D J Maguire & Associates Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: NI612160 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

D J MAGUIRE & ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

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

434,396

442,902

Tangible assets

5

787,132

343,636

1,221,528

786,538

CURRENT ASSETS

Stocks

63,404

54,949

Debtors

6

690,157

647,326

Cash at bank and in hand

30,655

46,500

784,216

748,775

CREDITORS

Amounts falling due within one year

7

872,681

855,750

NET CURRENT LIABILITIES

(88,465

)

(106,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,133,063

679,563

CREDITORS

Amounts falling due after more than one year

8

(1,148,321

)

(610,528

)

PROVISIONS FOR LIABILITIES

(57,672

)

(47,280

)

NET (LIABILITIES)/ASSETS

(72,930

)

21,755

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(73,030

)

21,655

SHAREHOLDERS' FUNDS

(72,930

)

21,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 March 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 65 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

1,347,591

Additions

289,300

At 30 June 2017

1,636,891

AMORTISATION

At 1 July 2016

904,689

Amortisation for year

297,806

At 30 June 2017

1,202,495

NET BOOK VALUE

At 30 June 2017

434,396

At 30 June 2016

442,902

During the year the company acquired the trade and certain assets of three dental practices. The goodwill arising

was valued at £289,300. This will be subject to amortisation over the course of five years and will be reviewed

for impairment annually.

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Long

and

Computer

leasehold

leasehold

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

21,500

-

576,890

22,038

620,428

Additions

-

382,000

114,969

27,857

524,826

At 30 June 2017

21,500

382,000

691,859

49,895

1,145,254

DEPRECIATION

At 1 July 2016

1,792

-

266,957

8,043

276,792

Charge for year

2,150

1,910

71,908

5,362

81,330

At 30 June 2017

3,942

1,910

338,865

13,405

358,122

NET BOOK VALUE

At 30 June 2017

17,558

380,090

352,994

36,490

787,132

At 30 June 2016

19,708

-

309,933

13,995

343,636

The net book value of tangible fixed assets includes an amount of £153,272 (2016: £134,625) in respect of

assets held under hire purchase contracts. The depreciation charge for these assets was £26,901 (2016: £30,739).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

338,328

256,023

Other debtors

29,130

4,000

Directors' current accounts

307,789

372,393

Tax

14,910

14,910

690,157

647,326

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts

247,294

186,992

Hire purchase contracts

105,675

119,404

Trade creditors

215,090

185,160

Other creditors

123,318

178,897

Deferred consideration

84,600

101,000

Tax

20,029

39,240

Social security and other taxes

40,406

13,316

Accrued expenses

36,269

31,741

872,681

855,750

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Ulster Bank 1 to 2 years

147,914

53,603

Ulster Bank > 1 year

477,413

177,334

Ulster Bank > 5 years

256,206

159,484

Hire purchase contracts

76,444

93,607

Deferred consideration

10,400

126,500

Other creditors

179,944

-

1,148,321

610,528

Amounts falling due in more than five years:

Repayable by instalments

Ulster Bank > 5 years

256,206

159,484

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Bank overdrafts

104,297

135,709

Bank loans

1,024,530

441,704

Hire purchase obligations

182,119

213,011

1,310,946

790,424

The total outstanding sum owing to Ulster Bank of £1,128,827 (2016: £577,413) at 30 June 2017 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.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is DJ Maguire.

11.	GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the company will

continue in operational existence for the foreseeable future.

The business has returned to profitability after the year end as a result of the company's ongoing strategic

growth. The directors therefore believe it is appropriate to prepare the financial statements on the going concern

basis.