Murphy's Meigh Ltd Small abbreviated accounts

MURPHY'S MEIGH LTD - Company Information

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COMPANY REGISTRATION NUMBER NI042240

MURPHY'S MEIGH LTD

UNAUDITED ABBREVIATED ACCOUNTS

30 June 2016

BMK ACCOUNTING LIMITED

Chartered Accountants

43 Lockview Road

Stranmillis

Belfast

BT9 5FJ

MURPHY'S MEIGH LTD

ACCOUNTANTS' REPORT TO THE DIRECTORS OF MURPHY'S MEIGH

LTD

YEAR ENDED 30 JUNE 2016

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the Balance Sheet and the related notes from the books of account and information and explanations you have given to us.

This report is made to the Company's Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the balance sheet as at 30 June 2016 your duty to ensure that the company has kept adequate books of account and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the books of account or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

31 March 2017

MURPHY'S MEIGH LTD

ABBREVIATED BALANCE SHEET

30 June 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Intangible assets			-	-
Tangible assets			572,540	605,410
			----------	----------
			572,540	605,410
			----------	----------

CURRENT ASSETS

Stocks		88,174		168,763
Debtors		76,401		52,598
Cash at bank and in hand		9,612		34
		----------		----------
		174,187		221,395
CREDITORS: Amounts falling due within one year	3	281,466		345,628
		----------		----------
NET CURRENT LIABILITIES			( 107,279)	( 124,233)
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			465,261	481,177

CREDITORS: Amounts falling due after more than one year	4		345,206	326,901

PROVISIONS FOR LIABILITIES	1,589	2,658
	----------	----------
	118,466	151,618
	----------	----------

CAPITAL AND RESERVES

Called up equity share capital	6	300	300
Profit and loss account		118,166	151,318
		----------	----------
SHAREHOLDERS' FUNDS		118,466	151,618
		----------	----------

For the year ended 30 June 2016 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 accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 31 March 2017 , and are signed on their behalf by:

Mr Derek Johnston

Company Registration Number: NI042240

MURPHY'S MEIGH LTD

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 JUNE 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Amortisation

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

Goodwill-10% Straight line

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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

Property & Licences-4% straight line

Equipment-25% reducing balance

Fixtures & Fittings-25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value.

Work in progress

Development land is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of development land.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

At 1 July 2015	62,500	1,534,069	1,596,569
Additions	–	2,400	2,400
	---------	-------------	-------------
At 30 June 2016	62,500	1,536,469	1,598,969
	---------	-------------	-------------

DEPRECIATION

At 1 July 2015	62,500	928,659	991,159
Charge for year	–	35,270	35,270
	---------	----------	-------------
At 30 June 2016	62,500	963,929	1,026,429
	---------	----------	-------------

NET BOOK VALUE

At 30 June 2016	–	572,540	572,540
	----	----------	----------

At 30 June 2015	–	605,410	605,410
	----	----------	----------

3. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	90,537	157,284
	---------	----------

4. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	255,638	182,333
	----------	----------

5. RELATED PARTY TRANSACTIONS

Included in creditors, there is, a total balance owing by the company to the director Derek Johnston of £183,227 (2015 - £237,263).

6. SHARE CAPITAL

Authorised share capital:

	2016	2015
	£	£
100,000 Ordinary shares of £ 1 each	100,000	100,000
	----------	----------

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	300	300	300	300
	----	----	----	----

7. CONTROL

The company was under the control of Mr Derek Johnston throughout the current and previous year. Mr Derek Johnston is the managing director and majority shareholder.