REGISTERED NUMBER: NI636460 (Northern Ireland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

MAIN STREET STORES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J J A Kirkland

Mr I McKernaghan

REGISTERED OFFICE:

10 Lisdergan Road

FINTONA

Co. Tyrone

BT78 2NS

REGISTERED NUMBER:

NI636460 (Northern Ireland)

ACCOUNTANTS:

R Cathers & Co

Chartered Accountants & Registered Auditors

107 Main Street

FINTONA

Co. Tyrone

BT78 2AH

FIXED ASSETS

Intangible assets

4

8,000

16,000

Tangible assets

5

1,885,884

1,995,528

1,893,884

2,011,528

CURRENT ASSETS

Stocks

105,294

99,990

Debtors

6

420,441

546,220

Cash at bank and in hand

107,638

28,997

633,373

675,207

CREDITORS

Amounts falling due within one year

7

519,808

635,515

NET CURRENT ASSETS

113,565

39,692

TOTAL ASSETS LESS CURRENT LIABILITIES

2,007,449

2,051,220

CREDITORS

Amounts falling due after more than one year

8

(1,097,244

)

(1,234,519

)

PROVISIONS FOR LIABILITIES

(86,917

)

(98,238

)

NET ASSETS

823,288

718,463

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

823,286

718,461

SHAREHOLDERS' FUNDS

823,288

718,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 5 May 2026 and were signed on its behalf by:

Mr I McKernaghan - Director

Mr J J A Kirkland - Director

1.	STATUTORY INFORMATION

Main Street Stores Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly 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.

Plant and machinery etc

-

20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2024 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

121,250

AMORTISATION

At 1 June 2024

105,250

Charge for year

8,000

At 31 May 2025

113,250

NET BOOK VALUE

At 31 May 2025

8,000

At 31 May 2024

16,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2024

1,471,615

1,089,722

2,561,337

Additions

-

6,500

6,500

At 31 May 2025

1,471,615

1,096,222

2,567,837

DEPRECIATION

At 1 June 2024

-

565,809

565,809

Charge for year

-

116,144

116,144

At 31 May 2025

-

681,953

681,953

NET BOOK VALUE

At 31 May 2025

1,471,615

414,269

1,885,884

At 31 May 2024

1,471,615

523,913

1,995,528

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

46,816

194,570

Other debtors

373,625

351,650

420,441

546,220

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

58,112

Hire purchase contracts

13,000

19,500

Trade creditors

302,812

374,547

Taxation and social security

123,312

87,235

Other creditors

80,684

96,121

519,808

635,515

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

20,041

Other creditors

1,097,244

1,214,478

1,097,244

1,234,519

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 May 2025 and the period ended 31 May 2024:

2025

2024

£

£

Mr J J A Kirkland

Balance outstanding at start of year

(662

)

(325

)

Amounts advanced

-

18,479

Amounts repaid

-

(18,816

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(662

)

Mr I McKernaghan

Balance outstanding at start of year

(23,351

)

(33,588

)

Amounts advanced

-

10,487

Amounts repaid

-

(250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(23,351

)