McMahon Hearty McKee Solicitors Ltd Filleted accounts for Companies House (small and micro)

MCMAHON HEARTY MCKEE SOLICITORS LTD - Company Information

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COMPANY REGISTRATION NUMBER: NI607417

McMahon Hearty McKee Solicitors Ltd

Filleted Unaudited Financial Statements

For the year ended

31 May 2020

McMahon Hearty McKee Solicitors Ltd

Statement of Financial Position

31 May 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	5	167,434	181,387
Tangible assets	6	10,327	12,150
		---------	---------
		177,761	193,537

Current assets

Debtors	7	220,291	211,275
Cash at bank and in hand		686,594	676,793
		---------	---------
		906,885	888,068

Creditors: amounts falling due within one year	8	819,786	804,771
		---------	---------
Net current assets		87,099	83,297
		---------	---------
Total assets less current liabilities		264,860	276,834

Creditors: amounts falling due after more than one year	9	254,274	273,478

Provisions

Taxation including deferred tax	1,831	2,148
	---------	---------
Net assets	8,755	1,208
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	7,755	208
	-------	-------
Shareholders funds	8,755	1,208
	-------	-------

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 Section 1A of 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 May 2020 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 .

McMahon Hearty McKee Solicitors Ltd

Statement of Financial Position (continued)

31 May 2020

These financial statements were approved by the board of directors and authorised for issue on 29 January 2021 , and are signed on behalf of the board by:

Mr Patrick McMahon Mr Peter Hearty

Company registration number: NI607417

McMahon Hearty McKee Solicitors Ltd

Notes to the Financial Statements

Year ended 31 May 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 74 Edward Street, Lurgan, Craigavon, Co Armagh, BT66 6DB, N Ireland.

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Computer Equipment	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Office Equipment	-	15 % 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Particulars of employees

The average number of persons employed by the company during the year amounted to 12 (2019: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2019 and 31 May 2020	279,056
	---------
Amortisation
At 1 June 2019	97,669
Charge for the year	13,953
	---------
At 31 May 2020	111,622
	---------
Carrying amount
At 31 May 2020	167,434
	---------
At 31 May 2019	181,387
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2019 and 31 May 2020	4,900	18,000	15,000	37,900
	-------	--------	--------	--------
Depreciation
At 1 June 2019	3,329	12,230	10,191	25,750
Charge for the year	236	865	722	1,823
	-------	--------	--------	--------
At 31 May 2020	3,565	13,095	10,913	27,573
	-------	--------	--------	--------
Carrying amount
At 31 May 2020	1,335	4,905	4,087	10,327
	-------	--------	--------	--------
At 31 May 2019	1,571	5,770	4,809	12,150
	-------	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Other debtors	220,291	211,275
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	43,588	42,013
Corporation tax	28,855	40,754
Social security and other taxes	18,757	17,265
Monies due to clients	666,498	378,595
Deposit monies due to clients	19,271	249,252
Other creditors	42,817	76,892
	---------	---------
	819,786	804,771
	---------	---------

SECURITIES HELD ON BANK ACCOUNT Letter of Guarantee £80k completed by Patrick McMahon and Peter Hearty

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

	2020	2019
	£	£
Bank loans and overdrafts	9,960	18,300
Other creditors	244,314	255,178
	---------	---------
	254,274	273,478
	---------	---------

10. Related party transactions

The company was under the control of the sole directors and shareholders, Mr Pat McMahon snd Mr Peter Hearty throughout the year. The company paid rent to Mr Pat McMahon during the year totalling £1,000.