| McGahey Limited |
| Registered number: |
04466586 |
| Balance Sheet |
| as at 28 February 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
4 |
|
|
121,684 |
|
|
132,854 |
| Tangible assets |
5 |
|
|
25,304 |
|
|
34,465 |
|
|
|
|
146,988 |
|
|
167,319 |
|
| Current assets |
| Stocks |
|
|
111,254 |
|
|
97,354 |
| Debtors |
6 |
|
19,010 |
|
|
21,482 |
| Cash at bank and in hand |
|
|
25,292 |
|
|
46,779 |
|
|
|
155,556 |
|
|
165,615 |
|
| Creditors: amounts falling due within one year |
7 |
|
(144,899) |
|
|
(147,345) |
|
| Net current assets |
|
|
|
10,657 |
|
|
18,270 |
|
| Total assets less current liabilities |
|
|
|
157,645 |
|
|
185,589 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(69,208) |
|
|
(82,017) |
|
| Provisions for liabilities |
|
|
|
(4,870) |
|
|
(6,661) |
|
|
| Net assets |
|
|
|
83,567 |
|
|
96,911 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
10 |
|
|
2,978 |
|
|
3,227 |
| Profit and loss account |
|
|
|
80,489 |
|
|
93,584 |
|
| Shareholders' funds |
|
|
|
83,567 |
|
|
96,911 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr M McGahey |
| Director |
| Approved by the board on 31 July 2017 |
|
| McGahey Limited |
| Notes to the Accounts |
| for the year ended 28 February 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
Not depreciated |
|
Plant and machinery |
25% straight line |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
First-time adoption of FRS102 1A |
|
|
The transition to reporting under FRS102 1A has not significantly affected the financial position and performance of the company. |
|
|
| 3 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
20 |
|
20 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 March 2016 |
184,192 |
|
At 28 February 2017 |
184,192 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 March 2016 |
51,338 |
|
Provided during the year |
11,170 |
|
At 28 February 2017 |
62,508 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2017 |
121,684 |
|
At 29 February 2016 |
132,854 |
|
|
|
|
|
|
|
|
|
|
The above goodwill includes both the goodwill on incorporation and also on the purchase of Route 2. The goodwill of McGaheys is being written off in equal instalments over its estimated economic life of 20 years and that of Route 2 over 10 years. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 March 2016 |
1 |
|
91,283 |
|
91,284 |
|
Additions |
- |
|
10,034 |
|
10,034 |
|
At 28 February 2017 |
1 |
|
101,317 |
|
101,318 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2016 |
- |
|
56,819 |
|
56,819 |
|
Charge for the year |
- |
|
19,195 |
|
19,195 |
|
At 28 February 2017 |
- |
|
76,014 |
|
76,014 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2017 |
1 |
|
25,303 |
|
25,304 |
|
At 29 February 2016 |
1 |
|
34,464 |
|
34,465 |
|
|
| 6 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Prepayments and accrued income |
|
|
|
19,010 |
|
16,910 |
|
Other debtors |
- |
|
4,572 |
|
|
|
|
|
|
19,010 |
|
21,482 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
5,426 |
|
6,914 |
|
Trade creditors |
84,044 |
|
83,394 |
|
Corporation tax |
14,442 |
|
14,367 |
|
Other taxes and social security costs |
26,166 |
|
27,652 |
|
Accruals and deferred income |
12,203 |
|
3,634 |
|
Other creditors |
2,618 |
|
11,384 |
|
|
|
|
|
|
144,899 |
|
147,345 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
69,208 |
|
82,017 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
9,145 |
|
16,001 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
36,275 |
|
50,573 |
|
|
|
|
|
|
|
|
|
|
The above loan has been secured against the assets of the directors. |
|
|
| 10 |
Revaluation reserve |
2017 |
|
2016 |
| £ |
£ |
|
|
At 1 March 2016 |
3,227 |
|
3,227 |
|
Transfer of realised profit to profit and loss account |
(249) |
|
- |
|
|
At 28 February 2017 |
2,978 |
|
3,227 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
200,800 |
|
264,000 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Other information |
|
|
McGahey Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
245 High Street |
|
Exeter |
|
Devon |
|
EX4 3NZ |
