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REGISTERED NUMBER: NI612160 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

D J MAGUIRE & ASSOCIATES LTD

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


D J MAGUIRE & ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: DJ Maguire
Mrs M Maguire



REGISTERED OFFICE: 83A Bridge Street
Portadown
Craigavon
Co. Armagh
BT63 5AA



REGISTERED NUMBER: NI612160 (Northern Ireland)



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



BANKERS: Ulster Bank
11-16 Donegall Square East
Belfast
Co. Antrim
BT1 5UB



SOLICITORS: Kempton Law Limited
Suite 16, Dean Swift Building
Armagh Business Park
Hamiltonsbawn Road
Armagh
BT60 1HW

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 12,002
Tangible assets 5 1,846,319 1,694,361
Investment property 6 980,000 641,920
2,826,319 2,348,283

CURRENT ASSETS
Stocks 272,834 141,798
Debtors 7 987,658 774,497
Cash at bank and in hand 329,810 1,530,703
1,590,302 2,446,998
CREDITORS
Amounts falling due within one year 8 1,722,088 1,621,199
NET CURRENT (LIABILITIES)/ASSETS (131,786 ) 825,799
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,694,533

3,174,082

CREDITORS
Amounts falling due after more than one
year

9

(365,458

)

(782,623

)

PROVISIONS FOR LIABILITIES (198,725 ) (105,389 )
NET ASSETS 2,130,350 2,286,070

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 12 24,724 -
Retained earnings 2,105,526 2,285,970
SHAREHOLDERS' FUNDS 2,130,350 2,286,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

BALANCE SHEET - continued
30 JUNE 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 25 March 2025 and were signed on its behalf by:





DJ Maguire - Director


D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

D J Maguire & Associates Ltd 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. 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 as modified by the revaluation of certain assets.

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 and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The directors also consider the amortisation and depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates 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.

Intangible assets
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of identifiable assets and liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which is estimated to be five years.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property -10% on cost
Fixtures and fittings -20% on reducing balance
Computer equipment -20% on reducing balance

Investment property
Investment properties are valued at fair value as determined by the directors or external valuers, based on rental yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and loss account.

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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

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.

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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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 carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Impairment of assets
Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 117 (2023 - 105 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 1,756,892
AMORTISATION
At 1 July 2023 1,744,890
Amortisation for year 12,002
At 30 June 2024 1,756,892
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 12,002

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Fixtures,
Short Long fittings Computer
leasehold leasehold & equipment equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 21,500 1,249,931 1,360,076 186,668 2,818,175
Additions - 191,935 288,964 99,260 580,159
Reclassification/transfer - (269,399 ) - - (269,399 )
At 30 June 2024 21,500 1,172,467 1,649,040 285,928 3,128,935
DEPRECIATION
At 1 July 2023 16,842 51,409 961,413 94,150 1,123,814
Charge for year 2,150 22,224 116,201 30,592 171,167
Reclassification/transfer - (12,365 ) - - (12,365 )
At 30 June 2024 18,992 61,268 1,077,614 124,742 1,282,616
NET BOOK VALUE
At 30 June 2024 2,508 1,111,199 571,426 161,186 1,846,319
At 30 June 2023 4,658 1,198,522 398,663 92,518 1,694,361

The net book value of tangible fixed assets includes an amount of £0 (2023: £3,372) in respect of assets held under hire purchase contracts. The depreciation charge for these assets was £0 (2023: £843).


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 641,920
Revaluations 48,080
Reclassification/transfer 290,000
At 30 June 2024 980,000
NET BOOK VALUE
At 30 June 2024 980,000
At 30 June 2023 641,920

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2023 37,250
Valuation in 2024 48,080
Cost 894,670
980,000

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 843,109 670,914
Other debtors 144,549 103,583
987,658 774,497

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 732,769 862,274
Hire purchase contracts (see note 10) - 2,695
Trade creditors 751,807 435,267
Taxation and social security 29,404 (14,297 )
Other creditors 208,108 335,260
1,722,088 1,621,199

Included in other creditors is an amount of £2,760 (2023: £1,903) in relation to Directors Current Account. This amount is interest free and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 256,123 569,315
Other creditors 109,335 213,308
365,458 782,623

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year - 2,695

Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 93,086 107,100
Between one and five years 185,229 208,602
In more than five years 152,946 190,346
431,261 506,048

D J MAGUIRE & ASSOCIATES LTD (REGISTERED NUMBER: NI612160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank overdrafts 435,898 628,199
Bank loans 552,994 803,390
988,892 1,431,589

The total outstanding sum owing to Ulster Bank of £988,892 (2023: £1,431,589) at 30 June 2024 is secured by way of a mortgage over the leasehold property, fixed charges over the fixtures and fittings, goodwill, intellectual property and book debts and the remaining assets and undertaking are secured by way of a floating charge.

The hire purchase obligations are secured on the assets on which they are financing.

12. RESERVES
Revaluation
reserve
£   
Property revaluation 32,965
Deferred tax (8,241 )

At 30 June 2024 24,724