Paul McKenna LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI677278 (Northern Ireland)

Unaudited Financial Statements

for the Period 10 March 2021 to 31 March 2022

for

Paul McKenna LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P McKenna

REGISTERED OFFICE:

42 Glen Road

Belfast

Co. Antrim

BT11 8BG

REGISTERED NUMBER:

NI677278 (Northern Ireland)

ACCOUNTANTS:

Toman Accountancy Services Ltd

Unit HF 9, Twin Spires Complex

Howard Buildings

155 Northumberland Street

Belfast

Antrim

BT13 2JF

FIXED ASSETS

Intangible assets

4

44,000

Tangible assets

5

29,644

73,644

CURRENT ASSETS

Stocks

22,500

Debtors

6

13,267

Cash at bank and in hand

13,848

49,615

CREDITORS

Amounts falling due within one year

7

90,737

NET CURRENT LIABILITIES

(41,122

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,522

PROVISIONS FOR LIABILITIES

8,556

NET ASSETS

23,966

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

23,866

SHAREHOLDERS' FUNDS

23,966

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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.

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

The financial statements were approved and authorised by the director and authorised for issue on 10 March 2023 and were signed by:

P McKenna - Director

1.	STATUTORY INFORMATION

Paul McKenna 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.

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.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

Determine whether there are indicators of impairment of the company's fixed assets. Factors taken into account include economic viability and future expected financial performance of the business in general. Estimates are made in respect of the recoverable value of stock. When assessing the level of provisions required, factors considered include age and condition of stock. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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 statements 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 period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

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 is available to carry 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 period was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

55,000

At 31 March 2022

55,000

AMORTISATION

Amortisation for period

11,000

At 31 March 2022

11,000

NET BOOK VALUE

At 31 March 2022

44,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

Additions

1,080

16,300

21,800

39,180

At 31 March 2022

1,080

16,300

21,800

39,180

DEPRECIATION

Charge for period

11

4,075

5,450

9,536

At 31 March 2022

11

4,075

5,450

9,536

NET BOOK VALUE

At 31 March 2022

1,069

12,225

16,350

29,644

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

13,267

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

24,439

Taxation and social security

7,290

Other creditors

59,008

90,737