McNulty & Ellis Limited Small abridged accounts

MCNULTY & ELLIS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of McNulty & Ellis Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 9699031

McNulty & Ellis Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

McNulty & Ellis Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the abridged financial statements	5

McNulty & Ellis Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of McNulty & Ellis Limited

Year ended 31 July 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 July 2017, which comprise the abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD Chartered Accountants

75 Aston Road Shifnal Shropshire TF11 8DU

25 April 2018

McNulty & Ellis Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		659,905	653,461

Current assets

Stocks	20,700	23
Debtors	3,542	57,703
Cash at bank and in hand	26,560	152,869
	--------	---------
	50,802	210,595

Creditors: amounts falling due within one year	126,567		378,572
	---------		---------
Net current liabilities		75,765	167,977
		---------	---------
Total assets less current liabilities		584,140	485,484

Creditors: amounts falling due after more than one year	6	214,485	–
		---------	---------
Net assets		369,655	485,484
		---------	---------

Capital and reserves

Called up share capital	100	100
Share premium account	499,900	499,900
Profit and loss account	( 130,345)	( 14,516)
	---------	---------
Shareholders funds	369,655	485,484
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 July 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

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

McNulty & Ellis Limited

Abridged Statement of Financial Position (continued)

31 July 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 25 April 2018 , and are signed on behalf of the board by:

Mr A Ellis

Director

Company registration number: 9699031

McNulty & Ellis Limited

Statement of Changes in Equity

Year ended 31 July 2017

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 23 July 2015	–	–	–	–

Loss for the year			( 14,516)	( 14,516)
	----	----	--------	--------
Total comprehensive income for the year	–	–	( 14,516)	( 14,516)

Issue of shares	100	499,900	–	500,000
	----	---------	--------	---------
Total investments by and distributions to owners	100	499,900	–	500,000

At 31 July 2016	100	499,900	( 14,516)	485,484

Loss for the year			( 115,829)	( 115,829)
	----	---------	---------	---------
Total comprehensive income for the year	–	–	( 115,829)	( 115,829)

	----	---------	---------	---------
At 31 July 2017	100	499,900	( 130,345)	369,655
	----	---------	---------	---------

McNulty & Ellis Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 75 Aston Road, Shifnal, Shropshire, TF11 8DU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 23 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Disclosure exemptions

No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Freehold property	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2016: 1 ).

5. Tangible assets

	£
Cost
At 1 August 2016	653,461
Additions	53,986
	---------
At 31 July 2017	707,447
	---------
Depreciation
At 1 August 2016	–
Charge for the year	47,542
	---------
At 31 July 2017	47,542
	---------
Carrying amount
At 31 July 2017	659,905
	---------
At 31 July 2016	653,461
	---------

6. Creditors: amounts falling due after more than one year

The bank holds a charge over the company's property.

Included within creditors: amounts falling due after more than one year is an amount of £163,426 (2016: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The Lloyds bank loan is repayable monthly with interest being charged at 3.5%.

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Ellis	( 20,200)	20,159	( 41)
Mr M T McNulty	( 60,200)	41,206	( 18,994)
	--------	--------	--------
	( 80,400)	61,365	( 19,035)
	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Ellis	–	( 20,200)	( 20,200)
Mr M T McNulty	–	( 60,200)	( 60,200)
	----	--------	--------
	–	( 80,400)	( 80,400)
	----	--------	--------

8. Related party transactions

The company was under the control of Mr Andrew Ellis and Mr Martin McNulty throughout the current and previous year. Mr Andrew Ellis is also a director of QA (Ironbridge) Ltd from which McNulty & Ellis Ltd purchased goods totalling £4,266 on normal commercial terms. Mr Martin McNulty is also a director of C-All Business Services Ltd from which McNulty & Ellis Ltd purchased consultancy services totalling £15,000 on normal commercial terms. Mr Martin McNulty is also a director of Oak International Travel Ltd from which McNulty & Ellis Ltd purchased services totalling £15,000 on normal commercial terms. At 31st July 2017 McNulty & Ellis Ltd owed Oak International Travel Ltd £6,000. Mr Martin McNulty is also a director of Premium Group Ltd from which McNulty & Ellis Ltd purchased consultancy services totalling £15,000 on normal commercial terms. At 31st July 2017 McNulty & Ellis Ltd owed Premium Group Ltd £6,000.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 23 July 2015.

No transitional adjustments were required in equity or profit or loss for the period.