MAGEE JOINERY LTD


Directors	MAGEE, Conor William
	MAGEE, Gerard David
	MAGEE, Peter Raymond


Registered Address	6 Upper Knockbarragh Road
	Rostrevor
	Newry
	BT34 3DJ


Registered Number	NI642950 (Northern Ireland)

Balance Sheet as at
31 January 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		623,091		728,628
			623,091		728,628
Current assets
Stocks		160,000		95,004
Debtors		271,644		394,142
Cash at bank and on hand		21,094		188,913
		452,738		678,059
Creditors amounts falling due within one year	5	(302,765)		(445,152)
Net current assets (liabilities)			149,973		232,907
Total assets less current liabilities			773,064		961,535
Creditors amounts falling due after one year			(183,055)		(233,808)
Net assets			590,009		727,727
Capital and reserves
Called up share capital			100		100
Profit and loss account			589,909		727,627
Shareholders' funds			590,009		727,727

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2025, and are signed on its behalf by:

MAGEE, Conor William
Director

MAGEE, Gerard David
Director

MAGEE, Peter Raymond
Director

Registered Company No. NI642950

MAGEE JOINERY LTD

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	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.

Revenue from sale of goods

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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	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.

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.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Intangible assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	5
Plant and machinery	20	-
Vehicles	20	-
Office Equipment	20	-

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	6		9

3.	Intangible assets

		Total
		£
	Cost or valuation
	At 01 February 24	21,810
	At 31 January 25	21,810
	Amortisation and impairment
	At 01 February 24	21,810
	At 31 January 25	21,810
	Net book value
	At 31 January 25	-
	At 31 January 24	-

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 February 24	941,522
	Additions	57,011
	Disposals	(26,700)
	At 31 January 25	971,833
	Depreciation and impairment
	At 01 February 24	212,894
	Charge for year	151,122
	On disposals	(15,274)
	At 31 January 25	348,742
	Net book value
	At 31 January 25	623,091
	At 31 January 24	728,628

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	120,107	138,681
Bank borrowings and overdrafts	14,574	24,233
Taxation and social security	15,327	14,040
Finance lease and HP contracts	78,599	216,362
Other creditors	69,058	46,736
Accrued liabilities and deferred income	5,100	5,100
Total	302,765	445,152


	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.

6.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	261,653		450,170