BrightAccountsProduction v1.0.0 v1.0.0 2023-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is specialist manufacturers, suppliers and applicator of high quality, inventive and individual surface finishes. 26 February 2025 5 5 NI046552 2024-10-31 NI046552 2023-10-31 NI046552 2022-10-31 NI046552 2023-11-01 2024-10-31 NI046552 2022-11-01 2023-10-31 NI046552 uk-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 NI046552 uk-curr:PoundSterling 2023-11-01 2024-10-31 NI046552 uk-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 NI046552 uk-bus:FullAccounts 2023-11-01 2024-10-31 NI046552 uk-core:ShareCapital 2024-10-31 NI046552 uk-core:ShareCapital 2023-10-31 NI046552 uk-core:SharePremium 2024-10-31 NI046552 uk-core:SharePremium 2023-10-31 NI046552 uk-core:RetainedEarningsAccumulatedLosses 2024-10-31 NI046552 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI046552 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-10-31 NI046552 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI046552 uk-bus:FRS102 2023-11-01 2024-10-31 NI046552 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-11-01 2024-10-31 NI046552 uk-core:PlantMachinery 2023-11-01 2024-10-31 NI046552 uk-core:MotorVehicles 2023-11-01 2024-10-31 NI046552 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 NI046552 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 NI046552 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 NI046552 uk-core:CurrentFinancialInstruments 2024-10-31 NI046552 uk-core:CurrentFinancialInstruments 2023-10-31 NI046552 uk-core:CurrentFinancialInstruments 2024-10-31 NI046552 uk-core:CurrentFinancialInstruments 2023-10-31 NI046552 uk-core:WithinOneYear 2024-10-31 NI046552 uk-core:WithinOneYear 2023-10-31 NI046552 uk-core:WithinOneYear 2024-10-31 NI046552 uk-core:WithinOneYear 2023-10-31 NI046552 uk-core:AfterOneYear 2024-10-31 NI046552 uk-core:AfterOneYear 2023-10-31 NI046552 uk-core:AfterOneYear 2024-10-31 NI046552 uk-core:AfterOneYear 2023-10-31 NI046552 uk-core:BetweenOneTwoYears 2024-10-31 NI046552 uk-core:BetweenOneTwoYears 2023-10-31 NI046552 uk-core:BetweenTwoFiveYears 2024-10-31 NI046552 uk-core:BetweenTwoFiveYears 2023-10-31 NI046552 uk-core:OtherMiscellaneousReserve 2023-10-31 NI046552 uk-core:OtherMiscellaneousReserve 2023-11-01 2024-10-31 NI046552 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-10-31 NI046552 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-10-31 NI046552 uk-core:OtherDeferredTax 2024-10-31 NI046552 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-10-31 NI046552 uk-core:OtherMiscellaneousReserve 2024-10-31 NI046552 2023-11-01 2024-10-31 NI046552 uk-bus:Director1 2023-11-01 2024-10-31 NI046552 uk-bus:Director2 2023-11-01 2024-10-31 NI046552 uk-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI046552
 
 
Wall Effects Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2024
Wall Effects Limited
Company Registration Number: NI046552
BALANCE SHEET
as at 31 October 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 329 425
Tangible assets 5 39,722 44,540
───────── ─────────
Fixed Assets 40,051 44,965
───────── ─────────
 
Current Assets
Stocks 6 27,118 48,924
Debtors 7 145,583 249,660
Cash and cash equivalents 79,106 36,775
───────── ─────────
251,807 335,359
───────── ─────────
Creditors: amounts falling due within one year 8 (85,314) (122,206)
───────── ─────────
Net Current Assets 166,493 213,153
───────── ─────────
Total Assets less Current Liabilities 206,544 258,118
 
Creditors:
amounts falling due after more than one year 9 (137,229) (173,442)
 
Provisions for liabilities 10 (9,931) (8,463)
 
Government grants 11 (329) (411)
───────── ─────────
Net Assets 59,055 75,802
═════════ ═════════
 
Capital and Reserves
Called up share capital 1 1
Share premium account 17,453 17,453
Retained earnings 41,601 58,348
───────── ─────────
Equity attributable to owners of the company 59,055 75,802
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 26 February 2025 and signed on its behalf by
           
           
________________________________     ________________________________
Peadar McMahon     Ruairi McMahon
Director     Director
           



Wall Effects Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 October 2024

   
1. General Information
 
Wall Effects Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is A19 Kilcronagh Business Park, Cookstown, Co Tyrone, BT80 9HG which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 October 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Reducing Balance
  Motor vehicles - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Research and development
Research expenditure is written off to the Profit and Loss Account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 5 5
  ═════════ ═════════
       
4. Intangible assets
  Development  
  Costs Total
  £ £
Cost
At 1 November 2023 2,895 2,895
  ───────── ─────────
 
At 31 October 2024 2,895 2,895
  ───────── ─────────
Amortisation
At 1 November 2023 2,470 2,470
Charge for financial year 96 96
  ───────── ─────────
At 31 October 2024 2,566 2,566
  ───────── ─────────
Net book value
At 31 October 2024 329 329
  ═════════ ═════════
At 31 October 2023 425 425
  ═════════ ═════════
         
5. Tangible assets
  Plant and Motor Total
  machinery vehicles  
       
  £ £ £
Cost
At 1 November 2023 140,851 13,750 154,601
Additions 772 - 772
Disposals (13,321) - (13,321)
  ───────── ───────── ─────────
At 31 October 2024 128,302 13,750 142,052
  ───────── ───────── ─────────
Depreciation
At 1 November 2023 101,358 8,703 110,061
Charge for the financial year 3,965 1,009 4,974
On disposals (12,705) - (12,705)
  ───────── ───────── ─────────
At 31 October 2024 92,618 9,712 102,330
  ───────── ───────── ─────────
Net book value
At 31 October 2024 35,684 4,038 39,722
  ═════════ ═════════ ═════════
At 31 October 2023 39,493 5,047 44,540
  ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 27,118 48,924
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 36,801 101,391
Amounts owed by group undertakings 65,679 34,400
Other debtors 34,875 100,128
Taxation 8,228 13,741
  ───────── ─────────
  145,583 249,660
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 1,325 53
Bank loan 10,308 10,056
Payments received on account 29,738 29,294
Trade creditors 22,805 26,083
Taxation 17,647 53,738
Accruals:
Pension accrual 336 280
Other accruals 3,155 2,702
  ───────── ─────────
  85,314 122,206
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank Loan 13,617 23,806
Amounts owed to group undertakings 123,612 149,636
  ───────── ─────────
  137,229 173,442
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 11,633 10,109
Repayable between one and two years 10,565 10,308
Repayable between two and five years 3,052 13,498
  ───────── ─────────
  25,250 33,915
  ═════════ ═════════
 
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 8,463 8,463 9,536
Charged to profit and loss 1,468 1,468 (1,073)
  ───────── ───────── ─────────
At financial year end 9,931 9,931 8,463
  ═════════ ═════════ ═════════
       
11. Government Grants Deferred 2024 2023
  £ £
 
Capital grants received and receivable
At 1 November 2023 411 514
  ───────── ─────────
Amortisation
Amortised in financial year (82) (103)
  ───────── ─────────
Net book value
At 31 October 2024 329 411
  ═════════ ═════════
           
12. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
13. Controlling interest
 
McMahon Bros Ltd has controlling interest in the company.