McGrady Financial Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: NI032133 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

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

190,343

195,111

CURRENT ASSETS

Prepayments and accrued income

29,713

4,132

Cash at bank

285,525

308,903

315,238

313,035

CREDITORS

Amounts falling due within one year

98,296

118,778

NET CURRENT ASSETS

216,942

194,257

TOTAL ASSETS LESS CURRENT LIABILITIES

407,285

389,368

CREDITORS

Amounts falling due after more than one year

130,447

144,634

NET ASSETS

276,838

244,734

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

276,738

244,634

SHAREHOLDERS' FUNDS

276,838

244,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 2022 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 24 October 2022 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation of fixed assets is provided on a basis calculated to write off the cost of the assets, less estimated residual value over their estimated useless lives. The rates at present in use are as follows:

Plant & machinery - 25% on cost

Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Dividends

Dividend distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are declared and paid.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2021

243,101

Additions

3,000

At 31 August 2022

246,101

DEPRECIATION

At 1 September 2021

47,990

Charge for year

7,768

At 31 August 2022

55,758

NET BOOK VALUE

At 31 August 2022

190,343

At 31 August 2021

195,111

5.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/22

31/8/21

£

£

Bank loans

152,029

-

The company's bank borrowings are secured by a Fixed and Floating Legal Charge on the company's freehold land and buildings.