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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI627311
2022-04-01
2023-03-31
NI627311
2023-03-31
NI627311
2022-03-31
NI627311
2021-04-01
2022-03-31
NI627311
2022-03-31
NI627311
core:PlantMachinery
2022-04-01
2023-03-31
NI627311
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
NI627311
core:MotorVehicles
2022-04-01
2023-03-31
NI627311
bus:Director1
2022-04-01
2023-03-31
NI627311
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
NI627311
core:PlantMachinery
2022-03-31
NI627311
core:MotorVehicles
2022-03-31
NI627311
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
NI627311
core:PlantMachinery
2023-03-31
NI627311
core:MotorVehicles
2023-03-31
NI627311
core:WithinOneYear
2023-03-31
NI627311
core:WithinOneYear
2022-03-31
NI627311
core:AfterOneYear
2023-03-31
NI627311
core:AfterOneYear
2022-03-31
NI627311
core:ShareCapital
2023-03-31
NI627311
core:ShareCapital
2022-03-31
NI627311
core:RetainedEarningsAccumulatedLosses
2023-03-31
NI627311
core:RetainedEarningsAccumulatedLosses
2022-03-31
NI627311
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
NI627311
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2023-03-31
NI627311
core:Non-currentFinancialInstruments
2022-03-31
NI627311
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
NI627311
core:PlantMachinery
2022-03-31
NI627311
core:MotorVehicles
2022-03-31
NI627311
bus:SmallEntities
2022-04-01
2023-03-31
NI627311
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
NI627311
bus:FullAccounts
2022-04-01
2023-03-31
NI627311
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
NI627311
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
NI627311
1
2022-04-01
2023-03-31
Company registration number:
NI627311
McGaffin Mechanical Ltd
Unaudited filleted financial statements
31 March 2023
McGaffin Mechanical Ltd
Contents
Statement of financial position
Notes to the financial statements
McGaffin Mechanical Ltd
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
39,086 |
|
|
|
74,700 |
|
|
Investments |
|
6 |
- |
|
|
|
95,000 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
39,086 |
|
|
|
169,700 |
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
5,000 |
|
|
|
111,929 |
|
|
Debtors |
|
7 |
428,525 |
|
|
|
182,503 |
|
|
Cash at bank and in hand |
|
|
334,446 |
|
|
|
139,988 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
767,971 |
|
|
|
434,420 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
547,842) |
|
|
|
(
336,917) |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
Net current assets |
|
|
|
|
220,129 |
|
|
|
97,503 |
|
|
|
|
|
________ |
|
|
|
________ |
Total assets less current liabilities |
|
|
|
|
259,215 |
|
|
|
267,203 |
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
25,713) |
|
|
|
(
36,617) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
7,426) |
|
|
|
(
14,193) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________ |
|
|
|
________ |
Net assets |
|
|
|
|
226,076 |
|
|
|
216,393 |
|
|
|
|
|
________ |
|
|
|
________ |
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
226,075 |
|
|
|
216,392 |
|
|
|
|
|
________ |
|
|
|
________ |
Shareholder funds |
|
|
|
|
226,076 |
|
|
|
216,393 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
01 September 2023
, and are signed on behalf of the board by:
M McGaffin
Director
Company registration number:
NI627311
McGaffin Mechanical Ltd
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
Nil |
|
|
Plant and machinery |
- |
25 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2022:
12
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
16,310 |
158,349 |
54,061 |
228,720 |
|
|
|
|
Additions |
- |
3,850 |
- |
3,850 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 March 2023 |
16,310 |
162,199 |
54,061 |
232,570 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
- |
110,112 |
43,908 |
154,020 |
|
|
|
|
Charge for the year |
- |
29,810 |
9,654 |
39,464 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 March 2023 |
- |
139,922 |
53,562 |
193,484 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
16,310 |
22,277 |
499 |
39,086 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 March 2022 |
16,310 |
48,237 |
10,153 |
74,700 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 |
95,000 |
95,000 |
|
|
|
|
|
Disposals |
(
95,000) |
(
95,000) |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
At 31 March 2023 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
- |
- |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
At 31 March 2022 |
95,000 |
95,000 |
|
|
|
|
|
|
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
398,916 |
168,196 |
|
Other debtors |
|
29,609 |
14,307 |
|
|
|
________ |
________ |
|
|
|
428,525 |
182,503 |
|
|
|
________ |
________ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
9,402 |
9,402 |
|
Trade creditors |
|
435,607 |
263,391 |
|
Corporation tax |
|
4,047 |
- |
|
Social security and other taxes |
|
83,492 |
13,436 |
|
Other creditors |
|
15,294 |
50,688 |
|
|
|
________ |
________ |
|
|
|
547,842 |
336,917 |
|
|
|
________ |
________ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
25,713 |
35,114 |
|
Other creditors |
|
- |
1,503 |
|
|
|
________ |
________ |
|
|
|
25,713 |
36,617 |
|
|
|
________ |
________ |
|
|
|
|
|
10.
Directors advances, credits and guarantees
The company had a loan from the director,
M McGaffin
, and the amount due at the year end amounted to £1662 (2022 - £2,932) and is included in other creditors. The loan is interest free and has no date for repayment.
11.
Controlling party
The company is controlled by M McGaffin who owns 100% of the ordinary share capital.
12.
Covid-19 pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.