Mountainburg Limited Company accounts

COMPANY REGISTRATION NUMBER: NI621544

Mountainburg Limited

Unaudited Financial Statements

31 August 2024

Mountainburg Limited

Financial Statements

Year ended 31 August 2024

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Report to the board of directors on the preparation of the unaudited statutory financial statements	11

Mountainburg Limited

Directors' Report

Year ended 31 August 2024

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2024 .

Directors

The directors who served the company during the year were as follows:

Mr J Clegg
Miss D Mollison

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 10 March 2025 and signed on behalf of the board by:

Mr J Clegg	Miss D Mollison
Director	Director

N Gilroy
Company Secretary

Registered office:

412 Newtownards Road,

Belfast

BT4 1HH

Mountainburg Limited

Statement of Income and Retained Earnings

Year ended 31 August 2024

	2024	2023
Note	£	£
Turnover	1,351,643	2,889,240

Cost of sales	1,080,872	2,643,333
	------------	------------
Gross profit	270,771	245,907

Distribution costs	950	–
Administrative expenses	385,151	2,909
Other operating income	18,625	36,999
	---------	---------
Operating (loss)/profit	( 96,705)	279,997

Interest payable and similar expenses		1,838	46,660
		---------	---------
(Loss)/profit before taxation	5	( 98,543)	233,337

Tax on (loss)/profit	17,971	59,062
	---------	---------
(Loss)/profit for the financial year and total comprehensive income	( 116,514)	174,275
	---------	---------

Retained earnings at the start of the year	569,983	395,708
	---------	---------
Retained earnings at the end of the year	453,469	569,983
	---------	---------

All the activities of the company are from continuing operations.

Mountainburg Limited

Statement of Financial Position

31 August 2024

	2024		2023
Note	£	£	£

Investment properties

Tangible assets	6		237,375	240,367

Current assets

Stocks		520,000	555,542
Debtors	7	302,151	376,380
Cash at bank and in hand		19,079	167,958
		---------	------------
		841,230	1,099,880

Creditors: amounts falling due within one year	8	347,176		359,063
		---------		------------
Net current assets			494,054	740,817
			---------	---------
Total assets less current liabilities			731,429	981,184

Creditors: amounts falling due after more than one year	9	277,954	411,195
		---------	---------
Net assets		453,475	569,989
		---------	---------

Capital and reserves

Called up share capital	6	6
Profit and loss account	453,469	569,983
	---------	---------
Shareholders funds	453,475	569,989
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mountainburg Limited

Statement of Financial Position (continued)

31 August 2024

These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:

Mr J Clegg	Miss D Mollison
Director	Director

Company registration number: NI621544

Mountainburg Limited

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 412 Newtownards Road,, Belfast, BT4 1HH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.During the year a leased vehicle was capitalised .

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	5,792	5,500
	-------	-------

6. Tangible assets

	Investment Pproperties	Plant and machinery	Total
	£	£	£
Cost
At 1 September 2023	188,000	87,367	275,367
Additions	–	2,800	2,800
	---------	--------	---------
At 31 August 2024	188,000	90,167	278,167
	---------	--------	---------
Depreciation
At 1 September 2023	–	35,000	35,000
Charge for the year	–	5,792	5,792
	---------	--------	---------
At 31 August 2024	–	40,792	40,792
	---------	--------	---------
Carrying amount
At 31 August 2024	188,000	49,375	237,375
	---------	--------	---------
At 31 August 2023	188,000	52,367	240,367
	---------	--------	---------

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.It is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

7. Debtors

	2024	2023
	£	£
Trade debtors	70	30,000
Other debtors	302,081	346,380
	---------	---------
	302,151	376,380
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	293,663	227,667
Other creditors	53,513	131,396
	---------	---------
	347,176	359,063
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	18,072	28,098
Amounts owed to group undertakings and undertakings in which the company has a participating interest	198,370	318,490
Corporation tax	61,512	59,062
Other creditors	–	5,545
	---------	---------
	277,954	411,195
	---------	---------

10. Directors' advances, credits and guarantees

The diectors have overdrawn current account balances of D Mollison _0 (£32,870) previous year J Clegg £86,120 (32,870) do

11. Related party transactions

The executors of the estate of the late JB Anderson, Mrs MJ Armstrong, Mr J Clegg ,and are related parties, transactions with whom are required to be disclosed under Financial Reporting Standard 8.Mr Clegg is the managing director and their credit balances were as follows;

	2024	2023
	£	£
Mr J Clegg Debit	86,120	32,870
Mr J B Anderson (Execs)	177,293	177,293
Mrs M J Armstrong	21,077	141,197
Mountainburg (Newtownards) Ltd (Secured)		80,100
SES Electrical (NI) Ltd		99,398
D Mollison Debit		32,870

Also Cedona Ltd, is a related party, due to a common shareholder, and the balance due to it at the year end was £4,000 (£21,000 Dr previous year)

Mountainburg Limited

Management Information

Year ended 31 August 2024

The following pages do not form part of the financial statements.

Mountainburg Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mountainburg Limited

Year ended 31 August 2024

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

GILROY & CO Chartered accountants

412 Newtownards Road,Belfast. BT4 1HH

10 March 2025