McKillens (Ballymena) Limited NI009761 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is retailing of footwear, clothes and related products Digita Accounts Production Advanced 6.30.9574.0 true true true NI009761 2023-02-01 2024-01-31 NI009761 2024-01-31 NI009761 bus:OrdinaryShareClass1 2024-01-31 NI009761 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-01-31 NI009761 core:CurrentFinancialInstruments 2024-01-31 NI009761 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 NI009761 core:Non-currentFinancialInstruments 2024-01-31 NI009761 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 NI009761 core:MoreThanFiveYears 1 2024-01-31 NI009761 core:Buildings 2024-01-31 NI009761 core:FurnitureFittingsToolsEquipment 2024-01-31 NI009761 core:LandBuildings 2024-01-31 NI009761 core:MotorVehicles 2024-01-31 NI009761 1 2024-01-31 NI009761 bus:SmallEntities 2023-02-01 2024-01-31 NI009761 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI009761 bus:FilletedAccounts 2023-02-01 2024-01-31 NI009761 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI009761 bus:RegisteredOffice 2023-02-01 2024-01-31 NI009761 bus:Director5 2023-02-01 2024-01-31 NI009761 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI009761 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI009761 core:FurnitureFittings 2023-02-01 2024-01-31 NI009761 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI009761 core:LandBuildings 2023-02-01 2024-01-31 NI009761 core:MotorVehicles 2023-02-01 2024-01-31 NI009761 core:PlantMachinery 2023-02-01 2024-01-31 NI009761 1 2023-02-01 2024-01-31 NI009761 countries:NorthernIreland 2023-02-01 2024-01-31 NI009761 2023-01-31 NI009761 core:FurnitureFittingsToolsEquipment 2023-01-31 NI009761 core:LandBuildings 2023-01-31 NI009761 core:MotorVehicles 2023-01-31 NI009761 2022-02-01 2023-01-31 NI009761 2023-01-31 NI009761 bus:OrdinaryShareClass1 2023-01-31 NI009761 core:CurrentFinancialInstruments 2023-01-31 NI009761 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 NI009761 core:Non-currentFinancialInstruments 2023-01-31 NI009761 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 NI009761 core:MoreThanFiveYears 1 2023-01-31 NI009761 core:Buildings 2023-01-31 NI009761 core:FurnitureFittingsToolsEquipment 2023-01-31 NI009761 core:LandBuildings 2023-01-31 NI009761 core:MotorVehicles 2023-01-31 NI009761 1 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI009761

McKillens (Ballymena) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

McKillens (Ballymena) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

McKillens (Ballymena) Limited

(Registration number: NI009761)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,086,918

1,102,844

Investment property

5

322,935

322,935

Other financial assets

6

3,018

3,613

 

1,412,871

1,429,392

Current assets

 

Stocks

7

427,857

423,895

Debtors

8

9,461

9,325

Cash at bank and in hand

 

33,984

150,354

 

471,302

583,574

Creditors: Amounts falling due within one year

9

(429,639)

(429,972)

Net current assets

 

41,663

153,602

Total assets less current liabilities

 

1,454,534

1,582,994

Creditors: Amounts falling due after more than one year

9

(79,445)

(29,947)

Net assets

 

1,375,089

1,553,047

Capital and reserves

 

Called up share capital

11

2,300

2,300

Revaluation reserve

(1,061,745)

(1,061,745)

Other reserves

901,692

901,692

Retained earnings

1,532,842

1,710,800

Shareholders' funds

 

1,375,089

1,553,047

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

McKillens (Ballymena) Limited

(Registration number: NI009761)
Balance Sheet as at 31 January 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
Mr Thomas McKillen
Director

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office and principal place of business is:
78 - 90 Church Street
Ballymena
Co Antrim
BT43 6DF

These financial statements were authorised for issue by the Board on 15 January 2025.

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.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the positive trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

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.

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Government grants


Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

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

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

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.

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. 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.

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 31).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,020,000

1,287,952

95,305

2,403,257

Additions

-

803

-

803

At 31 January 2024

1,020,000

1,288,755

95,305

2,404,060

Depreciation

At 1 February 2023

-

1,256,644

43,769

1,300,413

Charge for the year

-

6,422

10,307

16,729

At 31 January 2024

-

1,263,066

54,076

1,317,142

Carrying amount

At 31 January 2024

1,020,000

25,689

41,229

1,086,918

At 31 January 2023

1,020,000

31,308

51,536

1,102,844

Included within the net book value of land and buildings above is £1,020,000 (2023 - £1,020,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's land and buildings were revalued on 22 August 2018 by an independent valuer. The valuation was completed by Harry Clarke & Company.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,081,745 (2023 - £2,081,745).

5

Investment properties

2024
£

At 1 February

322,935

At 31 January

322,935

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

3,613

3,613

Disposals

(595)

(595)

At 31 January 2024

3,018

3,018

Impairment

Carrying amount

At 31 January 2024

3,018

3,018

7

Stocks

2024
£

2023
£

Stock

427,857

423,895

8

Debtors

Current

2024
£

2023
£

Prepayments

9,461

9,325

 

9,461

9,325

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans and overdrafts

20,461

14,487

Trade creditors

198,211

235,224

Taxation and social security

57,908

50,556

Accruals and deferred income

40,772

26,446

Other creditors

112,287

103,259

429,639

429,972


Creditors include a bank loan and net obligations under a hire purchase contract which are secured of £20,461 (2023 - £14,487).

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,171

9,919

HP and finance lease liabilities

4,940

4,568

Other borrowings

5,350

-

20,461

14,487

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Creditors include a bank loan and net obligations under a hire purchase contracts which are secured of £79,445 (2023 - £29,947).

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,963

24,137

HP and finance lease liabilities

870

5,810

Other borrowings

64,612

-

79,445

29,947

Bank borrowings

Danske Bank Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £24,136 (2023 - £34,056).

The company has an individual guarantee of £140,000 given by a director of the company as security for the business loan account and an individual guarantee given by Department for Business Energy Industrial Strategy In addition the bank holds a floating charge and negative pledge.

Other borrowings

Credit Union Loan with a carrying amount of £69,962 (2023 - £Nil) is denominated in sterling with a nominal interest rate of 7.5%. The final instalment is due on 30 November 2033.

Commercial loan taken out by the directors but for the benefit of the company and repayable by the company over 10 years at £867.90 per month but no penalty for early repayment

2024
£

2023
£

Due after more than five years

After more than five years by instalments

38,728

-

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

116,800

97,233

Contributions paid to money purchase schemes

7,311

10,145

124,111

107,378

 

McKillens (Ballymena) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,300

2,300

2,300

2,300