Company registration number 12868812 (England and Wales)
MURPHY GAUGHAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MURPHY GAUGHAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MURPHY GAUGHAN LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,939
14,293
Current assets
Stocks
164,000
312,000
Debtors
5
10,649
127,186
Cash at bank and in hand
111,727
110,618
286,376
549,804
Creditors: amounts falling due within one year
6
(49,602)
(328,114)
Net current assets
236,774
221,690
Total assets less current liabilities
247,713
235,983
Provisions for liabilities
(2,079)
(3,711)
Net assets
245,634
232,272
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
245,534
232,172
Total equity
245,634
232,272

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr E Gaughan
Mr P Murphy
Director
Director
Company registration number 12868812 (England and Wales)
MURPHY GAUGHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Murphy Gaughan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Profit is recognized on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MURPHY GAUGHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance Method
Computers
25% Reducing Balance Method
Motor vehicles
25% Reducing Balance Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. These typically arise where mid month valuations have occurred and a time apportioned estimate of the cost of measured work has been calculated. Net realisable value represents the certified value of the measured work carried out in a particular period, invoiced subsequent to the year end.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MURPHY GAUGHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MURPHY GAUGHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
30,550
Additions
292
At 30 September 2024
30,842
Depreciation and impairment
At 1 October 2023
16,257
Depreciation charged in the year
3,646
At 30 September 2024
19,903
Carrying amount
At 30 September 2024
10,939
At 30 September 2023
14,293
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
1
Other debtors
10,648
127,185
10,649
127,186
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,199
140,117
Taxation and social security
1,051
2,124
Other creditors
43,352
185,873
49,602
328,114
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
MURPHY GAUGHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
8,028
143,776
2024-09-302023-10-01falsefalsefalse27 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr E GaughanMr P Murphy128688122023-10-012024-09-30128688122024-09-30128688122023-09-3012868812core:OtherPropertyPlantEquipment2024-09-3012868812core:OtherPropertyPlantEquipment2023-09-3012868812core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3012868812core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3012868812core:ShareCapital2024-09-3012868812core:ShareCapital2023-09-3012868812core:RetainedEarningsAccumulatedLosses2024-09-3012868812core:RetainedEarningsAccumulatedLosses2023-09-3012868812core:ShareCapitalOrdinaryShareClass12024-09-3012868812core:ShareCapitalOrdinaryShareClass12023-09-3012868812bus:Director12023-10-012024-09-3012868812bus:Director22023-10-012024-09-3012868812core:PlantMachinery2023-10-012024-09-3012868812core:ComputerEquipment2023-10-012024-09-3012868812core:MotorVehicles2023-10-012024-09-30128688122022-10-012023-09-3012868812core:OtherPropertyPlantEquipment2023-09-3012868812core:OtherPropertyPlantEquipment2023-10-012024-09-3012868812core:CurrentFinancialInstruments2024-09-3012868812core:CurrentFinancialInstruments2023-09-3012868812core:WithinOneYear2024-09-3012868812core:WithinOneYear2023-09-3012868812bus:OrdinaryShareClass12023-10-012024-09-3012868812bus:OrdinaryShareClass12024-09-3012868812bus:OrdinaryShareClass12023-09-3012868812bus:PrivateLimitedCompanyLtd2023-10-012024-09-3012868812bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3012868812bus:FRS1022023-10-012024-09-3012868812bus:AuditExemptWithAccountantsReport2023-10-012024-09-3012868812bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP