Registered number
NI634494
Luke Murphy Ltd
Filleted Accounts
31 October 2024
Luke Murphy Ltd
Registered number: NI634494
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 105,570 211,140
Tangible assets 4 251,725 250,690
357,295 461,830
Current assets
Stocks 59,725 79,565
Debtors 5 64,277 64,612
Cash at bank and in hand 95,829 47,002
219,831 191,179
Creditors: amounts falling due within one year 6 (90,519) (96,483)
Net current assets 129,312 94,696
Total assets less current liabilities 486,607 556,526
Creditors: amounts falling due after more than one year 7 (631,023) (647,158)
Provisions for liabilities (431) -
Net liabilities (144,847) (90,632)
Capital and reserves
Called up share capital 1,000 1,000
Share premium 669,469 669,469
Revaluation reserve 8 100,000 100,000
Profit and loss account (915,316) (861,101)
Shareholder's funds (144,847) (90,632)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Maire Owens
Director
Approved by the board on 28 March 2025
Luke Murphy Ltd
Notes to the Financial Statements
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 1,055,700
At 31 October 2024 1,055,700
Amortisation
At 1 November 2023 844,560
Provided during the year 105,570
At 31 October 2024 950,130
Net book value
At 31 October 2024 105,570
At 31 October 2023 211,140
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Equipment Total
£ £ £
Cost
At 1 November 2023 250,000 64,844 314,844
Additions - 1,653 1,653
At 31 October 2024 250,000 66,497 316,497
Depreciation
At 1 November 2023 - 64,154 64,154
Charge for the year - 618 618
At 31 October 2024 - 64,772 64,772
Net book value
At 31 October 2024 250,000 1,725 251,725
At 31 October 2023 250,000 690 250,690
Freehold land and buildings: 2024 2023
£ £
Historical cost 150,000 150,000
Cumulative depreciation based on historical cost - -
150,000 150,000
Land and buildings were revalued on 21st February 2023 by Kernan Property Services. This revaluation has been incorporated into the accounts for the year ended 31st October 2023.
5 Debtors 2024 2023
£ £
Trade debtors 46,775 43,985
Deferred tax asset - 44
Other debtors 17,502 20,583
64,277 64,612
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 74,127 77,148
Taxation and social security costs 7,611 2,837
Other creditors 7,685 5,983
Capital grant reserve 96 289
BSO Special Advance Re: Covid-19 1,000 10,226
90,519 96,483
7 Creditors: amounts falling due after one year 2024 2023
£ £
Directors' accounts 631,023 647,062
Capital grant reserve - 96
631,023 647,158
8 Revaluation reserve 2024 2023
£ £
At 1 November 2023 100,000 -
Gain on revaluation of land and buildings - 100,000
At 31 October 2024 100,000 100,000
9 Events after the reporting date
There have been no significant advents affecting the company since the year end.
10 Capital commitments
The company did not have any capital commitments at 31 October 2024 not already provided for in the financial statements.
11 Contingent liabilities
There where no contingent liabilities at the year end.
12 Transactions with directors
The company owes £631,023 to the Directors as at 31 October 2024.
13 Controlling party
The ultimate controlling party has been identified as the directors of the company.
14 Other information
Luke Murphy Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
16 Cardinal O'Fiaich Square
Crossmaglen
Newry
Co Down
BT35 9AA
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