McKendry Stoves Limited - Period Ending 2018-12-31

Registration number: NI614254

McKendry Stoves Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

D T Carson & Co.
Chartered Accountants
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

McKendry Stoves Limited

(Registration number: NI614254)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	17,187	18,437
Current assets
Stocks	6	61,826	93,750
Debtors	7	7,134	24,813
Cash at bank and in hand		932	468
		69,892	119,031
Creditors: Amounts falling due within one year	8	(92,238)	(144,184)
Net current liabilities		(22,346)	(25,153)
Net liabilities		(5,159)	(6,716)
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(5,259)	(6,816)
Total equity		(5,159)	(6,716)

For the financial year ending 31 December 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2019
 

.........................................

Mrs Hazel McKendry
Company secretary and director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

McKendry Stoves Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the director on 2 September 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Buildings	5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Page 2

McKendry Stoves Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2017 - 1).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2018	10,000	10,000
At 31 December 2018	10,000	10,000
Amortisation
At 1 January 2018	10,000	10,000
At 31 December 2018	10,000	10,000
Carrying amount
At 31 December 2018	-	-

5	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 January 2018	25,000	25,000
At 31 December 2018	25,000	25,000
Depreciation
At 1 January 2018	6,563	6,563
Charge for the year	1,250	1,250
At 31 December 2018	7,813	7,813
Carrying amount
At 31 December 2018	17,187	17,187
At 31 December 2017	18,437	18,437

Included within the net book value of land and buildings above is £17,187 (2017 - £18,437) in respect of freehold land and buildings.
 

Page 3

McKendry Stoves Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Stocks

	2018 £	2017 £
Other inventories	61,826	93,750

7

Debtors

	2018 £	2017 £
Trade debtors	7,134	3,488
Other debtors	-	21,325
	7,134	24,813

8

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		5,624	28,304
Taxation and social security		3,151	-
Other creditors		83,463	115,880
		92,238	144,184

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary £1 shares of £1 each	100	100	100	100

Page 4