John McAuley & Sons (Altmore) Ltd 30/04/2020 iXBRL

John McAuley & Sons (Altmore) Ltd 30/04/2020 iXBRL

JOHN MCAULEY & SONS (ALTMORE) LTD - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of John McAuley & Sons (Altmore) Ltd have consented to the preparation of the abridged statement of financial position for the current year ending 30 April 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: NI068708
John McAuley & Sons (Altmore) Ltd
Unaudited filleted abridged financial statements
30 April 2020
John McAuley & Sons (Altmore) Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
John McAuley & Sons (Altmore) Ltd
Directors and other information
Directors Mr John McAuley
Mr Patrick McAuley
Mr Cathal McAuley
Mr Sean McAuley
Secretary John McAuley
Company number NI068708
Registered office 97A Ballyeamon Road
Cushendall
Co Antrim
BT44 0SN
Business address 97A Ballyeamon Road
Cushendall
Co Antrim
BT44 0SN
Accountants Park, McKillop and Company
51 Springwell Street
Ballymena
Co. Antrim
BT43 6AT
Bankers Danske Bank
1-2 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA
John McAuley & Sons (Altmore) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of John McAuley & Sons (Altmore) Ltd
Year ended 30 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John McAuley & Sons (Altmore) Ltd for the year ended 30 April 2020 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of John McAuley & Sons (Altmore) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of John McAuley & Sons (Altmore) Ltd and state those matters that we have agreed to state to the board of directors of John McAuley & Sons (Altmore) Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John McAuley & Sons (Altmore) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that John McAuley & Sons (Altmore) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John McAuley & Sons (Altmore) Ltd. You consider that John McAuley & Sons (Altmore) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of John McAuley & Sons (Altmore) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Park, McKillop and Company
Chartered Accountants
51 Springwell Street
Ballymena
Co. Antrim
BT43 6AT
30 October 2020
John McAuley & Sons (Altmore) Ltd
Abridged statement of financial position
30 April 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 172,169 128,072
_______ _______
172,169 128,072
Current assets
Stocks 4,872 70,059
Debtors 19,181 36,010
Cash at bank and in hand 126,380 35,107
_______ _______
150,433 141,176
Creditors: amounts falling due
within one year ( 261,793) ( 232,540)
_______ _______
Net current liabilities ( 111,360) ( 91,364)
_______ _______
Total assets less current liabilities 60,809 36,708
Creditors: amounts falling due
after more than one year ( 1,955) ( 13,682)
Provisions for liabilities ( 30,805) ( 22,848)
_______ _______
Net assets 28,049 178
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,949 78
_______ _______
Shareholders funds 28,049 178
_______ _______
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2020 , and are signed on behalf of the board by:
Mr John McAuley
Director
Company registration number: NI068708
John McAuley & Sons (Altmore) Ltd
Notes to the financial statements
Year ended 30 April 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is John McAuley & Sons (Altmore) Ltd, 97A Ballyeamon Road, Cushendall, Co Antrim, BT44 0SN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).
5. Intangible assets
£
Cost
At 1 May 2019 and 30 April 2020 38,000
_______
Amortisation
At 1 May 2019 and 30 April 2020 38,000
_______
Carrying amount
At 30 April 2020 -
_______
At 30 April 2019 -
_______
6. Tangible assets
£
Cost
At 1 May 2019 254,195
Additions 64,539
Disposals ( 25,250)
_______
At 30 April 2020 293,484
_______
Depreciation
At 1 May 2019 126,123
Charge for the year 15,156
Disposals ( 19,964)
_______
At 30 April 2020 121,315
_______
Carrying amount
At 30 April 2020 172,169
_______
At 30 April 2019 128,072
_______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John McAuley ( 48,742) ( 19,818) ( 68,560)
Mr Patrick McAuley ( 48,742) ( 1,292) ( 50,034)
Mr Cathal McAuley ( 48,742) ( 7,518) ( 56,260)
Mr Sean McAuley ( 48,741) 3,392 ( 45,349)
_______ _______ _______
( 194,967) ( 25,236) ( 220,203)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John McAuley ( 48,830) 88 ( 48,742)
Mr Patrick McAuley ( 48,830) 88 ( 48,742)
Mr Cathal McAuley ( 48,831) 89 ( 48,742)
Mr Sean McAuley ( 48,830) 89 ( 48,741)
_______ _______ _______
( 195,321) 354 ( 194,967)
_______ _______ _______
8. Controlling party
The Ultimate controlling parties are the directors due to their equity shareholding in the business .