISTERED NUMBER: NI624390 (Northern Ireland)















MONAGHAN FREIGHT LTD

Unaudited Financial Statements for the Year Ended 30 April 2024






MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MONAGHAN FREIGHT LTD

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr Dermot Monaghan





REGISTERED OFFICE: 19 Creagh Road
Tattykeeran
Tempo
Co. Fermanagh
BT94 3FW





REGISTERED NUMBER: NI624390 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)

Statement of Financial Position
30 APRIL 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 1,073,463 711,747

CURRENT ASSETS
Receivables 6 659,723 557,775
Cash at bank and in hand 107,550 30,594
767,273 588,369
PAYABLES 7 (880,468 ) (707,837 )
NET CURRENT LIABILITIES (113,195 ) (119,468 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

960,268

592,279

PAYABLES 8 (648,569 ) (413,884 )

PROVISIONS FOR LIABILITIES (127,604 ) (67,557 )
NET ASSETS 184,095 110,838

CAPITAL AND RESERVES
Called up share capital 11 10 10
Retained earnings 184,085 110,828
SHAREHOLDERS' FUNDS 184,095 110,838

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





Mr Dermot Monaghan - Director


MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Monaghan Freight Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon delivery of service to the customer.

Property, plant and equipment and depreciation
Property, plant and equipment 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 property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Long leaseholdNot depreciated
Plant and machinery25% Straight line
Plant and machinery - lorries15% Straight line
Motor vehicles25% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position 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 Income Statement.

MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Property, plant and equipment 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 Statement of Financial Position 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 Income Statement.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Long Plant and
property leasehold machinery
£ £ £
COST
At 1 May 2023 - 46,569 1,182,112
Additions 36,851 - 570,102
At 30 April 2024 36,851 46,569 1,752,214
DEPRECIATION
At 1 May 2023 - - 556,948
Charge for year - - 235,218
At 30 April 2024 - - 792,166
NET BOOK VALUE
At 30 April 2024 36,851 46,569 960,048
At 30 April 2023 - 46,569 625,164

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 May 2023 70,500 421 1,299,602
Additions - - 606,953
At 30 April 2024 70,500 421 1,906,555
DEPRECIATION
At 1 May 2023 30,844 63 587,855
Charge for year 9,914 105 245,237
At 30 April 2024 40,758 168 833,092
NET BOOK VALUE
At 30 April 2024 29,742 253 1,073,463
At 30 April 2023 39,656 358 711,747

MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. RECEIVABLES
2024 2023
£ £
Trade receivables 634,207 511,606
Amounts owed by group undertakings 6,370 1,246
Other receivables 19,146 44,923
659,723 557,775

7. PAYABLES
2024 2023
£ £
Bank loans and overdrafts (see note 9) 78,769 88,129
Hire purchase contracts (see note 10) 199,991 176,118
Trade payables 464,782 350,647
Taxation and social security 40,218 23,771
Other payables 96,708 69,172
880,468 707,837

The bank loan has been secured by the company.
Hire purchase liabilities are secured on the assets to which they relate.

8. PAYABLES
2024 2023
£ £
Hire purchase contracts (see note 10) 648,569 413,884

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 78,769 54,535
Bank loans - 33,594
78,769 88,129

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 199,991 176,118
Between one and five years 648,569 413,884
848,560 590,002

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10 Ordinary 1 10 10

MONAGHAN FREIGHT LTD (REGISTERED NUMBER: NI624390)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. RELATED PARTY DISCLOSURES

At the year end, an amount of £54,148 (2023: £32,966) was owing to the director by the company.