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REGISTERED NUMBER: NI026511 (Northern Ireland)















ANNAGHMORE AGENCIES LTD

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2024






ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Income Statement 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


ANNAGHMORE AGENCIES LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Frances Anne McKeown
Terence H McKeown
Conor McKeown
Gareth McKeown



REGISTERED OFFICE: 29 Annaghmore Road
Portadown
Co. Armagh
BT62 1NA



REGISTERED NUMBER: NI026511 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Ulster Bank
20 William Street
Cookstown
Tyrone
BT808NB



SOLICITORS: Thompson Mitchell
12-14 Mandeville Street
Portadown
Co Armagh
BT62 3NZ

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The company reported a profit for the financial year of £114,830 (2023: loss of £(373,871)) on a turnover of £10,785,039 (2023:£10,297,074). At the year end, the company net assets of £4.47m (2023:£4.36.m).

The directors find the company's annual performance and year-end position satisfactory given the current trading conditions. A decrease in disposable incomes and ongoing global events impacting stability have contributed to a continually challenging operating environment.

However the directors are committed to long-term creation of shareholder value by increasing the company's market share through organic growth. Whilst the incoming year is significantly challenging, results to date suggest the company have been able to perform well despite testing conditions.

Key performance indicators

2024 2023 2022 2021
Gross profit margin 35.5% 31.7% 31.4% 34.4%
Movement in turnover 4.7% (17.3% ) (6.4% ) 4.5%
Average number of employees 44 44 45 48

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The directors consider the key business risks and uncertainties affecting the company relate to the current economic conditions, competition from other furniture suppliers and a decline in disposable income. These risks are addressed through not being overly reliant on any one customer, strong customer service as well as investment in its resources and facilities.

Financial Risk Management
The company's operations expose it to a variety of financial risks that include foreign exchange risk, price risk, credit risk, liquidity risk and interest rate risk.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Foreign Exchange Risk
While the greater part of the company's revenues and expenses are denominated in sterling, the company is exposed to some foreign exchange risk in the normal course of business, both on sales in euro and purchases in euro and US dollars. The company enters into forward contracts to hedge against some foreign exchange exposure.

Price Risk Management
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Liquidity Risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Interest Rate Risk
The company has interest bearing liabilities at variable rates. The company constantly reviews the current and expected future interest rates to ensure certainty of future interest cash flows.


ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2024

ENVIRONMENT
The company recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever it is possible.

HEALTH AND SAFETY
The company is committed to achieving the highest practicable standards in health and safety management and strives to make its sites and offices safe environments for employees and customers alike.

HUMAN RESOURCES
The company's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical.

ON BEHALF OF THE BOARD:





Gareth McKeown - Director


3 July 2025

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Directors' Report
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the audited financial statements of the Company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company during the year was that of wholesaling of reproduction furniture.

DIVIDENDS
Interim dividends totalling £Nil (2023 :£Nil) were paid out during the year. The directors have not proposed a final dividend (2023:£Nil)

FUTURE DEVELOPMENTS
The section on future developments, which is detailed in the Strategic report, is included in the report by cross-reference.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Frances Anne McKeown
Terence H McKeown
Conor McKeown
Gareth McKeown

CHARITABLE CONTRIBUTIONS
The company made charitable contributions amounting to £1,581 (2023: £2,152) during the year, principally for the benefit of the local communities in which the company operates. No donations for political purposes were made during the year.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Directors' Report
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Gareth McKeown - Director


3 July 2025

Independent Auditors' Report to the Members of
Annaghmore Agencies Ltd

Opinion
We have audited the financial statements of Annaghmore Agencies Ltd (the 'Company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Annaghmore Agencies Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Independent Auditors' Report to the Members of
Annaghmore Agencies Ltd

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud - Continued
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

3 July 2025

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £

TURNOVER 5 10,785,039 10,297,074

Cost of sales (6,957,499 ) (7,036,769 )
GROSS PROFIT 3,827,540 3,260,305

Distribution costs (1,024,545 ) (1,088,418 )
Administrative expenses (2,641,090 ) (2,474,561 )
OPERATING PROFIT/(LOSS) 7 161,905 (302,674 )


Finance costs 8 (51,767 ) (69,091 )
PROFIT/(LOSS) BEFORE TAXATION 110,138 (371,765 )

Tax on profit/(loss) 9 4,692 (2,106 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

114,830

(373,871

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

114,830

(373,871

)

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Statement of Financial Position
31 DECEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 10 389,580 408,609

CURRENT ASSETS
Stocks 11 2,873,368 2,458,729
Receivables: amounts falling due within
one year

12

2,635,721

2,256,036
Cash at bank 122,718 202,157
5,631,807 4,916,922
PAYABLES
Amounts falling due within one year 13 (1,351,854 ) (764,996 )
NET CURRENT ASSETS 4,279,953 4,151,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,669,533

4,560,535

PAYABLES
Amounts falling due after more than
one year

14

(131,533

)

(132,673

)

