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REGISTERED NUMBER: NI613097 (Northern Ireland)












Mosgrove & Sons Limited

Unaudited Financial Statements for the Year Ended 30th June 2024






Mosgrove & Sons Limited (Registered number: NI613097)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Balance sheet 1

Notes to the financial statements 3


Mosgrove & Sons Limited (Registered number: NI613097)

Balance Sheet
30th June 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 100,429 94,206

Current assets
Stocks 5 89,585 100,771
Debtors 6 112,266 119,634
Cash at bank and in hand 331,699 198,844
533,550 419,249
Creditors
Amounts falling due within one year 7 (299,827 ) (264,859 )
Net current assets 233,723 154,390
Total assets less current liabilities 334,152 248,596

Creditors
Amounts falling due after more than one
year

8

(14,610

)

(24,610

)
Net assets 319,542 223,986

Capital and reserves
Called up share capital 11 3 3
Retained earnings 319,539 223,983
Shareholders' funds 319,542 223,986

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

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

Mosgrove & Sons Limited (Registered number: NI613097)

Balance Sheet - continued
30th 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 25th February 2025 and were signed on its behalf by:




Mr W Mosgrove - Director Mr D T W Mosgrove - Director




Mr D R J Mosgrove - Director


Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements
for the year ended 30th June 2024

1. Statutory information

Mosgrove & Sons Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI613097

Registered office: 441a Beersbridge Road
Belfast
BT5 5DU

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


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.

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.

Land and building - 10% Straight line method
Plant and machinery - 25% Straight line method
Motor vehicle - 25% Straight line method

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

Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements - continued
for the year ended 30th June 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 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.

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 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 amortised cost using the effective interest method, 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 interestpayable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defersettlement of the liability for at least twelve months after the reporting date.

Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

3. Employees and directors

The average number of employees during the year was 13 (2023 - 11 ) .

4. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1st July 2023 78,979 54,455 142,426 275,860
Additions - - 33,500 33,500
Disposals - (22,490 ) (16,680 ) (39,170 )
At 30th June 2024 78,979 31,965 159,246 270,190
Depreciation
At 1st July 2023 18,677 54,455 108,522 181,654
Charge for year 7,898 - 19,379 27,277
Eliminated on disposal - (22,490 ) (16,680 ) (39,170 )
At 30th June 2024 26,575 31,965 111,221 169,761
Net book value
At 30th June 2024 52,404 - 48,025 100,429
At 30th June 2023 60,302 - 33,904 94,206

5. Stocks
2024 2023
£    £   
Finished goods 89,585 100,771

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 103,491 111,430
Prepayments 8,775 8,204
112,266 119,634

Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Trade creditors 141,166 138,873
Corporation tax 58,949 29,899
Social security and other taxes 1,227 34
Pension commitments 431 479
VAT 39,245 28,978
Directors' current accounts 44,759 52,546
Accrued expenses 4,050 4,050
299,827 264,859

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 9) 14,610 24,610

9. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,610 14,610

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   

The balances due on hire purchase are secured against the asset on which the finance was taken out on.

Mosgrove & Sons Limited (Registered number: NI613097)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 ORDINARY £1 3 3