Registered number
NI073869
Rory P Gormley & Co Ltd
Filleted Accounts
31 December 2024
Rory P Gormley & Co Ltd
Registered number: NI073869
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 75,000 100,000
Tangible assets 4 110,926 110,614
185,926 210,614
Current assets
Debtors 5 197,620 169,188
Cash at bank and in hand 164,682 122,277
362,302 291,465
Creditors: amounts falling due within one year 6 (127,835) (104,102)
Net current assets 234,467 187,363
Total assets less current liabilities 420,393 397,977
Creditors: amounts falling due after more than one year 7 (14,777) (24,904)
Net assets 405,616 373,073
Capital and reserves
Called up share capital 2 2
Profit and loss account 405,614 373,071
Shareholders' funds 405,616 373,073
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.
Rory Gormley
Director
Approved by the board on 30 September 2025
Rory P Gormley & Co Ltd
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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 14 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 250,000
At 31 December 2024 250,000
Amortisation
At 1 January 2024 150,000
Provided during the year 25,000
At 31 December 2024 175,000
Net book value
At 31 December 2024 75,000
At 31 December 2023 100,000
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 January 2024 81,583 75,633 157,216
Additions 5,850 335 6,185
At 31 December 2024 87,433 75,968 163,401
Depreciation
At 1 January 2024 - 46,602 46,602
Charge for the year - 5,873 5,873
At 31 December 2024 - 52,475 52,475
Net book value
At 31 December 2024 87,433 23,493 110,926
At 31 December 2023 81,583 29,031 110,614
5 Debtors 2024 2023
£ £
Trade debtors 164,601 125,782
Other debtors 33,019 43,406
197,620 169,188
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,574 2,850
Taxation and social security costs 71,315 47,886
Other creditors 51,946 53,366
127,835 104,102
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,777 24,904
8 Pension commitments
The company offers access to a defined contribution pension scheme administered by NEST. All costs associated with the scheme are expensed in the period in which they are incurred. The cost to the company of the scheme in the year to 31 December 2024 was £56526 (2023: £55068).
9 Related party transactions
As at 31 December 2024 the company owed the directors £15542
10 Controlling party
The directors are the controlling parties.
11 Other information
Rory P Gormley & Co Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
37a Main Street
Dromore
Co Tyrone
BT78 3AE
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