Registered number
NI603957
McParland Bros Builders Limited
Filleted Accounts
31 January 2023
McParland Bros Builders Limited
Registered number: NI603957
Balance Sheet
as at 31 January 2023
Notes 2023 2022
Fixed assets
Tangible assets 4 326,938 350,646
Current assets
Stocks & WIP 4,451,556 1,787,176
Development land 6,963,197 6,963,197
Debtors 5 1,250,011 1,226,289
Cash at Bank 16,053 926,746
12,680,817 10,903,408
Creditors: amounts falling due within one year 6 (673,722) (422,676)
Net current assets 12,007,095 10,480,732
Total assets less current liabilities 12,334,033 10,831,378
Creditors: amounts falling due after more than one year 7 (4,993,013) (3,289,980)
Net assets 7,341,020 7,541,398
Capital and reserves
Called up share capital 114 114
Share premium 10,913,670 10,913,670
Profit and loss account (3,572,764) (3,372,386)
Shareholders' funds 7,341,020 7,541,398
The financial statements 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.
Anthony McParland
Director
Approved by the board on 13 September 2023
McParland Bros Builders Limited
Notes to the Financial Statements
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The financial statements 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).
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
`
Freehold land & buildings No depreciation
Plant and machinery 15% Straight line
Motor vehicles 25% Straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching them and the grants will be received using the accrual model.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Name of the senior statutory auditor: Brian Delahunt FCA
Firm: Fitzpatrick & Kearney Limited
Chartered Accountants & Registered Auditors
Date of audit report: 13 September 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 10
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 February 2021 255,737 1,581,171 67,429 1,904,337
Additions - 8,506 - 8,506
At 31 January 2023 255,737 1,589,677 67,429 1,912,843
Depreciation
At 1 February 2022 - 1,499,499 54,192 1,553,691
Charge for the year - 27,485 4,729 32,214
At 31 January 2023 - 1,526,984 58,921 1,585,905
Net book value
At 31 January 2023 255,737 62,693 8,508 326,938
At 31 January 2022 255,737 81,672 13,237 350,646
5 Debtors 2023 2022
Trade debtors 69,500 69,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest 323,435 363,703
Deferred tax asset 7,279 8,504
Other debtors 849,797 784,582
1,250,011 1,226,289
6 Creditors: amounts falling due within one year 2023 2022
Bank loans and overdrafts 307,478 45,412
Obligations under finance lease and hire purchase contracts 6,927 11,875
Trade creditors 215,299 94,477
Taxation and social security costs 5,395 193,985
Other creditors 138,623 76,927
673,722 422,676
7 Creditors: amounts falling due after one year 2023 2022
Bank loans 1,729,454 -
Obligations under finance lease and hire purchase contracts - 6,926
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,263,559 3,283,054
4,993,013 3,289,980
8 Loans 2023 2022
Creditors include:
Secured bank loans 1,729,454 -
The loan is secured by:
(a) First ranking priority security over the issued share caital of McParland Bros Builders Ltd
(b) First priority asset security (Debenture)
(c) First priority mortgage over Folio 4756 at Medebawn, Dundalk, Co. Louth
(d) First priority mortgage over the 13.5 acre residentially zoned site at Bellfield. Haynestown, Dundalk, Co. Louth
(e) Fixed charge/assignemnt by way of security of the Insurances and the Development Documents to include collateral Warranties
(f) Limited recourse guarantee from the shareholders of the borrower supported by a share charge over the shares in McParland Bros Builders Limited
(g) Floating charge over the General Account
(h) Subordination Agreements in respect of any loans to McParland Bros Builders Ltd in which those loans will rank after HBFI and cannot be enforced until such time as HBFI is repaid in full
(i) The company has been given a guarantee from Carrickdale Enterprises Limited which contains a
fixed charge, a floating charge which covers all the property or undertaking of the company and
contains a negative pledge in relation to its 1C Ordinary share in McParland Bros. Builders Ltd.
9 Events after the reporting date
There were no events since the balance sheet date which would necessitate a revision of the above figures.
10 Contingent liabilities
There where no contingent liabilities at the year end.
11 Related party transactions
Related party transactions have been identified in the year ended 31 January 2023 between the company and JPM Properties (NI) Limited, Carrickdale Enterprises Limited, McParland Bros and the company's directors. The movements on these accounts and outstanding balances are as follows:
JPM Carrickdale McParland
Properties Enterprises Bros
(NI) Limited Limited
Opening balance 1 February 2022 (2,337,350) (945,704) (363,703)
Sales 119,153 8,230
Purchases (479) -
Payments made (118,674) 48,498
Movement on currency exchange 19,495 -
Closing balance 31 January 2023 (2,317,855) (945,704) 323,435
12 Controlling party
The ultimate controlling party has been identified as Mr John McParland and Mr Patrick McParland each holding 49.5% of the Ordinary Shares in the company.
13 Other information
McParland Bros Builders Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
9 Kesh Road
Newry
Down
BT35 7HR
The company is centrally managed and controlled in the Republic of Ireland. Its main business operation office is:
Newry Road
Carrickcarnon
Ravensdale
Dundalk
Co. Louth
Republic of Ireland
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