McNulty & Ellis Limited Filleted accounts for Companies House (small and micro)

MCNULTY & ELLIS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09699031

McNulty & Ellis Limited

Filleted Unaudited Financial Statements

31 July 2018

McNulty & Ellis Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		627,843	659,905

Current assets

Stocks		20,700	20,700
Debtors	6	3,292	3,542
Cash at bank and in hand		23,374	26,560
		--------	--------
		47,366	50,802

Creditors: amounts falling due within one year	7	284,509		126,567
		---------		---------
Net current liabilities			237,143	75,765
			---------	---------
Total assets less current liabilities			390,700	584,140

Creditors: amounts falling due after more than one year	8	205,978	214,485
		---------	---------
Net assets		184,722	369,655
		---------	---------

Capital and reserves

Called up share capital	100	100
Share premium account	499,900	499,900
Profit and loss account	( 315,278)	( 130,345)
	---------	---------
Shareholders funds	184,722	369,655
	---------	---------

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.

For the year ending 31 July 2018 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 .

McNulty & Ellis Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 25 March 2019 , and are signed on behalf of the board by:

Mr A Ellis

Director

Company registration number: 09699031

McNulty & Ellis Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 75 Aston Road, Shifnal, Shropshire, TF11 8DU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Disclosure exemptions

No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold property	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2017: 23 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 August 2017	521,933	90,639	94,875	707,447
Additions	–	6,412	3,661	10,073
	---------	--------	--------	---------
At 31 July 2018	521,933	97,051	98,536	717,520
	---------	--------	--------	---------
Depreciation
At 1 August 2017	10,439	18,128	18,975	47,542
Charge for the year	10,438	15,785	15,912	42,135
	---------	--------	--------	---------
At 31 July 2018	20,877	33,913	34,887	89,677
	---------	--------	--------	---------
Carrying amount
At 31 July 2018	501,056	63,138	63,649	627,843
	---------	--------	--------	---------
At 31 July 2017	511,494	72,511	75,900	659,905
	---------	--------	--------	---------

6. Debtors

	2018	2017
	£	£
Other debtors	3,292	3,542
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	10,635	12,765
Trade creditors	128,070	40,542
Social security and other taxes	35,368	34,735
Other creditors	110,436	38,525
	---------	---------
	284,509	126,567
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	205,978	214,485
	---------	---------

The bank holds a charge over the company's property.

Included within creditors: amounts falling due after more than one year is an amount of £163,436 (2017: £163,426) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The Lloyds bank loan is repayable monthly with interest being charged at 3.5%.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Ellis	( 41)	( 20,000)	( 20,041)
Mr M T McNulty	( 18,994)	( 69,901)	( 88,895)
	--------	--------	---------
	( 19,035)	( 89,901)	( 108,936)
	--------	--------	---------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Ellis	( 20,200)	20,159	( 41)
Mr M T McNulty	( 60,200)	41,206	( 18,994)
	--------	--------	--------
	( 80,400)	61,365	( 19,035)
	--------	--------	--------

10. Related party transactions

The company was under the control of Mr Andrew Ellis and Mr Martin McNulty throughout the current and previous year. Mr Martin McNulty is also a director of C-All Business Services Ltd from which McNulty & Ellis Ltd purchased consultancy services totalling £20,000 on normal commercial terms. At 31st July 2018 McNulty & Ellis Ltd owed C-All Business Services Ltd £24,000. Mr Martin McNulty is also a director of Oak International Travel Ltd from which McNulty & Ellis Ltd purchased services totalling £20,000 on normal commercial terms. At 31st July 2018 McNulty & Ellis Ltd owed Oak International Travel Ltd £24,000. Mr Martin McNulty is also a director of Premium Group Ltd from which McNulty & Ellis Ltd purchased consultancy services totalling £20,000 on normal commercial terms. At 31st July 2018 McNulty & Ellis Ltd owed Premium Group Ltd £24,000.