McErlean Associates Limited NI058074 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is engineering consultancy and project management Digita Accounts Production Advanced 6.30.9574.0 true true NI058074 2022-03-01 2023-02-28 NI058074 2023-02-28 NI058074 bus:OrdinaryShareClass1 2023-02-28 NI058074 bus:Original 2023-02-28 NI058074 core:CurrentFinancialInstruments 2023-02-28 NI058074 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI058074 core:Non-currentFinancialInstruments 2023-02-28 NI058074 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2023-02-28 NI058074 core:LandBuildings 2023-02-28 NI058074 core:MotorVehicles 2023-02-28 NI058074 core:OtherPropertyPlantEquipment 2023-02-28 NI058074 bus:SmallEntities 2022-03-01 2023-02-28 NI058074 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 NI058074 bus:FullAccounts 2022-03-01 2023-02-28 NI058074 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI058074 bus:RegisteredOffice 2022-03-01 2023-02-28 NI058074 bus:Director1 2022-03-01 2023-02-28 NI058074 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 NI058074 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 NI058074 core:LandBuildings 2022-03-01 2023-02-28 NI058074 core:MotorVehicles 2022-03-01 2023-02-28 NI058074 core:OfficeEquipment 2022-03-01 2023-02-28 NI058074 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 NI058074 core:PlantMachinery 2022-03-01 2023-02-28 NI058074 countries:NorthernIreland 2022-03-01 2023-02-28 NI058074 2022-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2022-02-28 NI058074 core:LandBuildings 2022-02-28 NI058074 core:MotorVehicles 2022-02-28 NI058074 core:OtherPropertyPlantEquipment 2022-02-28 NI058074 2021-03-01 2022-02-28 NI058074 2022-02-28 NI058074 bus:OrdinaryShareClass1 2022-02-28 NI058074 core:CurrentFinancialInstruments 2022-02-28 NI058074 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 NI058074 core:Non-currentFinancialInstruments 2022-02-28 NI058074 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2022-02-28 NI058074 core:LandBuildings 2022-02-28 NI058074 core:MotorVehicles 2022-02-28 NI058074 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI058074

McErlean Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

McErlean Associates Limited

(Registration number: NI058074)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

148,218

100,775

Current assets

 

Stocks

5

45,750

105,750

Debtors

6

186,864

87,450

Cash at bank and in hand

 

28,738

17,612

 

261,352

210,812

Creditors: Amounts falling due within one year

7

(71,520)

(74,190)

Net current assets

 

189,832

136,622

Total assets less current liabilities

 

338,050

237,397

Creditors: Amounts falling due after more than one year

7

(124,283)

(117,099)

Provisions for liabilities

(27,021)

(17,832)

Net assets

 

186,746

102,466

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

186,745

102,465

Shareholders' funds

 

186,746

102,466

For the financial year ending 28 February 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

 

McErlean Associates Limited

(Registration number: NI058074)
Balance Sheet as at 28 February 2023

.........................................
Dr Paul Gerard McErlean
Director

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 3 Grange Road, Taylorstown, Toomebridge, Co. Antrim,
BT41 3QE.

These financial statements were authorised for issue by the director on 27 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Plant and machinery

20% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in the income
statement in operating expenses.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 9).

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,828

209,476

38,487

35,406

285,197

Additions

-

64,053

20,400

10,113

94,566

At 28 February 2023

1,828

273,529

58,887

45,519

379,763

Depreciation

At 1 March 2022

-

138,716

23,187

22,519

184,422

Charge for the year

-

29,617

9,014

8,492

47,123

At 28 February 2023

-

168,333

32,201

31,011

231,545

Carrying amount

At 28 February 2023

1,828

105,196

26,686

14,508

148,218

At 28 February 2022

1,828

70,760

15,300

12,887

100,775

Included within the net book value of land and buildings above is £1,828 (2022 - £1,828) in respect of freehold land and buildings.
 

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks and work in progress

2023
£

2022
£

Work in progress

45,750

105,750

6

Debtors

2023
£

2022
£

Trade debtors

99,845

7,450

Other debtors

80,000

80,000

Prepayments

7,019

-

186,864

87,450

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,919

13,454

Taxation and social security

 

54,338

49,827

Accruals and deferred income

 

6,263

10,909

 

71,520

74,190

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary (A) shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,839

41,275

HP and finance lease liabilities

3,368

3,663

Other borrowings

85,076

72,161

124,283

117,099

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Finance lease liabilities

5,919

8,454

10,919

13,454

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

The following balance was owed to the director at the year end:

2023
 £

2022
 £

Directors current account

85,076

72,161

Included in other debtors is an amount of £80,000 due from Sweetwall Ltd a company in which Mr McErlean owns 50% of the ordinary share capital.