Mcnulty & Ellis Limited
Mcnulty & Ellis Limited
Registered number: 09699031
Unaudited Financial Statements
For The Year Ended 31 July 2019
Mcnulty & Ellis Limited
Unaudited Financial Statements
For The Year Ended 31 July 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Mcnulty & Ellis Limited
Balance Sheet
As at
31 July 2019
Balance Sheet
Registered number:
09699031
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 15,714 | 184,721 | |||
Page 1
Mcnulty & Ellis Limited
Balance Sheet (continued)
As at
31 July 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Mcnulty & Ellis Limited
Notes to the Financial Statements
For The Year Ended 31 July 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Fixtures & Fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Mcnulty & Ellis Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Sales, marketing and distribution |
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Page 4
Mcnulty & Ellis Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
3.
Tangible Assets
| Land & Property | ||||
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| Freehold | Plant & Machinery | Fixtures & Fittings | Total | |
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| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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4.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 8,500 | 20,700 | |
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5.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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Page 5
Mcnulty & Ellis Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to related parties |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 130,418 | 146,199 |
8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of a fixed and floating charge over the land and building and other assets of the company.
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 203,682 | 216,613 |
10.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £1,426 (2018: £515) due to the fund.
Page 6
Mcnulty & Ellis Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2019
11.
Related Party Transactions
Mr Andrew Ellis
Director and controlling party.
Included within creditors is a balance of £20,041 (2018: £20,041) owed to the director. No interest has been charged on the outstanding balance and there were no conditions attached.
Mr Martin McNulty
Director and controlling party.
Included within creditors is a balance of £163,698 (2018: £88,895) owed to the director. No interest has been charged on the outstanding balance and there were no conditions attached.
Included within amounts owed to related parties are the following balances owed to companies under the control of one of the directors.
C-All Business Services Limited - £24,000 (2018: £24,000)
Oak International Travel Limited - £24,000 (2018: £24,000)
Premium Group Limited - £24,000 (2018: £24,000)
Rollinson Smith & Co Limited - £77,413 (2018: £nil)
12.
Ultimate Controlling Party
The company was under the control of the directors throughout the current and prior financial years by virtue of their majority shareholding.
13.
General Information
Mcnulty & Ellis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09699031 . The registered office is C/O Clear Accountancy, e-Innovation Centre, Telford, Shropshire, TF2 9FT. The business address is The Ugly Duckling, Long Lane, Telford, Shropshire, TF6 6HA.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
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