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REGISTERED NUMBER: NI623786 (Northern Ireland)















MALLON & CO SOLICITORS LIMITED

Unaudited Financial Statements for the Year Ended 31 May 2024






MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MALLON & CO SOLICITORS LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Joseph Mallon
Enda Hugh McKaigue





REGISTERED OFFICE: Station Master's House
16 Station Road
Maghera
Co. Derry
BT46 5BS





REGISTERED NUMBER: NI623786 (Northern Ireland)





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

MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)

Statement of Financial Position
31 MAY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 251,976 251,474
Tangible assets 6 46,995 65,894
Investments 7 394,497 394,497
693,468 711,865

CURRENT ASSETS
Inventories 19,958 24,122
Receivables 8 263,107 307,961
Cash at bank and in hand 4,077,539 2,433,053
4,360,604 2,765,136
PAYABLES
Amounts falling due within one year 9 (4,144,264 ) (2,509,662 )
NET CURRENT ASSETS 216,340 255,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

909,808

967,339

PAYABLES
Amounts falling due after more than
one year

10

(37,078

)

(56,742

)
NET ASSETS 872,730 910,597

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 872,530 910,397
872,730 910,597

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)

Statement of Financial Position - continued
31 MAY 2024


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 Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by:




Joseph Mallon - Director



Enda Hugh McKaigue - Director


MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Mallon & Co Solicitors Limited 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Fixtures and fittings - 25% reducing balance
Computer equipment - 33% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 27 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 June 2023 417,455
Additions 22,500
At 31 May 2024 439,955
AMORTISATION
At 1 June 2023 165,981
Amortisation for year 21,998
At 31 May 2024 187,979
NET BOOK VALUE
At 31 May 2024 251,976
At 31 May 2023 251,474

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 June 2023
and 31 May 2024 9,200 19,712 51,650 46,136 126,698
DEPRECIATION
At 1 June 2023 - 13,145 15,028 32,631 60,804
Charge for year - 1,642 9,156 8,101 18,899
At 31 May 2024 - 14,787 24,184 40,732 79,703
NET BOOK VALUE
At 31 May 2024 9,200 4,925 27,466 5,404 46,995
At 31 May 2023 9,200 6,567 36,622 13,505 65,894

MALLON & CO SOLICITORS LIMITED (REGISTERED NUMBER: NI623786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 June 2023
and 31 May 2024 394,497
NET BOOK VALUE
At 31 May 2024 394,497
At 31 May 2023 394,497

8. RECEIVABLES
2024 2023
£ £
Trade receivables 237,504 281,736
Other receivables 25,603 26,225
263,107 307,961

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 21,292 21,292
Trade payables 3,981,455 2,344,568
Taxation and social security 116,636 101,208
Other payables 24,881 42,594
4,144,264 2,509,662

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 37,078 56,742

The bank loan is secured by the company by a fixed and floating charge over company assets.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, a balance of £881 was due to the directors from the company. (2023: £38,595 owed to the directors from the company).