McGrady Financial Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI032133 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

MCGRADY FINANCIAL SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P McCrickard

SECRETARY:

Mrs C McCrickard

REGISTERED OFFICE:

33 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DW

REGISTERED NUMBER:

NI032133 (Northern Ireland)

ACCOUNTANTS:

M.B.McGrady & Co

Chartered Accountants

Rathmore House

52 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DS

FIXED ASSETS

Tangible assets

4

182,533

2,254

CURRENT ASSETS

Prepayments and accrued income

40,324

22,833

Cash at bank

180,599

95,941

220,923

118,774

CREDITORS

Amounts falling due within one year

106,702

39,941

NET CURRENT ASSETS

114,221

78,833

TOTAL ASSETS LESS CURRENT LIABILITIES

296,754

81,087

CREDITORS

Amounts falling due after more than one year

161,898

3,703

NET ASSETS

134,856

77,384

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

134,756

77,284

SHAREHOLDERS' FUNDS

134,856

77,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 October 2020 and were signed by:

P McCrickard - Director

1.	STATUTORY INFORMATION

McGrady Financial Services Limited 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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

41,823

Additions

185,000

At 31 August 2020

226,823

DEPRECIATION

At 1 September 2019

39,569

Charge for year

4,721

At 31 August 2020

44,290

NET BOOK VALUE

At 31 August 2020

182,533

At 31 August 2019

2,254

5.	POST BALANCE SHEET EVENTS

In March 2020, the World Health Organisation declared a global pandemic due to the corronavirus (COVID-19).

The situation is constantly evolving and the measures put in place are having multiple impacts on local,

provincial, national and global economies. Management has availed of the furlough scheme etc and are closely

monitoring the situation.