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Registration number: NI001045

A A McGuckian Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2018

C.D. Diamond & Company
46 Hill Street
Belfast
Antrim
BT1 2LB

 

A A McGuckian Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 8

 

A A McGuckian Ltd

Company Information

Directors

Mr Bernard McGuckian

Liam McGuckian

Company secretary

Liam McGuckian

Registered office

29 Drumbare Road
Cloughmills
Antrim
BT44 9LA

Accountants

C.D. Diamond & Company
46 Hill Street
Belfast
Antrim
BT1 2LB

 

A A McGuckian Ltd

(Registration number: NI001045)
Abridged Balance Sheet as at 31 December 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

1,356,555

1,239,770

Other financial assets

5

634

634

 

1,357,189

1,240,404

Current assets

 

Stocks

6

481,722

442,330

Debtors

1,484,098

1,457,193

Cash at bank and in hand

 

2

2

 

1,965,822

1,899,525

Prepayments and accrued income

 

28,076

21,470

Creditors: Amounts falling due within one year

(397,726)

(560,192)

Net current assets

 

1,596,172

1,360,803

Total assets less current liabilities

 

2,953,361

2,601,207

Creditors: Amounts falling due after more than one year

(1,101,272)

(782,132)

Accruals and deferred income

 

(17,311)

(17,009)

Net assets

 

1,834,778

1,802,066

Capital and reserves

 

Called up share capital

7

60,000

60,000

Other reserves

4,000

4,000

Profit and loss account

1,770,778

1,738,066

Total equity

 

1,834,778

1,802,066

For the financial year ending 31 December 2018 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

A A McGuckian Ltd

(Registration number: NI001045)
Abridged Balance Sheet as at 31 December 2018

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 7 May 2019 and signed on its behalf by:
 

.........................................

Mr Bernard McGuckian
Director

.........................................

Liam McGuckian
Company secretary and director

 

A A McGuckian Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
29 Drumbare Road
Cloughmills
Antrim
BT44 9LA

These financial statements were authorised for issue by the Board on 7 May 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

A A McGuckian Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2.5% Reducing Balance

Plant & Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

A A McGuckian Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2017 - 6).

 

A A McGuckian Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2018

985,077

2,086,013

3,071,090

Additions

45,000

607,886

652,886

Disposals

(283,808)

-

(283,808)

At 31 December 2018

746,269

2,693,899

3,440,168

Depreciation

At 1 January 2018

545,659

1,285,661

1,831,320

Charge for the year

3,186

352,097

355,283

Eliminated on disposal

(102,990)

-

(102,990)

At 31 December 2018

445,855

1,637,758

2,083,613

Carrying amount

At 31 December 2018

300,414

1,056,141

1,356,555

At 31 December 2017

439,418

800,352

1,239,770

Included within the net book value of land and buildings above is £300,414 (2017 - £439,418) in respect of freehold land and buildings.
 

 

A A McGuckian Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2018

634

634

At 31 December 2018

634

634

Impairment

Carrying amount

At 31 December 2018

634

634

6

Stocks

2018
£

2017
£

Other inventories

481,722

442,330

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £1 each

60,000

60,000

60,000

60,000

         

8

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £0.8333 (2017 - £0.5333) per ordinary share

 

50,000

 

32,000