14 false false false false false false false false true false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 65,000 4,333 4,333 8,666 56,334 60,667 33,256 5,917 39,173 3,325 3,585 6,910 32,263 29,931 xbrli:pure xbrli:shares iso4217:GBP NI684169 2023-10-01 2024-09-30 NI684169 2024-09-30 NI684169 2023-09-30 NI684169 2022-10-01 2023-09-30 NI684169 2023-09-30 NI684169 2022-09-30 NI684169 core:NetGoodwill 2023-10-01 2024-09-30 NI684169 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 NI684169 bus:Director1 2023-10-01 2024-09-30 NI684169 core:NetGoodwill 2023-09-30 NI684169 core:NetGoodwill 2024-09-30 NI684169 core:WithinOneYear 2024-09-30 NI684169 core:WithinOneYear 2023-09-30 NI684169 core:ShareCapital 2024-09-30 NI684169 core:ShareCapital 2023-09-30 NI684169 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI684169 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI684169 core:NetGoodwill 2023-09-30 NI684169 bus:Director1 2023-09-30 NI684169 bus:Director1 2024-09-30 NI684169 bus:Director1 2023-09-30 NI684169 bus:Director1 2022-10-01 2023-09-30 NI684169 bus:SmallEntities 2023-10-01 2024-09-30 NI684169 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 NI684169 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI684169 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI684169 bus:FullAccounts 2023-10-01 2024-09-30 NI684169 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 NI684169 core:FurnitureFittingsToolsEquipment 2023-09-30 NI684169 core:FurnitureFittingsToolsEquipment 2024-09-30
COMPANY REGISTRATION NUMBER: NI684169
LISNAVAGHROG RETAIL LTD
Filleted Unaudited Financial Statements
30 September 2024
LISNAVAGHROG RETAIL LTD
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of LISNAVAGHROG RETAIL LTD
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LISNAVAGHROG RETAIL LTD for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of LISNAVAGHROG RETAIL LTD, as a body, in accordance with the terms of our engagement letter dated 30 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of LISNAVAGHROG RETAIL LTD and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LISNAVAGHROG RETAIL LTD and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that LISNAVAGHROG RETAIL LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of LISNAVAGHROG RETAIL LTD. You consider that LISNAVAGHROG RETAIL LTD is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of LISNAVAGHROG RETAIL LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
JOSEPH MURRAY LIMITED Chartered accountants
11a NEWRY STREET RATHFRILAND CO. DOWN BT34 5PY
20 May 2025
LISNAVAGHROG RETAIL LTD
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
56,334
60,667
Tangible assets
6
32,263
29,931
--------
--------
88,597
90,598
Current assets
Stocks
25,480
21,865
Cash at bank and in hand
17,173
6,439
--------
--------
42,653
28,304
Creditors: amounts falling due within one year
7
166,610
147,360
---------
---------
Net current liabilities
123,957
119,056
---------
---------
Total assets less current liabilities
( 35,360)
( 28,458)
--------
--------
Net liabilities
( 35,360)
( 28,458)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 35,361)
( 28,459)
--------
--------
Shareholders deficit
( 35,360)
( 28,458)
--------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 .
LISNAVAGHROG RETAIL LTD
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
Mrs Noeleen Heenen
Director
Company registration number: NI684169
LISNAVAGHROG RETAIL LTD
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Mays Corner Road, Katesbridge, Banbridge, BT32 5RB.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 15 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Equipment
-
10% reducing balance
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
65,000
--------
Amortisation
At 1 October 2023
4,333
Charge for the year
4,333
--------
At 30 September 2024
8,666
--------
Carrying amount
At 30 September 2024
56,334
--------
At 30 September 2023
60,667
--------
6. Tangible assets
Equipment
£
Cost
At 1 October 2023
33,256
Additions
5,917
--------
At 30 September 2024
39,173
--------
Depreciation
At 1 October 2023
3,325
Charge for the year
3,585
--------
At 30 September 2024
6,910
--------
Carrying amount
At 30 September 2024
32,263
--------
At 30 September 2023
29,931
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,147
7,338
Trade creditors
25,482
25,714
Social security and other taxes
7,550
5,336
Other creditors
115,431
108,972
---------
---------
166,610
147,360
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Noeleen Heenen
( 64,972)
( 16,430)
771
( 80,631)
--------
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Noeleen Heenen
( 73,160)
8,188
( 64,972)
----
--------
-------
--------