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REGISTERED NUMBER: NI047821 (Northern Ireland)













McAdam Stewart Architects Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024






McAdam Stewart Architects Limited (Registered number: NI047821)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


McAdam Stewart Architects Limited

Company Information
for the Year Ended 31 October 2024







Directors: Mr C Stewart
Mr J McAdam





Registered office: Banbridge Enterprise Centre
Scarva Road
Banbridge
Co Down
BT32 3QD





Registered number: NI047821 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

McAdam Stewart Architects Limited (Registered number: NI047821)

Statement of Financial Position
31 October 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 17,001 15,963
17,001 15,963

Current assets
Accrued income 6 18,724 26,026
Receivables 7 115,636 88,402
Cash at bank 6,089 22,958
140,449 137,386
Payables
Amounts falling due within one year 8 (131,245 ) (122,282 )
Net current assets 9,204 15,104
Total assets less current liabilities 26,205 31,067

Payables
Amounts falling due after more than one
year

9

(6,155

)

(16,498

)

Provisions for liabilities 10 (4,118 ) (3,220 )
Net assets 15,932 11,349

Capital and reserves
Called up share capital 11 2 2
Retained earnings 15,930 11,347
Shareholders' funds 15,932 11,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

McAdam Stewart Architects Limited (Registered number: NI047821)

Statement of Financial Position - continued
31 October 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:




Mr J McAdam - Director



Mr C Stewart - Director


McAdam Stewart Architects Limited (Registered number: NI047821)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. Statutory information

McAdam Stewart Architects 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. 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

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.

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.

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.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

McAdam Stewart Architects Limited (Registered number: NI047821)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leasing
Rentals payable under operating leases are dealt with in the Statement of Income and Retained Earnings as incurred over the period of the rental agreement.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provision for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Accrued income
The company recognises accrued income in respect of the stage of completion of professional services which have not been invoiced at the reporting date. This requires an estimation of the stage of completion of each particular assignment commenced but not complete at the reporting date. The carrying amount of accrued income at 31 October 2024 was £18,724 (2023: £26,026).

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3. Employees and directors

The average number of employees during the year was 8 (2023 - 8 ) .

McAdam Stewart Architects Limited (Registered number: NI047821)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023
and 31 October 2024 100,000
Amortisation
At 1 November 2023
and 31 October 2024 100,000
Net book value
At 31 October 2024 -
At 31 October 2023 -

5. Property, plant and equipment
Fixtures
and
fittings
£
Cost
At 1 November 2023 103,566
Additions 4,038
At 31 October 2024 107,604
Depreciation
At 1 November 2023 87,603
Charge for year 3,000
At 31 October 2024 90,603
Net book value
At 31 October 2024 17,001
At 31 October 2023 15,963

6. Accrued income
2024 2023
£ £
Accrued income 18,724 26,026

7. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables 112,538 82,262
Other receivables 3,098 6,140
115,636 88,402

McAdam Stewart Architects Limited (Registered number: NI047821)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


8. Payables: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,344 10,088
Trade payables 499 1,310
Taxation and social security 61,794 62,115
Other payables 58,608 48,769
131,245 122,282

9. Payables: amounts falling
due after more than one year
2024 2023
£ £
Bank loans 6,155 16,498

10. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 4,118 3,220

Deferred tax
£
Balance at 1 November 2023 3,220
Charge to Statement of income and retained earnings during year 898
Balance at 31 October 2024 4,118

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary shares 1 2 2

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£ £
Mr C Stewart and Mr J McAdam
Balance outstanding at start of year (43,667 ) (70,139 )
Amounts advanced 93,780 107,478
Amounts repaid (101,607 ) (81,006 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (51,494 ) (43,667 )