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REGISTERED NUMBER: NI047826 (Northern Ireland)















M1 SERVICE AREA LIMITED

Unaudited Financial Statements for the Year Ended 30 September 2024






M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


M1 SERVICE AREA LIMITED

Company Information
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Winifred Ann Magowan
Derek William Alexander Magowan
Suzanne Graham





REGISTERED OFFICE: Mullybrannon House
15 Mullybrannon Road
Dungannon
Co. Tyrone
BT71 7ER





REGISTERED NUMBER: NI047826 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Statement of Financial Position
30 SEPTEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 58,777 68,818
Investments 7 850,000 -
Investment property 8 390,577 390,577
1,299,354 459,395

CURRENT ASSETS
Receivables 9 3,515 5,141
Cash at bank 67,293 942,301
70,808 947,442
PAYABLES
Amounts falling due within one year 10 (84,236 ) (134,685 )
NET CURRENT (LIABILITIES)/ASSETS (13,428 ) 812,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,285,926

1,272,152

PROVISIONS FOR LIABILITIES (14,694 ) (27,791 )
NET ASSETS 1,271,232 1,244,361

CAPITAL AND RESERVES
Called up share capital 11 119,900 119,900
Retained earnings 1,151,332 1,124,461
SHAREHOLDERS' FUNDS 1,271,232 1,244,361

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

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

M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Statement of Financial Position - continued
30 SEPTEMBER 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 17 April 2025 and were signed on its behalf by:





Derek William Alexander Magowan - Director


M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

M1 Service Area Limited 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery- 15% Reducing Balance
Computer equipment- 25% Straight Line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 October 2023
and 30 September 2024 300,000
AMORTISATION
At 1 October 2023
and 30 September 2024 300,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£ £ £
COST
At 1 October 2023 503,628 3,262 506,890
Additions - 1,005 1,005
At 30 September 2024 503,628 4,267 507,895
DEPRECIATION
At 1 October 2023 436,847 1,225 438,072
Charge for year 10,017 1,029 11,046
At 30 September 2024 446,864 2,254 449,118
NET BOOK VALUE
At 30 September 2024 56,764 2,013 58,777
At 30 September 2023 66,781 2,037 68,818

7. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
Additions 850,000
At 30 September 2024 850,000
NET BOOK VALUE
At 30 September 2024 850,000

8. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 October 2023
and 30 September 2024 390,577
NET BOOK VALUE
At 30 September 2024 390,577
At 30 September 2023 390,577

9. RECEIVABLES
2024 2023
£ £
Trade receivables 1,280 2,815
Other receivables 2,235 2,326
3,515 5,141

M1 SERVICE AREA LIMITED (REGISTERED NUMBER: NI047826)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Taxation and social security 21,132 18,212
Other payables 63,104 116,473
84,236 134,685

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
7,500 Ordinary 1 7,500 7,500
112,400 Preference 1 112,400 112,400
119,900 119,900