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Registered number: NI065251
Moyallen Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2020
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Cash Flows 12
Notes to the Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2020.
Review of the Business
The group has maintained its position in the market in 2020. The Group results for the year as set out on page 8 show a profit on ordinary activities before tax of £481,975 compared with a loss in 2019 of £702,888. The Directors have taken a number of steps to improve business performance resulting in the improved position.
Principal Risks and Uncertainties
There are certain risk factors which could affect the group's future results and cause them to be materially different from expected results. The factors considered should not be considered as a complete and comprehensive statement of all risks and uncertainties.
Interest cover
The group reviews its current and forecast projections of cashflow to ensure it operates within set parameters.
Operational risk
Adverse macroeconomic conditions and a deterioration in the economic environment may lead to customers being unable to pay amounts due and other outgoings and may even result in their business failure. If these events were to occur, it could have a material effect on the results of operations.
Credit risk
The amounts presented in the balance sheet are net of allowances for doubtful debts estimated by the directors based on prior experience and their assessment of the current economic environment.
On behalf of the board
Mr Peter Robinson
Director
17/01/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2020.
Principal Activity
The principal activity of the group in the year under review was that of a holding company. The nature of the group companies' operations and principal activities are property development and provision of rental accommodation and cold storage.
Political Donations and Expenditure
The company did not make any disclosable political donations in the current financial year.
Directors
The directors who held office during the year were as follows:
Mr Peter Robinson
Mr John Robinson
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 2
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Independent Auditors
The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Peter Robinson
Director
17/01/2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Moyallen Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2020 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2020 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 5
Page 6
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
James Robinson FCCA (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd , Statutory Auditor
17/01/2025
WHR Accountants Ltd
Chartered Certified Accountants
56 Upper English Street
Armagh
Co. Armagh
BT61 7LG
Page 6
Page 7
Consolidated Profit and Loss Account
2020 2019
as restated
Notes £ £
TURNOVER 3 6,935,021 7,399,166
Cost of sales (4,302,543 ) (4,403,740 )
GROSS PROFIT 2,632,478 2,995,426
Administrative expenses (2,178,943 ) (3,899,682 )
Other operating income 128,311 118,679
OPERATING PROFIT/(LOSS) 5 581,846 (785,577 )
(Loss)/profit on disposal of fixed assets (81,500 ) 95,370
Interest payable and similar charges 10 (18,371 ) (12,681 )
PROFIT/(LOSS) BEFORE TAXATION 481,975 (702,888 )
Tax on Profit/(loss) 11 59,044 -
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 541,019 (702,888 )
The notes on pages 13 to 21 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2020 2019
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 541,019 (702,888 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 541,019 (702,888 )
Page 8
Page 9
Consolidated Balance Sheet
Registered number: NI065251
2020 2019
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 3,126,765 3,264,527
3,126,765 3,264,527
CURRENT ASSETS
Debtors 14 1,630,972 1,448,532
Cash at bank and in hand 2,097,113 2,176,496
3,728,085 3,625,028
Creditors: Amounts Falling Due Within One Year 15 (2,298,286 ) (2,857,524 )
NET CURRENT ASSETS (LIABILITIES) 1,429,799 767,504
TOTAL ASSETS LESS CURRENT LIABILITIES 4,556,564 4,032,031
Creditors: Amounts Falling Due After More Than One Year 16 (169,604 ) (186,090 )
NET ASSETS 4,386,960 3,845,941
CAPITAL AND RESERVES
Called up share capital 19 22,500 22,500
Profit and Loss Account 4,364,460 3,823,441
SHAREHOLDERS' FUNDS 4,386,960 3,845,941
On behalf of the board
Mr Peter Robinson
Director
17/01/2025
The notes on pages 13 to 21 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
Registered number: NI065251
2020 2019
as restated
Notes £ £ £ £
FIXED ASSETS
Investments 13 22,502 22,502
22,502 22,502
Creditors: Amounts Falling Due Within One Year 15 (2 ) (2 )
NET CURRENT ASSETS (LIABILITIES) (2 ) (2 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,500 22,500
NET ASSETS 22,500 22,500
CAPITAL AND RESERVES
Called up share capital 19 22,500 22,500
SHAREHOLDERS' FUNDS 22,500 22,500
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £ (2019: £(13 ) loss).
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Robinson
Director
17/01/2025
The notes on pages 13 to 21 form part of these financial statements.
