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Registration number: NI648489

Moore Electrics (Ballymena) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Moore Electrics (Ballymena) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Moore Electrics (Ballymena) Ltd

(Registration number: NI648489)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

40,000

50,000

Tangible assets

5

92,509

76,341

Other financial assets

6

1,390

1,390

 

133,899

127,731

Current assets

 

Stocks

7

434,514

559,593

Debtors

8

725,693

1,181,022

Cash at bank and in hand

 

623,688

192,911

 

1,783,895

1,933,526

Creditors: Amounts falling due within one year

9

(502,829)

(776,709)

Net current assets

 

1,281,066

1,156,817

Total assets less current liabilities

 

1,414,965

1,284,548

Creditors: Amounts falling due after more than one year

9

(17,390)

(6,804)

Provisions for liabilities

(23,127)

(19,085)

Net assets

 

1,374,448

1,258,659

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

1,374,438

1,258,649

Shareholders' funds

 

1,374,448

1,258,659

 

Moore Electrics (Ballymena) Ltd

(Registration number: NI648489)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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.

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 24 February 2025 and signed on its behalf by:
 

.........................................
Mr Samuel Moore
Company secretary and director

.........................................
Mrs Sharon Moore
Director

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
38 Ballymoney Street
Ballymena
Co. Antrim
BT43 6AN

These financial statements were authorised for issue by the Board on 24 February 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.

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 postive 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 liabilties 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% reducing balance

Furniture and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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. They are subsequently measured at cost less provision for impairment. 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.

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 24).

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

100,000

100,000

At 30 September 2024

100,000

100,000

Amortisation

At 1 October 2023

50,000

50,000

Amortisation charge

10,000

10,000

At 30 September 2024

60,000

60,000

Carrying amount

At 30 September 2024

40,000

40,000

At 30 September 2023

50,000

50,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

61,675

99,455

161,130

Additions

7,274

34,950

42,224

Disposals

-

(17,895)

(17,895)

At 30 September 2024

68,949

116,510

185,459

Depreciation

At 1 October 2023

34,309

50,480

84,789

Charge for the year

5,196

15,198

20,394

Eliminated on disposal

-

(12,233)

(12,233)

At 30 September 2024

39,505

53,445

92,950

Carrying amount

At 30 September 2024

29,444

63,065

92,509

At 30 September 2023

27,366

48,975

76,341

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

1,390

1,390

At 30 September 2024

1,390

1,390

Impairment

Carrying amount

At 30 September 2024

1,390

1,390

7

Stocks

2024
£

2023
£

Other inventories

434,514

559,593

8

Debtors

2024
£

2023
£

Trade debtors

67,945

64,161

Prepayments

12,053

7,417

Other debtors

645,695

1,109,444

725,693

1,181,022

 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

9,117

4,032

Trade creditors

 

255,441

346,789

Taxation and social security

 

141,190

95,804

Accruals and deferred income

 

5,652

6,873

Other creditors

 

91,429

323,211

 

502,829

776,709

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

17,390

6,804

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       
 

Moore Electrics (Ballymena) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

17,390

6,804

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

9,117

4,032

12

Related party transactions

Other transactions with directors

During the year the company repaid £231,782 to the directors. At the balance sheet date the amount owed to the directors was £91,429 (2023 : £323,211). The advance is interest free, unsecured and repayable on demand.

Loans to related parties

2024

Associates
£

Total
£

At start of period

1,004,000

1,004,000

Advanced

958,000

958,000

Repaid

(1,425,000)

(1,425,000)

At end of period

537,000

537,000

2023

Associates
£

Total
£

At start of period

420,000

420,000

Advanced

584,000

584,000

At end of period

1,004,000

1,004,000

Terms of loans to related parties

The loans are interest free, unsecured and repayable on demand.