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 2020

FOR

D J MAGUIRE & ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

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

179,817

316,677

Tangible assets

5

917,294

964,936

Investment property

6

604,670

491,920

1,701,781

1,773,533

CURRENT ASSETS

Stocks

257,328

83,270

Debtors

7

755,191

854,649

Cash at bank and in hand

507,009

97,542

1,519,528

1,035,461

CREDITORS

Amounts falling due within one year

8

1,367,037

1,302,037

NET CURRENT ASSETS/(LIABILITIES)

152,491

(266,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,854,272

1,506,957

CREDITORS

Amounts falling due after more than one year

9

(1,101,788

)

(1,367,549

)

PROVISIONS FOR LIABILITIES

(78,879

)

(79,873

)

NET ASSETS

673,605

59,535

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

673,505

59,435

SHAREHOLDERS' FUNDS

673,605

59,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 and authorised for issue on 31 March 2021 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.

COVID-19 and the directors' consideration of going concern

This report and the accompanying financial statements relate to a period before and during the outbreak of the current COVID-19 virus and the ensuing health and financial crisis. The resulting impact of the virus on operations and measures taken by the government to contain the virus will to some degree negatively affect the company's results in the financial year 2021.The Directors have availed of government schemes and continue to monitor the ever-evolving situation. Based on current assessment, given the fact that the company continues to be profitable post year end and that there are significant cash reserves to finance ongoing operations, the Directors believe that preparing the financial statements on the going concern basis is appropriate.

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

Government grants

Grants towards revenue expenditure are credited to the income and expenditure account in the period to which they relate.

Grants on capital expenditure are credited to a deferred income account and are released to revenue over the expected useful lives of the relevant assets.

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 102 (2019 - 95 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

1,756,892

AMORTISATION

At 1 July 2019

1,440,215

Amortisation for year

136,860

At 30 June 2020

1,577,075

NET BOOK VALUE

At 30 June 2020

179,817

At 30 June 2019

316,677

5.	TANGIBLE FIXED ASSETS

Fixtures,

Short

Long

fittings

Computer

leasehold

leasehold

& equipment

equipment

Totals

£

£

£

£

£

COST

At 1 July 2019

21,500

382,000

1,075,608

101,258

1,580,366

Additions

-

-

95,472

-

95,472

At 30 June 2020

21,500

382,000

1,171,080

101,258

1,675,838

DEPRECIATION

At 1 July 2019

8,242

17,190

549,950

40,048

615,430

Charge for year

2,150

7,640

121,082

12,242

143,114

At 30 June 2020

10,392

24,830

671,032

52,290

758,544

NET BOOK VALUE

At 30 June 2020

11,108

357,170

500,048

48,968

917,294

At 30 June 2019

13,258

364,810

525,658

61,210

964,936

The net book value of tangible fixed assets includes an amount of £163,579 (2019: £195,304) in respect of assets held under hire purchase contracts. The depreciation charge for these assets was £39,674 (2019: £45,156).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

491,920

Additions

262,750

Disposals

(150,000

)

At 30 June 2020

604,670

NET BOOK VALUE

At 30 June 2020

604,670

At 30 June 2019

491,920

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

610,830

448,774

Other debtors

144,361

405,875

755,191

854,649

Included in other debtors is an amount of £79,010 (2019: £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

30.6.20

30.6.19

£

£

Bank loans and overdrafts

519,832

559,666

Hire purchase contracts (see note 10)

73,817

77,059

Trade creditors

391,702

366,472

Taxation and social security

115,730

46,441

Other creditors

265,956

252,399

1,367,037

1,302,037

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

854,503

1,069,250

Hire purchase contracts (see note 10)

52,149

89,037

Other creditors

195,136

209,262

1,101,788

1,367,549

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

248,223

383,301

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.20

30.6.19

£

£

Net obligations repayable:

Within one year

73,817

77,059

Between one and five years

52,149

89,037

125,966

166,096

Non-cancellable

operating leases

30.6.20

30.6.19

£

£

Within one year

142,352

108,152

Between one and five years

463,093

365,512

In more than five years

300,834

377,825

906,279

851,489

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

£

£

Bank overdrafts

386,422

407,797

Bank loans

987,913

1,221,119

Hire purchase obligations

125,966

166,096

1,500,301

1,795,012

The total outstanding sum owing to Ulster Bank of £1,374,335 (2019: £1,628,916) at 30 June 2020 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.

12.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.