REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 January 2023 |
for |
McGaffin Contracts Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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: |
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 £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants and Registered Auditors |
Quaker Buildings |
High Street |
Lurgan |
Craigavon |
Co. Armagh |
BT66 8BB |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
752,065 | 559,347 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
760,558 | 566,144 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
McGaffin Contracts Limited (Registered number: NI019110) |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 19,909 | - |
Amount withdrawn by directors | (14 | ) | (2,428 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,522,334 |
2,001,238 |
Cash and cash equivalents at end of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 127 | 6 |
Finance income | (5,050 | ) | (1,716 | ) |
803,732 | 612,574 |
Increase in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | EMPLOYEES AND DIRECTORS |
31.1.23 | 31.1.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.23 | 31.1.22 |
Employees | 12 | 16 |
Directors | 6 | 7 |
31.1.23 | 31.1.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31.1.23 | 31.1.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
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 |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.23 | 31.1.22 |
£ | £ |
Hire purchase |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
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 |
A Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
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 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | 14 | 17,848 |
Prepayments and accrued income |
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) |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 741,363 | 596,397 |
Other creditors |
Directors' current accounts | 2,061 | - |
Accrued expenses |
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 |
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 |
Finance charges repayable: |
Within one year |
Net obligations repayable: |
Within one year |
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 |
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 |
Movement due to: |
Accelerated capital allowances | (3,818 | ) |
Balance at 31 January 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.23 | 31.1.22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
A Ordinary | £1 | 6,400 | 6,400 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2023 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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 |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |