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REGISTERED NUMBER: NI019110 (Northern Ireland)















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 January 2023

for

McGaffin Contracts Limited

McGaffin Contracts Limited (Registered number: NI019110)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 3

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


McGaffin Contracts Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr John Andrew McGaffin
Mrs Louise Anne McGaffin
Mr Sam Gillespie
Mr Gary Hylands
Mrs Caroline Emma Ruston
Mrs Lesley Faulkner



SECRETARY: Mrs Louise Anne McGaffin



REGISTERED OFFICE: Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BUSINESS ADDRESS: 82 Duncrue Street
Belfast
Co. Antrim
BT3 9AR



REGISTERED NUMBER: NI019110 (Northern Ireland)



AUDITORS: McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB




McGaffin Contracts Limited

Company Information
for the Year Ended 31 January 2023







BANKERS: Danske Bank
37-39 Bridge Street
Banbridge
Co. Down
BT32 3JL

McGaffin Contracts Limited (Registered number: NI019110)

Strategic Report
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

The principal activity of the company in the year under review was that of civil engineering and building contractors.

REVIEW OF BUSINESS
The company was trading for the duration of the whole year. The results for the year show a pre-tax profit of £760,431 (2022 - £566,138) and turnover of £13,294,605 (2022 - £11,522,878).

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from other building contractors, employee retention and stability of prices charged by suppliers.

FUTURE OUTLOOK
The commercial environment is expected to remain competitive in 2023, however we remain confident that we will maintain our current level of performance in the future.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





Mrs Caroline Emma Ruston - Director


21 September 2023

McGaffin Contracts Limited (Registered number: NI019110)

Report of the Directors
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of civil engineering and building contractors.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2023 will be £ 500,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Mr John Andrew McGaffin
Mrs Louise Anne McGaffin
Mr Sam Gillespie
Mr Gary Hylands
Mrs Caroline Emma Ruston
Mrs Lesley Faulkner

Other changes in directors holding office are as follows:

Mr Thomas James Graham - resigned 31 March 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

McGaffin Contracts Limited (Registered number: NI019110)

Report of the Directors
for the Year Ended 31 January 2023


AUDITORS
The auditors, McCleary & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs Caroline Emma Ruston - Director


21 September 2023

Report of the Independent Auditors to the Members of
McGaffin Contracts Limited

Opinion
We have audited the financial statements of McGaffin Contracts Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
McGaffin Contracts Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
McGaffin Contracts Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws and the potential for Fraud. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered the laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company's ability to operate, such as the Companies Act 2006. We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the valuation of work in progress on long-term contracts. Audit procedures performed included:

- Assessment of compliance with key laws and regulations;
- Enquiry of those charged with management including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud;
- Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls;
- Detailed year end testing of work in progress on long-term contracts;
- Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing the disclosures in the financial statements against the specific legal requirements.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other Matters
The financial statements for the previous period were not audited. There have been no changes to policies or procedures. Our tests of opening balances did not identify any material errors.

Report of the Independent Auditors to the Members of
McGaffin Contracts Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Warren McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB

21 September 2023


McCleary & Company Ltd.

McGaffin Contracts Limited (Registered number: NI019110)

Income Statement
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

TURNOVER 3 13,294,605 11,522,878

Cost of sales (11,650,463 ) (10,226,416 )
GROSS PROFIT 1,644,142 1,296,462

Administrative expenses (892,077 ) (737,115 )
752,065 559,347

Other operating income 3,443 5,081
OPERATING PROFIT 5 755,508 564,428

Interest receivable and similar income 5,050 1,716
760,558 566,144

Interest payable and similar expenses 6 (127 ) (6 )
PROFIT BEFORE TAXATION 760,431 566,138

Tax on profit 7 (142,534 ) (107,866 )
PROFIT FOR THE FINANCIAL
YEAR

617,897

458,272

McGaffin Contracts Limited (Registered number: NI019110)

Other Comprehensive Income
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

PROFIT FOR THE YEAR 617,897 458,272


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

617,897

458,272

McGaffin Contracts Limited (Registered number: NI019110)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Tangible assets 9 526,545 549,264

CURRENT ASSETS
Stocks 10 135,000 125,911
Debtors 11 2,251,755 2,041,028
Cash at bank 2,925,519 2,924,274
5,312,274 5,091,213
CREDITORS
Amounts falling due within one year 12 (2,352,096 ) (2,267,833 )
NET CURRENT ASSETS 2,960,178 2,823,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,486,723

3,372,644

PROVISIONS FOR LIABILITIES 16 (51,073 ) (54,891 )
NET ASSETS 3,435,650 3,317,753

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Retained earnings 18 3,425,650 3,307,753
SHAREHOLDERS' FUNDS 3,435,650 3,317,753

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:





Mr John Andrew McGaffin - Director


McGaffin Contracts Limited (Registered number: NI019110)

Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 10,000 3,364,902 3,374,902

Changes in equity
Dividends - (515,421 ) (515,421 )
Total comprehensive income - 458,272 458,272
Balance at 31 January 2022 10,000 3,307,753 3,317,753

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 617,897 617,897
Balance at 31 January 2023 10,000 3,425,650 3,435,650

McGaffin Contracts Limited (Registered number: NI019110)

Cash Flow Statement
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 945,033 1,157,899
Interest element of hire purchase
payments paid

(127

)

(6

)
Tax paid (103,360 ) (72,939 )
Net cash from operating activities 841,546 1,084,954

Cash flows from investing activities
Purchase of tangible fixed assets (38,004 ) (69,475 )
Sale of tangible fixed assets 12,499 17,167
Interest received 5,050 1,716
Net cash from investing activities (20,455 ) (50,592 )

Cash flows from financing activities
Capital repayments in year (3,749 ) 4,583
Amount introduced by directors 19,909 -
Amount withdrawn by directors (14 ) (2,428 )
Equity dividends paid (500,000 ) (515,421 )
Net cash from financing activities (483,854 ) (513,266 )

Increase in cash and cash equivalents 337,237 521,096
Cash and cash equivalents at
beginning of year

2

2,522,334

2,001,238

Cash and cash equivalents at end of
year

2

2,859,571

2,522,334

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.1.23 31.1.22
£    £   
Profit before taxation 760,431 566,138
Depreciation charges 52,588 48,755
Profit on disposal of fixed assets (4,364 ) (609 )
Finance costs 127 6
Finance income (5,050 ) (1,716 )
803,732 612,574
Increase in stocks (9,089 ) -
Increase in trade and other debtors (228,560 ) (42,521 )
Increase in trade and other creditors 378,950 587,846
Cash generated from operations 945,033 1,157,899

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,925,519 2,924,274
Bank overdrafts (65,948 ) (401,940 )
2,859,571 2,522,334
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 2,924,274 2,141,396
Bank overdrafts (401,940 ) (140,158 )
2,522,334 2,001,238


McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank 2,924,274 1,245 2,925,519
Bank overdrafts (401,940 ) 335,992 (65,948 )
2,522,334 337,237 2,859,571
Debt
Finance leases (4,583 ) 3,749 (834 )
(4,583 ) 3,749 (834 )
Total 2,517,751 340,986 2,858,737

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

McGaffin Contracts Limited 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 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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks and work in progress on long-term contracts
Stocks are valued at the lower of cost and net realisable value; in respect of work in progress and finished goods cost includes a relevant proportion of overheads according to the stage of completion.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to professionally qualified quantity surveyor reports.

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.


McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

31.1.23 31.1.22
£    £   
UK 13,294,605 11,522,878
13,294,605 11,522,878

4. EMPLOYEES AND DIRECTORS
31.1.23 31.1.22
£    £   
Wages and salaries 917,462 856,939
Social security costs 113,280 51,878
Other pension costs 322,627 313,849
1,353,369 1,222,666

The average number of employees during the year was as follows:
31.1.23 31.1.22

Employees 12 16
Directors 6 7
18 23

31.1.23 31.1.22
£    £   
Directors' remuneration 357,676 263,558
Directors' pension contributions to money purchase schemes 237,400 228,032

Information regarding the highest paid director is as follows:
31.1.23 31.1.22
£    £   
Emoluments etc 77,593 71,330
Pension contributions to money purchase schemes 35,200 34,000

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.1.23 31.1.22
£    £   
Hire of plant and machinery - 502
Other operating leases 4,460 3,479
Depreciation - owned assets 52,588 48,755
Profit on disposal of fixed assets (4,364 ) (609 )
Foreign exchange differences (28 ) 218

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.23 31.1.22
£    £   
Hire purchase 127 6

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.23 31.1.22
£    £   
Current tax:
UK corporation tax 146,352 103,360

Deferred tax (3,818 ) 4,506
Tax on profit 142,534 107,866

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.23 31.1.22
£    £   
Profit before tax 760,431 566,138
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

144,482

107,566

Effects of:
Expenses not deductible for tax purposes 172 2,393
Superdeduction allowances (2,166 ) (2,110 )
Other adjustments 46 17
Total tax charge 142,534 107,866

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. DIVIDENDS
31.1.23 31.1.22
£    £   
Ordinary shares of £1 each
Interim - 15,421
A Ordinary shares of £1 each
Interim 500,000 500,000
500,000 515,421

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 February 2022 220,371 2,282 446,313
Additions - - 10,929
Disposals - - (124 )
At 31 January 2023 220,371 2,282 457,118
DEPRECIATION
At 1 February 2022 - 2,282 277,497
Charge for year - - 26,098
Eliminated on disposal - - (121 )
At 31 January 2023 - 2,282 303,474
NET BOOK VALUE
At 31 January 2023 220,371 - 153,644
At 31 January 2022 220,371 - 168,816

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2022 19,787 355,023 1,043,776
Additions 665 26,410 38,004
Disposals (1,130 ) (22,826 ) (24,080 )
At 31 January 2023 19,322 358,607 1,057,700
DEPRECIATION
At 1 February 2022 15,050 199,683 494,512
Charge for year 800 25,690 52,588
Eliminated on disposal (883 ) (14,941 ) (15,945 )
At 31 January 2023 14,967 210,432 531,155
NET BOOK VALUE
At 31 January 2023 4,355 148,175 526,545
At 31 January 2022 4,737 155,340 549,264

Freehold property consists of office space at Duncrue Street, Belfast. The property is carried at cost. FRS 102 states that depreciation must be charged in respect of freehold property. However the directors assess that as the property is maintained to a high standard it will not decrease in value, and have therefore opted not to depreciate the property. This policy represents a departure from the requirements of the Companies Act 2006, to provide systematic annual depreciation for fixed assets. However the directors consider the adoption of this policy necessary to give a true and fair view.

10. STOCKS
31.1.23 31.1.22
£    £   
Stocks 135,000 125,911

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 1,456,636 1,573,935
Amounts recoverable on contract 629,612 303,144
Other debtors 9,765 17,660
Directors' current accounts 14 17,848
Prepayments and accrued income 155,728 128,441
2,251,755 2,041,028

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts (see note 13) 65,948 401,940
Hire purchase contracts (see note 14) 834 4,583
Trade creditors 1,327,505 1,112,332
Tax 146,352 103,360
Social security and other taxes 48,742 30,658
VAT 741,363 596,397
Other creditors 6,072 5,926
Directors' current accounts 2,061 -
Accrued expenses 13,219 12,637
2,352,096 2,267,833

13. LOANS

An analysis of the maturity of loans is given below:

31.1.23 31.1.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 65,948 401,940

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.1.23 31.1.22
£    £   
Gross obligations repayable:
Within one year 846 4,650

Finance charges repayable:
Within one year 12 67

Net obligations repayable:
Within one year 834 4,583

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

15. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank overdrafts 65,948 401,940

Danske Bank hold a floating charge over all assets of the company.

16. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 51,073 54,891

Deferred
tax
£   
Balance at 1 February 2022 54,891
Movement due to:
Accelerated capital allowances (3,818 )
Balance at 31 January 2023 51,073

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
1,000 Ordinary £1 1,000 1,000
6,400 A Ordinary £1 6,400 6,400
2,600 B Ordinary £1 2,600 2,600
10,000 10,000

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

17. CALLED UP SHARE CAPITAL - continued

Rights and Particulars of Classes of Shares

Ordinary £1 shares
All shares issued are non-redeemable and rank equally in terms of voting rights - one vote for each share. All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All shares issued rank equally in terms of rights to participate in any capital distribution on winding up.

A Type Ordinary £1 shares
All shares issued are non-redeemable and rank equally in terms of voting rights - one vote for each share. All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All shares issued rank equally in terms of rights to participate in any capital distribution on winding up.

B Type Ordinary £1 shares
All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share.

18. RESERVES
Retained
earnings
£   

At 1 February 2022 3,307,753
Profit for the year 617,897
Dividends (500,000 )
At 31 January 2023 3,425,650

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
Mr John Andrew McGaffin and Mrs Louise Anne McGaffin
Balance outstanding at start of year 17,848 15,421
Amounts advanced 102,173 20,892
Amounts repaid (122,083 ) (18,465 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,062 ) 17,848

McGaffin Contracts Limited (Registered number: NI019110)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr Sam Gillespie
Balance outstanding at start of year - -
Amounts advanced 14 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14 -

Interest on loans to directors is charged at the current official rate for beneficial loan arrangements.

20. RELATED PARTY DISCLOSURES

Dividends of £500,000 were paid to McGaffin Properties Limited, a company owned by two of the directors.

21. ULTIMATE CONTROLLING PARTY

The controlling parties are Mrs Lesley Faulkner and Mrs Caroline Emma Ruston.