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Registration number: NI633656

Milano's Cloughreagh Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Milano's Cloughreagh Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Milano's Cloughreagh Ltd

Company Information

Registered office

Unit 2B
Chancellors Road
Newry
County Down
BT35 7LS

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Milano's Cloughreagh Ltd

(Registration number: NI633656)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,749

14,432

Current assets

 

Debtors

5

4,900

10,996

Cash at bank and in hand

 

200

200

 

5,100

11,196

Creditors: Amounts falling due within one year

6

(40,781)

(45,898)

Net current liabilities

 

(35,681)

(34,702)

Total assets less current liabilities

 

(23,932)

(20,270)

Provisions for liabilities

(2,232)

(2,742)

Net liabilities

 

(26,164)

(23,012)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(26,165)

(23,013)

Shareholders' deficit

 

(26,164)

(23,012)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 August 2025
 

.........................................
Mrs Mary McGuinness
Director

   
     
 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 2B
Chancellors Road
Newry
County Down
BT35 7LS
Northern Ireland

These financial statements were authorised for issue by the director on 11 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% Reducing balance

Fixtures & Fittings

15% Reducing balance

Motor Vehicles

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

14,976

6,000

32,329

53,305

At 30 September 2024

14,976

6,000

32,329

53,305

Depreciation

At 1 October 2023

10,896

4,427

23,550

38,873

Charge for the year

612

315

1,756

2,683

At 30 September 2024

11,508

4,742

25,306

41,556

Carrying amount

At 30 September 2024

3,468

1,258

7,023

11,749

At 30 September 2023

4,080

1,573

8,779

14,432

5

Debtors

Current

2024
£

2023
£

Other debtors

4,900

10,996

 

4,900

10,996

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

13,831

26,663

Accruals and deferred income

1,155

1,218

Other creditors

25,795

18,017

40,781

45,898

7

Share capital

Allotted, called up and fully paid shares

 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024

2023

No.

£

No.

£

Ordinary Share Capital of £1 each

1

1

1

1

       

8

Related party transactions

 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mrs Mary McGuinness

Director Loan

18,017

(28,250)

36,027

25,793

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mrs Mary McGuinness

Director Loan

8,490

(14,585)

24,111

18,017

 

Milano's Cloughreagh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,158

11,598

In respect of the highest paid director:

2024
£

2023
£

Remuneration

-

11,598