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REGISTERED NUMBER: NI043682 (Northern Ireland)















MCKELVEY ASBESTOS REMOVAL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MCKELVEY ASBESTOS REMOVAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: R McKelvey
D McKelvey





REGISTERED OFFICE: 17 Carrickdartans Road
Castlederg
Co. Tyrone
BT81 7NQ





REGISTERED NUMBER: NI043682 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly Chartered Accountants
43 Dublin Road
Omagh
Co. Tyrone
BT78 1HE

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 225,199 167,309

CURRENT ASSETS
Inventories 6 190,490 194,049
Receivables: amounts falling due within
one year

7

257,396

262,358
Cash at bank 285,999 266,059
733,885 722,466
PAYABLES
Amounts falling due within one year 8 (66,381 ) (47,359 )
NET CURRENT ASSETS 667,504 675,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

892,703

842,416

PAYABLES
Amounts falling due after more than
one year

9

(49,410

)

(38,332

)

PROVISIONS FOR LIABILITIES (42,788 ) (31,422 )
NET ASSETS 800,505 772,662

CAPITAL AND RESERVES
Called up share capital 10 4 4
Retained earnings 800,501 772,658
SHAREHOLDERS' FUNDS 800,505 772,662

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:




R McKelvey - Director



D McKelvey - Director


MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

McKelvey Asbestos Removal 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 20% reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 22 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 August 2022 376,737 5,239 140,201 522,177
Additions 3,650 - 90,543 94,193
Disposals (117,871 ) (2,993 ) (64,570 ) (185,434 )
At 31 July 2023 262,516 2,246 166,174 430,936
DEPRECIATION
At 1 August 2022 274,218 1,689 78,961 354,868
Charge for year 525 389 26,163 27,077
Eliminated on disposal (120,420 ) (1,389 ) (54,399 ) (176,208 )
At 31 July 2023 154,323 689 50,725 205,737
NET BOOK VALUE
At 31 July 2023 108,193 1,557 115,449 225,199
At 31 July 2022 102,519 3,550 61,240 167,309

6. INVENTORIES
2023 2022
£ £
Work-in-progress 190,490 194,049

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 792 1,132
Other receivables 53,350 58,350
Amounts owed by group undertakings 72,167 66,657
Directors' current accounts 118,000 118,000
VAT - 5,589
Prepayments and accrued income 13,087 12,630
257,396 262,358

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 9,997 9,991
Hire purchase contracts 27,146 6,300
Trade payables 15,787 15,697
Taxation and social security 12,151 10,199
Other payables 1,300 5,172
66,381 47,359

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans 19,095 28,882
Hire purchase contracts 30,315 9,450
49,410 38,332

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
4 Ordinary Shares 1 4 4