REGISTERED NUMBER: 06455453 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MONAGHANS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C M Hibbert

S J Turner

S R Hirst

T B Casswell

REGISTERED OFFICE:

Quayside House

Furnival Road

Sheffield

South Yorkshire

S4 7YA

REGISTERED NUMBER:

06455453 (England and Wales)

INDEPENDENT AUDITORS:

Paul Howley & Co Ltd

Chartered Certified Accountants

Statutory Auditor

42 Pitt Street

Barnsley

South Yorkshire

S70 1BB

BANKERS:

Lloyds Bank Plc

1 High Street

Sheffield City Centre

Sheffield, S1 CGA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

523,869

219,179

523,869

219,179

CURRENT ASSETS

Debtors

7

3,235,538

2,817,869

Cash at bank and in hand

1,553,695

1,370,530

4,789,233

4,188,399

CREDITORS

Amounts falling due within one year

8

1,812,035

1,380,371

NET CURRENT ASSETS

2,977,198

2,808,028

TOTAL ASSETS LESS CURRENT LIABILITIES

3,501,067

3,027,207

CREDITORS

Amounts falling due after more than one year

9

(380,265

)

(17,500

)

PROVISIONS FOR LIABILITIES

(117,816

)

(27,840

)

NET ASSETS

3,002,986

2,981,867

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Retained earnings

3,001,486

2,980,367

SHAREHOLDERS' FUNDS

3,002,986

2,981,867

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

C M Hibbert - Director

1.	STATUTORY INFORMATION

Monaghans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

All monetary values stated within these financial statements are rounded to the nearest £.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

Management have prepared forecasts that have been sensitised to reflect plausible downside scenarios which have been reviewed by the directors. These forecasts demonstrate that the company will generate profits and positive cash returns in the year ended 31 December 2025 and beyond and that the company will have sufficient cash reserves to enable it to meet all obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.

Having considered the above the directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Company's financial statements includes the use of estimates and assumptions. Although the estimates used are based on management's best information about current circumstances and future events and actions, actual results may differ from those estimates.

The most significant estimates and judgements are:

Recoverability of intercompany debtors - the Company assesses the recoverability of intercompany debtors on an annual basis, and make any necessary provision where necessary in the financial statements.The financial results and forward looking cashflows of intercompany debtors are used as part of this assessment.

Turnover

Turnover represents net invoiced sales of professional services, excluding value added tax.

Revenue is recognised when the company has been judged to have achieved the right to consideration resulting from a level of completed performance under individual contracts but only to the extent that the outcome of such contracts can be assessed with reasonable certainty.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, has been fully amortised over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over term of the lease

Office equipment

-

25% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account.

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.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

Amounts recoverable on contracts

To the extent that amounts recoverable on contracts are considered to be in excess of amounts invoiced to date, those sums are included in debtors. To the extent that amounts invoiced to date are considered to be in excess of amounts recoverable on contracts, those sums are included in creditors.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 96 (2023 - 81 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

300,920

AMORTISATION

At 1 January 2024

and 31 December 2024

300,920

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Short

Office

and

leasehold

equipment

fittings

£

£

£

COST

At 1 January 2024

307,386

96,740

175,728

Additions

178,897

8,589

148,665

Disposals

(163,865

)

(95,027

)

(42,742

)

At 31 December 2024

322,418

10,302

281,651

DEPRECIATION

At 1 January 2024

203,931

96,589

147,279

Charge for year

35,491

151

18,393

Eliminated on disposal

(121,330

)

(95,027

)

(41,545

)

At 31 December 2024

118,092

1,713

124,127

NET BOOK VALUE

At 31 December 2024

204,326

8,589

157,524

At 31 December 2023

103,455

151

28,449

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

23,500

592,572

1,195,926

Additions

-

133,084

469,235

Disposals

-

-

(301,634

)

At 31 December 2024

23,500

725,656

1,363,527

DEPRECIATION

At 1 January 2024

10,281

518,667

976,747

Charge for year

5,875

60,903

120,813

Eliminated on disposal

-

-

(257,902

)

At 31 December 2024

16,156

579,570

839,658

NET BOOK VALUE

At 31 December 2024

7,344

146,086

523,869

At 31 December 2023

13,219

73,905

219,179

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,511,120

1,979,334

Amounts owed by group undertakings

-

96,658

Amounts due under contracts

330,571

227,722

Other debtors

393,847

514,155

3,235,538

2,817,869

Amounts owed by group undertakings are unsecured, have no fixed date of repayment, no interest charge and are repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

10,892

Trade creditors

372,846

342,140

Amounts owed to group undertakings

145,790

-

Taxation and social security

785,957

605,864

Other creditors

497,442

421,475

1,812,035

1,380,371

Amounts owed to group undertakings includes a loan of £86,709 (2023: £Nil) which is unsecured and carries interest at 9.00% per annum. The remaining £59,081 (2023: £Nil) is unsecured, repayable on demand and carries no interest charge.

The Company's bank loan is unsecured , subject to interest at 2% per annum and is due to be repaid by September 2026

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

7,500

17,500

Amounts owed to group undertakings

372,765

-

380,265

17,500

Amounts owed to group undertakings represent a loan repayable monthly over 5 years subject to interest at 9.00% per annum.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

259,827

266,623

Between one and five years

100,169

359,996

359,996

626,619

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Berry (Senior Statutory Auditor)

for and on behalf of Paul Howley & Co Ltd

12.	RELATED PARTY DISCLOSURES

During the year the company has received goods and services from related parties.

All transactions between the company and related parties have been concluded under normal commercial terms, with the exception of transactions with FHPP Limited, a group company, where rent and other charges have been supplied free of charge.

13.	ULTIMATE CONTROLLING PARTY

The company's parent company is Rixil Services Limited, incorporated in England and Wales, which produces publicly available consolidated financial statements available on request from its registered office at Quayside House, Furnival Road, Sheffield, S4 7YA.

The ultimate controlling party is C M & Mrs J Hibbert by virtue of their 100% interest in the issued share capital of Rixil Services Limited.