McGuinness Plumbing Ltd 30/06/2018 iXBRL

McGuinness Plumbing Ltd 30/06/2018 iXBRL

MCGUINNESS PLUMBING LTD - Company Information

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30/06/2018 2018-06-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-07-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP NI638962 2017-07-01 2018-06-30 NI638962 2018-06-30 NI638962 2017-06-30 NI638962 2016-10-01 2017-06-30 NI638962 2017-06-30 NI638962 core:PlantMachinery 2017-07-01 2018-06-30 NI638962 core:MotorVehicles 2017-07-01 2018-06-30 NI638962 bus:Director1 2017-07-01 2018-06-30 NI638962 core:PlantMachinery 2017-06-30 NI638962 core:MotorVehicles 2017-06-30 NI638962 core:PlantMachinery 2018-06-30 NI638962 core:MotorVehicles 2018-06-30 NI638962 core:WithinOneYear 2018-06-30 NI638962 core:WithinOneYear 2017-06-30 NI638962 core:AfterOneYear 2018-06-30 NI638962 core:AfterOneYear 2017-06-30 NI638962 core:ShareCapital 2018-06-30 NI638962 core:ShareCapital 2017-06-30 NI638962 core:RetainedEarningsAccumulatedLosses 2018-06-30 NI638962 core:RetainedEarningsAccumulatedLosses 2017-06-30 NI638962 core:PlantMachinery 2017-06-30 NI638962 core:MotorVehicles 2017-06-30 NI638962 bus:Director1 2017-06-30 NI638962 bus:Director1 2018-06-30 NI638962 bus:Director1 2017-06-30 NI638962 bus:Director1 2016-10-01 2017-06-30 NI638962 bus:SmallEntities 2017-07-01 2018-06-30 NI638962 bus:AuditExempt-NoAccountantsReport 2017-07-01 2018-06-30 NI638962 bus:FullAccounts 2017-07-01 2018-06-30 NI638962 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 NI638962 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30
Company registration number: NI638962
McGuinness Plumbing Ltd
Unaudited filleted financial statements
30 June 2018
McGuinness Plumbing Ltd
Contents
Statement of financial position
Notes to the financial statements
McGuinness Plumbing Ltd
Statement of financial position
30 June 2018
30/06/18 30/06/17
Note £ £ £ £
Fixed assets
Tangible assets 5 77,869 50,775
_______ _______
77,869 50,775
Current assets
Stocks 202,150 217,825
Debtors 6 25,436 49,215
Cash at bank and in hand 11,747 15,704
_______ _______
239,333 282,744
Creditors: amounts falling due
within one year 7 ( 206,967) ( 323,301)
_______ _______
Net current assets/(liabilities) 32,366 ( 40,557)
_______ _______
Total assets less current liabilities 110,235 10,218
Creditors: amounts falling due
after more than one year 8 ( 13,097) ( 3,333)
_______ _______
Net assets 97,138 6,885
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 97,038 6,785
_______ _______
Shareholder funds 97,138 6,885
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 January 2019 , and are signed on behalf of the board by:
Mr Thomas McGuinness
Director
Company registration number: NI638962
McGuinness Plumbing Ltd
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 11 Ballinaleck Road, Camlough, Newry, Co. Down, BT35 7HU.
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.
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 - 15 % reducing balance
Motor vehicles - 25 % 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.
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 10 (2017: 6 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2017 16,810 48,650 65,460
Additions 817 76,345 77,162
Disposals - ( 29,000) ( 29,000)
_______ _______ _______
At 30 June 2018 17,627 95,995 113,622
_______ _______ _______
Depreciation
At 1 July 2017 2,522 12,163 14,685
Charge for the year 2,266 21,677 23,943
Disposals - ( 2,875) ( 2,875)
_______ _______ _______
At 30 June 2018 4,788 30,965 35,753
_______ _______ _______
Carrying amount
At 30 June 2018 12,839 65,030 77,869
_______ _______ _______
At 30 June 2017 14,288 36,487 50,775
_______ _______ _______
6. Debtors
30/06/18 30/06/17
£ £
Trade debtors 5,576 -
Other debtors 19,860 49,215
_______ _______
25,436 49,215
_______ _______
7. Creditors: amounts falling due within one year
30/06/18 30/06/17
£ £
Bank loans and overdrafts 39,939 -
Trade creditors 135,618 275,581
Corporation tax 9,975 28,675
Social security and other taxes 6,395 8,115
Other creditors 15,040 10,930
_______ _______
206,967 323,301
_______ _______
8. Creditors: amounts falling due after more than one year
30/06/18 30/06/17
£ £
Other creditors 13,097 3,333
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 30/06/18
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Thomas McGuinness ( 3,430) 140 ( 3,290)
_______ _______ _______
Period ended 30/06/17
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Thomas McGuinness - ( 3,430) ( 3,430)
_______ _______ _______