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REGISTERED NUMBER: NI042056 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024

FOR

PJ MCGRANAGHAN LIMITED

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


PJ MCGRANAGHAN LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024







DIRECTORS: Mr M Kelleher
Ms C Meegan



SECRETARY: Mr E Connolly



REGISTERED OFFICE: 1/19 Dargan Drive
Belfast Harbour Estate
Belfast
BT3 9JG



REGISTERED NUMBER: NI042056 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
Chartered Certified Accountants
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: First Trust Bank
31 - 35 High Street
Belfast
Co. Antrim
BT1 2AL

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

STATEMENT OF FINANCIAL POSITION
4 AUGUST 2024

4.8.24 31.1.24
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,929,240 1,977,160

CURRENT ASSETS
Stocks 114,579 156,807
Debtors 5 31,341 67,439
Cash at bank and in hand 303,064 379,465
448,984 603,711
CREDITORS
Amounts falling due within one year 6 232,213 457,691
NET CURRENT ASSETS 216,771 146,020
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,146,011

2,123,180

CREDITORS
Amounts falling due after more than one
year

7

-

(36,033

)

PROVISIONS FOR LIABILITIES (57,184 ) (63,782 )
NET ASSETS 2,088,827 2,023,365

CAPITAL AND RESERVES
Called up share capital 84 84
Capital redemption reserve 16 16
Retained earnings 2,088,727 2,023,265
SHAREHOLDERS' FUNDS 2,088,827 2,023,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 4 August 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 4 August 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.

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

STATEMENT OF FINANCIAL POSITION - continued
4 AUGUST 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 Statement of Comprehensive Income has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Ms C Meegan - Director


PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024


1. STATUTORY INFORMATION

PJ McGranaghan 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.

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


The address of the company's main place of business is 120 Blacks Road, Belfast BT10 0NF.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets and the business in general.

Estimates are made in respect of the recoverable value of trade debtors and stock. When assessing the level of provisions required, factors considered include current experience of debtor book, historical rates of non-recoverability, the ageing profile of debtors, the age and condition of stock.

The directors also consider the depreciation rate on an annual basis to ensure this estimate remains reasonable.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period 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 or deferred taxation assets and liabilities are not discounted.

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.


PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024


2. ACCOUNTING POLICIES - continued
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 period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2024 - 30 ) .

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024


4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings
property machinery & equipment Totals
£    £    £    £   
COST
At 1 February 2024
and 4 August 2024 2,118,118 481,612 12,127 2,611,857
DEPRECIATION
At 1 February 2024 396,085 232,382 6,230 634,697
Charge for period 21,528 25,792 600 47,920
At 4 August 2024 417,613 258,174 6,830 682,617
NET BOOK VALUE
At 4 August 2024 1,700,505 223,438 5,297 1,929,240
At 31 January 2024 1,722,033 249,230 5,897 1,977,160

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
4.8.24 31.1.24
£    £   
Trade debtors 28,883 28,295
Prepayments 2,458 39,144
31,341 67,439

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
4.8.24 31.1.24
£    £   
Bank loans and overdrafts - 76,683
Other loans - 58,616
Trade creditors 33,151 164,017
Corporation Tax 137,532 103,111
Social security and other taxes (2,094 ) 514
VAT 26,241 13,142
Accrued expenses 37,383 41,608
232,213 457,691

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
4.8.24 31.1.24
£    £   
Directors loans - 36,033

PJ MCGRANAGHAN LIMITED (REGISTERED NUMBER: NI042056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2024 TO 4 AUGUST 2024


8. POST BALANCE SHEET EVENTS

On 5 August 2024 the entire share capital of the company was purchased by Musgrave Retail Partners NI Limited, whose ultimate parent company is Musgrave Group plc, incorporated in the Republic of Ireland.

The existing company directors resigned and were replaced by new directors. Also on the same date, the company sold its assets, liabilities and trade (which related to the trade of the company's only store at 120 Blacks Road, Belfast, BT10 0NF) to Musgrave Retail Stores NI Limited, a fellow group company, for £Nil consideration. The company ceased to trade from that point onwards. The directors have commenced the orderly wind up of the company's affairs.

9. ULTIMATE CONTROLLING PARTY

At the period end the company was under the control of Mr PJ McGranaghan and Mrs E A McGranaghan by virtue of shareholding.