Page 10
Page 11
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2019 22,500 4,526,329 4,548,829
Loss for the year and total comprehensive income - (702,888 ) (702,888)
As at 31 December 2019 and 1 January 2020 as restated 22,500 3,823,441 3,845,941
Profit for the year and total comprehensive income - 541,019 541,019
As at 31 December 2020 22,500 4,364,460 4,386,960
Page 11
Page 12
Consolidated Statement of Cash Flows
2020 2019
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 561,599 998,391
Interest paid (18,371 ) (12,681 )
Tax refunded/(paid) 206,720 (24,162 )
Net cash generated from operating activities 749,948 961,548
Cash flows from investing activities
Purchase of tangible assets (410,690 ) (801,185 )
Proceeds from disposal of tangible assets (50,749 ) 102,372
Grants received 3,311 3,679
Net cash used in investing activities (458,128 ) (695,134 )
Cash flows from financing activities
Repayment of other loans (35,550) (138,829)
Repayment of finance leases 66,322 183,141
Amount introduced by directors - 1,074,157
Amount withdrawn by directors (401,975) -
Net cash (used in)/generated from financing activities (371,203 ) 1,118,469
(Decrease)/increase in cash and cash equivalents (79,383 ) 1,384,883
Cash and cash equivalents at beginning of year 2 2,176,496 791,613
Cash and cash equivalents at end of year 2 2,097,113 2,176,496
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from operations
2020 2019
as restated
£ £
Profit/(loss) for the financial year 541,019 (702,888 )
Adjustments for:
Tax on profit/(loss) (59,044 ) -
Interest expense 18,371 12,681
Depreciation of tangible assets 517,701 474,333
Loss/(profit) on disposal of tangible assets 81,500 (95,370)
Grant income (3,311) (3,679)
Movements in working capital:
(Increase)/decrease in trade and other debtors (324,265 ) 607,639
(Decrease)/increase in trade and other creditors (210,372 ) 705,675
Net cash generated from operations 561,599 998,391
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2020 2019
as restated
£ £
Cash at bank and in hand 2,097,113 2,176,496
3. Analysis of changes in net funds
As at 1 January 2020 Cash flows As at 31 December 2020
£ £ £
Cash at bank and in hand 2,176,496 (79,383) 2,097,113
Finance leases (230,885) (66,322) (297,207)
Debts falling due after more than one year (35,550) 35,550 -
1,910,061 (110,155) 1,799,906
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Notes to the Financial Statements
1. General Information
Moyallen Holdings Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI065251 . The registered office is Unit 4 Granville Industrial Estate, Dungannon, County Tyrone, BT70 1NJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The consolidated financial statements incorporate the financial statements of the company and entities that continue to be controlled by the group.  On acquisition of a subsidiary, its identifiable assets, liabilities and contingent liabilities are included in the consolidated accounts at their fair value. Any excess of the cost of an acquisition over fair value of net assets acquired is recognised as goodwill. The results of subsidiaries acquired are included in the consolidated profit and loss account from the date control passes up until the group ceased to control them through a sale or significant change in circumstances. All intra-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 10% reducing balance / 3-10 years straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 15% reducing balance / 3-7 years straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. 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 instrument regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Going concern
The directors have considered future projections and future cashflows for at least 12 months from the date of the accounts and are confident that the group will continue to trade for the foreseeable future. The group's directors have obtained the ongoing support of its bankers and accordingly the company's directors consider it appropriate that the accounts be prepared on a going concern basis.
