D J Maguire & Associates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI612160 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

D J MAGUIRE & ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

DJ Maguire

Mrs M Maguire

REGISTERED OFFICE:

83A Bridge Street

Portadown

Craigavon

Co. Armagh

BT63 5AA

REGISTERED NUMBER:

NI612160 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

BANKERS:

Ulster Bank

11-16 Donegall Square East

Belfast

Co. Antrim

BT1 5UB

SOLICITORS:

Maurice R J Kempton

23 College Street

Armagh

BT61 9BT

FIXED ASSETS

Intangible assets

4

316,677

321,536

Tangible assets

5

964,936

853,004

Investment property

6

491,920

341,920

1,773,533

1,516,460

CURRENT ASSETS

Stocks

83,270

79,456

Debtors

7

854,649

708,150

Cash at bank and in hand

97,542

32,579

1,035,461

820,185

CREDITORS

Amounts falling due within one year

8

1,302,037

1,169,671

NET CURRENT LIABILITIES

(266,576

)

(349,486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,506,957

1,166,974

CREDITORS

Amounts falling due after more than one year

9

(1,367,549

)

(1,109,757

)

PROVISIONS FOR LIABILITIES

(79,873

)

(72,072

)

NET ASSETS/(LIABILITIES)

59,535

(14,855

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

59,435

(14,955

)

SHAREHOLDERS' FUNDS

59,535

(14,855

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 on 24 March 2020 and were signed on its behalf by:

DJ Maguire - Director

1.	STATUTORY INFORMATION

D J Maguire & Associates 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.

Going concern

During the year the company had net current liabilities of £266,576. The financial statements have been prepared

on the going concern basis which assumes that the company will continue in operational existence for the

foreseeable future.

The company continues to be profitable after the year end as a result of the ongoing strategic growth plan.The

directors therefore believe it is appropriate for the financial statements to be prepared on a going concern basis.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's tangible and intangible assets, including

goodwill. Factors taken into consideration in reaching such a decision include the economic viability and

expected future financial performance of the asset and the business in general.

The directors also consider the amortisation and depreciation rates on an annual basis to ensure there is sufficient

evidence to support these and that the estimates remains reasonable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the

company's interest in the net amount of identifiable assets and liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated

impairment losses. Goodwill is amortised over its useful life, which is estimated to be five years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for

it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Leasehold property -10% on cost

Fixtures and fittings -20% on reducing balance

Computer equipment -20% on reducing balance

Investment property

Investment properties are valued at fair value as determined by the directors or external valuers, based on rental

yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and

loss account.

Stocks

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

moving items.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at

transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in

the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

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.

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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are

depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the

profit and loss account over the period of the lease.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance

sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future

holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 95 (2018 - 98 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

1,636,891

Additions

120,001

At 30 June 2019

1,756,892

AMORTISATION

At 1 July 2018

1,315,355

Amortisation for year

124,860

At 30 June 2019

1,440,215

NET BOOK VALUE

At 30 June 2019

316,677

At 30 June 2018

321,536

5.	TANGIBLE FIXED ASSETS

Fixtures,

Short

Long

fittings

Computer

leasehold

leasehold

& equipment

equipment

Totals

£

£

£

£

£

COST

At 1 July 2018

21,500

382,000

826,559

94,112

1,324,171

Additions

-

-

249,049

7,146

256,195

At 30 June 2019

21,500

382,000

1,075,608

101,258

1,580,366

DEPRECIATION

At 1 July 2018

6,092

9,550

429,886

25,639

471,167

Charge for year

2,150

7,640

120,064

14,409

144,263

At 30 June 2019

8,242

17,190

549,950

40,048

615,430

NET BOOK VALUE

At 30 June 2019

13,258

364,810

525,658

61,210

964,936

At 30 June 2018

15,408

372,450

396,673

68,473

853,004

The net book value of tangible fixed assets includes an amount of £195,304 (2018: £199,406) in respect of assets

held under hire purchase contracts. The depreciation charge for these assets was £45,156 (2018: £44,132).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

341,920

Additions

150,000

At 30 June 2019

491,920

NET BOOK VALUE

At 30 June 2019

491,920

At 30 June 2018

341,920

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

448,774

396,746

Other debtors

405,875

311,404

854,649

708,150

Included in other debtors is an amount of £339,988 in relation to Directors Current Account. This amount is

interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

559,666

493,954

Hire purchase contracts (see note 10)

77,059

63,083

Trade creditors

366,472

351,089

Taxation and social security

46,441

82,206

Other creditors

252,399

179,339

1,302,037

1,169,671

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans

1,069,250

886,660

Hire purchase contracts (see note 10)

89,037

112,486

Other creditors

209,262

110,611

1,367,549

1,109,757

30.6.19

30.6.18

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

383,301

286,269

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts

30.6.19

30.6.18

£

£

Net obligations repayable:

Within one year

77,059

63,083

Between one and five years

89,037

112,486

166,096

175,569

At 30 June 2019 the total of future minimum lease payments falling due for operating leases over the period of

the leases are £851,489 (2018 - £448,941).

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.19

30.6.18

£

£

Bank overdrafts

407,797

381,669

Bank loans

1,221,119

998,945

Hire purchase obligations

166,096

175,569

1,795,012

1,556,183

The total outstanding sum owing to Ulster Bank of £1,628,916 (2018: £1,380,614) at 30 June 2019 is secured by

way of a mortgage over the leasehold property, fixed charges over the fixtures and fittings, goodwill, intellectual

property and book debts and the remaining assets and undertaking are secured by way of a floating charge.

The hire purchase obligations are secured on the assets on which they are financing.