John Monaghan Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05596955 (England and Wales)

JOHN MONAGHAN LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J K Monaghan

John Monaghan (Holdings) Limited

Mrs F E McCann

REGISTERED OFFICE:

Unit 2

Ossett 40, Milner Way

Ossett

Wakefield

West Yorkshire

WF5 9JR

REGISTERED NUMBER:

05596955 (England and Wales)

AUDITORS:

Harrison & Co Accountants Limited

Chartered Accountants

& Statutory Auditors

531 Denby Dale Road West

Calder Grove

Wakefield

West Yorkshire

WF4 3ND

BANKERS:

The Royal Bank of Scotland

Leeds Park Row Branch

27 Park Row

Leeds

West Yorkshire

LS1 5QB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,146

4,478

Investments

6

500

500

12,646

4,978

CURRENT ASSETS

Debtors

340,177

412,756

Cash at bank and in hand

1,059

117,556

341,236

530,312

CREDITORS

Amounts falling due within one year

389,027

468,487

NET CURRENT (LIABILITIES)/ASSETS

(47,791

)

61,825

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,145

)

66,803

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(35,245

)

66,703

SHAREHOLDERS' FUNDS

(35,145

)

66,803

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 May 2018 and were signed on its behalf by:

Mr J K Monaghan - Director

1.	STATUTORY INFORMATION

John Monaghan Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover comprises the value of sales (net of value added tax, similar taxes and trade discounts) of goods and

services provided in the normal course of business. Turnover is recognised when the goods are despatched,

which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of

ownership pass to the buyer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2007 and 2010, are being

amortised evenly over their 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

-

15% on cost and 15% on reducing balance

Fixtures and fittings

-

15% on cost and 15% on reducing balance

Computer equipment

-

25% Straight line

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2016 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

77,772

AMORTISATION

At 1 January 2017

and 31 December 2017

77,772

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

Goodwill arose on the purchase of unincorporated businesses in 2007 and 2010 and are being amortised over

five years. In the opinion of the directors, this represents a prudent estimate of the period over which the

company will derive economic benefit from the products acquired as part of them businesses.

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

10,278

1,353

50,098

61,729

Additions

-

5,337

5,117

10,454

At 31 December 2017

10,278

6,690

55,215

72,183

DEPRECIATION

At 1 January 2017

10,278

562

46,411

57,251

Charge for year

-

512

2,274

2,786

At 31 December 2017

10,278

1,074

48,685

60,037

NET BOOK VALUE

At 31 December 2017

-

5,616

6,530

12,146

At 31 December 2016

-

791

3,687

4,478

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2017

and 31 December 2017

500

NET BOOK VALUE

At 31 December 2017

500

At 31 December 2016

500

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

16,536

-

The bank overdraft is secured by inter company guarantees and a debenture over all assets of the company.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Harrison F.C.A. (Senior Statutory Auditor)

for and on behalf of Harrison & Co Accountants Limited

9.	CONTINGENT LIABILITIES