3. Turnover
Analysis of turnover by geographical market is as follows:
2020 2019
as restated
£ £
United Kingdom 6,715,973 7,286,435
Europe 219,048 112,731
6,935,021 7,399,166
4. Other Operating Income
2020 2019
as restated
£ £
Grant income 3,311 3,679
Other operating income 125,000 115,000
128,311 118,679
5. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2020 2019
as restated
£ £
Depreciation of tangible fixed assets 517,701 474,333
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2020 2019
as restated
£ £
Audit Services
Audit of the company's financial statements 6,690 6,640
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7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2020 2019
as restated
£ £
Wages and salaries 2,557,347 3,525,070
Social security costs 267,717 488,431
Other pension costs 68,460 60,793
2,893,524 4,074,294
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2020 2019
Office and administration 16 26
Manufacturing 67 64
83 90
Company
Average number of employees, including directors, during the year was: NIL (2019: NIL)
- -
9. Directors' remuneration
2020 2019
as restated
£ £
Emoluments 502,000 1,424,946
Amounts paid to third parties in respect of directors' services - 678,034
502,000 2,102,980
10. Interest Payable and Similar Charges
2020 2019
as restated
£ £
Bank loans and overdrafts 284 248
Finance charges payable under finance leases and hire purchase contracts 12,302 7,709
Other finance charges 5,635 4,504
18,221 12,461
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11. Tax on Profit
The tax credit on the profit/(loss) for the year was as follows:
Tax Rate 2020 2019
as restated
2020 2019 £ £
Current tax
UK Corporation Tax 19.0% 19.0% (59,044 ) -
Total tax charge for the period (59,044 ) -
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
2020 2019
£ £
Profit before tax 481,975 (702,888)
Tax on profit at 19% (UK standard rate) 91,575 (133,548 )
Expenses not deductible for tax purposes 412 137,202
Tax losses utilised (94,858 ) 90,421
Capital allowances 14,646 (94,075 )
Research and Development tax credit (70,819 ) -
Total tax charge for the period (59,044) -
12. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2020 216,972 9,098,445 207,515 464,754 9,987,686
Additions 22,829 351,983 (11,850 ) 47,728 410,690
Disposals - (148,753 ) (35,065 ) - (183,818 )
As at 31 December 2020 239,801 9,301,675 160,600 512,482 10,214,558
Depreciation
As at 1 January 2020 50,880 6,201,002 68,899 402,378 6,723,159
Provided during the period 22,304 427,620 46,016 21,761 517,701
Disposals - (111,150 ) (41,917 ) - (153,067 )
As at 31 December 2020 73,184 6,517,472 72,998 424,139 7,087,793
Net Book Value
As at 31 December 2020 166,617 2,784,203 87,602 88,343 3,126,765
As at 1 January 2020 166,092 2,897,443 138,616 62,376 3,264,527
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13. Investments
Company
Subsidiaries
£
Cost
As at 1 January 2020 22,502
As at 31 December 2020 22,502
Provision
As at 1 January 2020 -
As at 31 December 2020 -
Net Book Value
As at 31 December 2020 22,502
As at 1 January 2020 22,502
Subsidiaries
Details of the company's subsidiaries as at 31 December 2020 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Granville Food Care Limited Northern Ireland Ordinary 100.00% -
Moyallen Developments Limited Northern Ireland Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
14. Debtors
Group Company
2020 2019
as restated
2020 2019
as restated
£ £ £ £
Due within one year
Trade debtors 1,013,728 791,002 - -
Prepayments and accrued income 261,087 159,223 - -
Other debtors 291,262 291,587 - -
Corporation tax recoverable assets 59,044 206,720 - -
Directors' loan accounts 5,851 - - -
1,630,972 1,448,532 - -
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15. Creditors: Amounts Falling Due Within One Year
Group Company
2020 2019
as restated
2020 2019
as restated
£ £ £ £
Net obligations under finance lease and hire purchase contracts 127,603 80,345 - -
Trade creditors 200,259 166,444 - -
Other taxes and social security 91,826 731,889 - -
VAT 231,186 207,931 - -
Other creditors 370,467 386,314 - -
Other creditors (1) 21,606 530,956 - -
Accruals and deferred income 1,255,339 357,521 - -
Directors' loan accounts - 396,124 - -
Amounts owed to group undertakings - - 2 2
2,298,286 2,857,524 2 2
16. Creditors: Amounts Falling Due After More Than One Year
Group
2020 2019
as restated
£ £
Net obligations under finance lease and hire purchase contracts 169,604 150,540
Other loans - 35,550
169,604 186,090
17. Obligations Under Finance Leases and Hire Purchase
Group
2020 2019
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 127,603 80,345
Later than one year and not later than five years 169,604 150,540
297,207 230,885
297,207 230,885
18. Capital Grants
Group
2020 2019
as restated
£ £
Balance at 1 January 2020 33,106 36,785
Increase / (Decrease) in the year (3,311) (3,679)
Balance at 31 December 2020 29,795 33,106
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19. Share Capital
2020 2019
as restated
Allotted, called up and fully paid £ £
22,500 Ordinary Shares of £ 1.00 each 22,500 22,500
20. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £68,460 (2019: £60,793).
21. Controlling Parties
The group continues to be under the control of Mr PAH Robinson and Mr JTA Robinson as they are both managing directors and majority shareholders.
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