Registered number
NI631601
MLG RETAIL SERVICES (N.I.) LTD
Filleted Accounts
30 November 2024
MLG RETAIL SERVICES (N.I.) LTD
Registered number: NI631601
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 40,500 40,500
Tangible assets 4 1,045,157 1,068,126
1,085,657 1,108,626
Current assets
Stocks 260,277 383,049
Debtors 5 89,486 -
Cash at bank and in hand 351,752 410,493
701,515 793,542
Creditors: amounts falling due within one year 6 (1,238,204) (1,379,890)
Net current liabilities (536,689) (586,348)
Total assets less current liabilities 548,968 522,278
Creditors: amounts falling due after more than one year 7 (19,877) (44,431)
Net assets 529,091 477,847
Capital and reserves
Called up share capital 2 2
Profit and loss account 529,089 477,845
Shareholders' funds 529,091 477,847
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Liam Boyd
Director
Approved by the board on 14 August 2025
MLG RETAIL SERVICES (N.I.) LTD
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 58 40
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 40,500
At 30 November 2024 40,500
Amortisation
At 30 November 2024 -
Net book value
At 30 November 2024 40,500
At 30 November 2023 40,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2023 815,301 442,272 1,257,573
Additions - 30,657 30,657
At 30 November 2024 815,301 472,929 1,288,230
Depreciation
At 1 December 2023 - 189,447 189,447
Charge for the year - 53,626 53,626
At 30 November 2024 - 243,073 243,073
Net book value
At 30 November 2024 815,301 229,856 1,045,157
At 30 November 2023 815,301 252,825 1,068,126
5 Debtors 2024 2023
£ £
Other debtors 89,486 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 21,159 32,742
Trade creditors 731,078 759,003
Corporation tax 71,251 51,959
Other taxes and social security costs 12,869 52,827
Other creditors 401,847 483,359
1,238,204 1,379,890
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,664 32,650
Obligations under finance lease and hire purchase contracts 6,213 11,781
19,877 44,431
8 Other information
MLG RETAIL SERVICES (N.I.) LTD is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
58 Mill Street
Newry
Co Down
BT34 1AG
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