PROVISIONS FOR LIABILITIES 18 (65,483 ) (70,175 )
NET ASSETS 4,472,517 4,357,687

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 4,472,515 4,357,685
SHAREHOLDERS' FUNDS 4,472,517 4,357,687

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by:





Gareth McKeown - Director


ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2023 2 4,731,556 4,731,558

Changes in equity
Total comprehensive income - (373,871 ) (373,871 )
Balance at 31 December 2023 2 4,357,685 4,357,687

Changes in equity
Total comprehensive income - 114,830 114,830
Balance at 31 December 2024 2 4,472,515 4,472,517

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (475,377 ) 156,192
Interest paid (43,658 ) (53,768 )
Interest element of hire purchase
payments paid

(8,109

)

(15,323

)
Tax paid - (333 )
Net cash from operating activities (527,144 ) 86,768

Cash flows from investing activities
Purchase of tangible fixed assets (22,893 ) (21,580 )
Sale of tangible fixed assets - 64,307
Net cash from investing activities (22,893 ) 42,727

Cash flows from financing activities
Loan repayments in year (32,500 ) (27,500 )
Capital repayments on HP contracts (18,669 ) (111,939 )
Net cash from financing activities (51,169 ) (139,439 )

Decrease in cash and cash equivalents (601,206 ) (9,944 )
Cash and cash equivalents at
beginning of year

2

42,453

52,397

Cash and cash equivalents at end
of year

2

(558,753

)

42,453

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit/(loss) before taxation 110,138 (371,765 )
Depreciation charges 113,395 217,293
Profit on disposal of fixed assets - (29,236 )
Finance costs 51,767 69,091
275,300 (114,617 )
(Increase)/decrease in stocks (414,639 ) 627,860
Increase in trade and other debtors (379,685 ) (422,724 )
Increase in trade and other creditors 43,647 65,673
Cash generated from operations (475,377 ) 156,192

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£ £
Cash and cash equivalents 122,718 202,157
Bank overdrafts (681,471 ) (159,704 )
(558,753 ) 42,453
Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 202,157 120,696
Bank overdrafts (159,704 ) (68,299 )
42,453 52,397


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£ £ £
Net cash
Cash at bank 202,157 (79,439 ) 122,718
Bank overdrafts (159,704 ) (521,767 ) (681,471 )
42,453 (601,206 ) (558,753 )
Debt
Finance leases (117,930 ) (52,804 ) (170,734 )
Debts falling due within 1 year (30,000 ) - (30,000 )
Debts falling due after 1 year (42,500 ) 32,500 (10,000 )
(190,430 ) (20,304 ) (210,734 )
Total (147,977 ) (621,510 ) (769,487 )

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Annaghmore Agencies Limited is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 4).

The following principal accounting policies have been applied consistently throughout the year.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, Plant and Equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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 company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives range as follows:

Leasehold Improvements10% reducing balance
Plant and Machinery12.5% reducing balance
Motor Vehicles25% reducing balance
Fixtures and Fittings10% reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Income Statement.

Inventories
Inventories are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued
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.

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 or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Finance costs
Finance costs are charged to the Income statement and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Dividends
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

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.

Operating leases: Lessee
Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the period of the lease.

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

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements 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.

(a) Critical judgements in applying the company's accounting policies

There are no critical judgements in applying the entity's accounting policies.

(b) Critical accounting estimates and assumptions

There are no critical accounting estimates and assumptions

5. TURNOVER

The whole of turnover is attributable to the company's main activity which is carried out in the United Kingdom and the Republic of Ireland.

No analysis of turnover is presented as the directors consider such disclosure to be seriously prejudicial to the company's interests.

6. EMPLOYEES AND DIRECTORS

20242023
££
Wages and salaries1,204,0631,148,084
Social security costs108,39296,642
Other pension costs22,73121,790
1,335,1861,266,516

The average number of employees during the year was as follows:
20242023
Selling and Distribution3231
Administration1313
4544

During the year, retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes. The directors are considered to be key management.

2024 2023
£ £
Directors' remuneration 54,936 49,817

7. OPERATING PROFIT/(LOSS)

The operating profit is stated after charging/(crediting):

20242023
£   £   
Depreciation of tangible assets113,394217,293
Operating lease rentals - land and buildings494,641486,091
(Profit)/Loss on disposal of tangible assets-(29,236)
Exchange losses/(gains)22,749(18,546)
Fees payable to the company's auditors for the audit of the
company's financial statements

12,500

11,445
Defined contribution pension cost (note 6)22,63221,790

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. FINANCE COSTS
2024 2023
£ £
Bank interest 43,658 53,768
Hire purchase interest 8,109 15,323
51,767 69,091

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£ £
Deferred tax (4,692 ) 2,106
Tax on profit/(loss) (4,692 ) 2,106

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit/(loss) before tax 110,138 (371,765 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 25% (2023 - 23.520%)

27,535

(87,439

)

Effects of:
Expenses not deductible for tax purposes - 190
Adjustments to tax charge in respect of previous periods - 2,423
Impact of super-deduction - (2,683 )
Impact of rate change - (18 )
Losses carried forward - 89,633
Movement in unrecongnised deferred tax (32,227 ) -
Total tax (credit)/charge (4,692 ) 2,106

10. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Improvements Plant and and Motor
to property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2024 28,524 773,096 1,371,176 723,265 2,896,061
Additions - 22,893 - 71,472 94,365
At 31 December 2024 28,524 795,989 1,371,176 794,737 2,990,426
DEPRECIATION
At 1 January 2024 24,891 569,712 1,204,723 688,126 2,487,452
Charge for year - 47,877 48,355 17,162 113,394
At 31 December 2024 24,891 617,589 1,253,078 705,288 2,600,846
NET BOOK VALUE
At 31 December 2024 3,633 178,400 118,098 89,449 389,580
At 31 December 2023 3,633 203,384 166,453 35,139 408,609

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. PROPERTY, PLANT AND EQUIPMENT - continued

Included above are assets held under finance leases or hire purchase contracts as follows:

2024202420232023

Carrying
amount
Depreciation
charge
Carrying
amount
Depreciation
charge
£   £   £   £   

Plant and machinery117,73430,842131,07630,842
Motor Vehicles65,8375,638--

11. STOCKS
2024 2023
£ £
Finished goods 2,873,368 2,458,729

12. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 1,197,951 1,037,566
Other receivables 841,987 803,445
Prepayments and accrued income 595,783 415,025
2,635,721 2,256,036

Trade receivables of £1,197,951 (2023: £1,037,566) are subject to an invoice discounting arrangement.

13. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 15)
711,471

189,704
Hire purchase contracts (see note 16) 49,201 27,757
Trade payables 305,453 260,780
Social security and other taxes 257,014 258,968
Other payables 5,990 5,338
Accruals and deferred income 22,725 22,449
1,351,854 764,996

Security

The bank loans are secured by an all monies debenture over the company. There is a fixed and floating charge over book debts of the company.

Hire purchase and finance leases are secured by the assets to which they relate.

14. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans (see note 15) 10,000 42,500
Hire purchase contracts (see note 16) 121,533 90,173
131,533 132,673

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

15. BANK OVERDRAFT

An analysis of the maturity of bank overdraft is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 681,471 159,704
Bank loans 30,000 30,000
711,471 189,704

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 30,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 12,500

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 49,201 27,757
Between one and five years 121,533 90,173
170,734 117,930

17. FINANCIAL INSTRUMENTS

2024 2023
£    £   
Financial assets
Financial assets that are debt instruments measured at
amortised cost


2,162,656

2,043,168
Financial liabilities
Financial liabilities measured at amortised cost (1,226,373 ) (638,551 )


Financial assets measured at amortised cost comprise of trade debtors and other debtors.

Financial liabilities measured at amortised cost comprise of bank overdraft and invoice discounting, bank loans, trade creditors, other creditors, accruals, amounts owed to related undertakings and obligations under finance lease and hire purchase agreements.

18. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 65,483 70,175

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 January 2024 70,175
Provided during year (4,692 )
Balance at 31 December 2024 65,483

The deferred tax balance is made up as follows:
20242023
£   £   

Accelerated capital allowances66,87271,454
Pension accrual(1,389)(1,279)
65,48370,175


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
20 Ordinary Shares 0.1 - 2
200 Ordinary Shares 0.01 2 -
2 2

20. ULTIMATE CONTROLLING PARTY

Mr Conor McKeown is regarded as the related party due to his shareholding in the company

21. RELATED PARTY TRANSACTIONS

The company has identified the following transactions, which fall to be disclosed under the terms of the Financial Reporting Standard 102 (FRS 102) paragraph 33.

Mr C. McKeown and Mr G. McKeown as directors of the company are regarded as related parties as identified by FRS "Related Party Disclosures".

The warehouses, which the company operate at 29 Annaghmore Road, are owned by the company director, Mr C. McKeown. Mr C. McKeown rents the warehouse at 29 Annaghmore Road, to Annaghmore Agencies Ltd. Normal commercial terms, including the rent paid of £168,000 per annum (2023: £168,000), apply to the rental agreement.

A second warehouse, which the company uses at 29A Annaghmore Road, is owned by the company director, Mr G. McKeown. Mr G. McKeown rents the warehouse at 29A Annaghmore Road, to Annaghmore Agencies Ltd. Normal commercial terms, including the current rent paid of £267,000 per annum (2023: £267,000), apply to the rental agreement.

Included within other debtors due within one year (note 13) is a balance of £841,987 (2023: £803,445) owed to Annaghmore Agencies by a company in which the director Mr C. McKeown has an interest.

ANNAGHMORE AGENCIES LTD (REGISTERED NUMBER: NI026511)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

22. COMMITMENTS UNDER OPERATING LEASES

At 31 December, the company had future minimum lease payments under non-cancellable operating leases as follows:

2024 2023
£    £   
Land and buildings expiry date:

Within 1 year 444,000 444,000
Within 1-2 years 444,000 444,000
Within 2-5 years 1,332,000 1,332,000
Later than 5 years 129,000 573,000
2,349,000 2,793,000