Company registration number NI638170 (Northern Ireland)
FP MCCANN GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
FP MCCANN GROUP LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 5
Directors' report
6 - 8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
FP MCCANN GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Michael McCann
Christopher McCann
Joan McCann
Hugh McCann
Mark McCann
Paul McCann
Company number
NI638170
Registered office
Knockloughrim Quarry
3 Drumard Road
MAGHERAFELT
Co Londonderry
BT45 8QA
Auditor
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
Bankers
AIB Group (UK) p.l.c.
Business Banking
92 Ann Street
BELFAST
BT1 3AY
Solicitors
Carson  McDowell
Murray House
Murray Street
BELFAST
BT1 6DN
FP MCCANN GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities and review of the business

The group is engaged in building and civil engineering activities, quarrying, house building and the manufacture of construction products, working from sites in Northern Ireland and Great Britain.

 

The company's key financial and other performance indicators during the year were as follows:

The group's key financial and other performance indicators during the period were as follows:

 

 

 

2023

2022

 

 

£'000

£'000

 

 

 

 

Turnover

 

£415,760

£387,585

 

 

 

 

Profit before Taxation

 

£41,921

£38,297

 

 

 

 

Net Funds

 

£54,296

£32,596

 

 

 

 

Shareholders’ Funds

 

£282,667

£226,510

 

 

 

 

Current assets as a % of current liabilities

 

227%

215%

 

 

 

 

Average number of employees

 

1,651

1,681

 

We have continued to invest in our facilities and people and are confident that this strategy will ensure that the Company will be able to capitalise on the growing demand from the construction industry to provide modular solutions to meet its needs in an environment of a declining skilled labour market.

Principal risks and risk management

The Company's strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of our business objectives. The key risks which management face are detailed as follows:

 

Business performance risk

Business performance risk is the risk that the Company will not perform as expected either due to internal factors or due to competitive pressures in the markets in which they operate. This risk is managed in a number of ways including budget and business planning, financial controls, monthly reporting and variance analysis, key performance indicators, regular forecasting and ensuring the appropriate management team is in place.

 

Business control

Strong financial and business controls are in place to ensure the integrity and reliability of financial and other information on which the group relies for day-to-day operations, external reporting and for longer term planning.

 

The group operates a number of internal divisions which are managed through the recruitment of a local management team in each area which are further supported and controlled by the directors of the group.

 

The group exercises financial and business control through a combination of qualified and experienced financial teams, performance analysis, budgeting, cash flow forecasting and clearly defined approval limits. The external auditors provide advice on specific accounting and tax issues as they arise. The group also hires external advisors to complete aspects of its tax compliance and reporting requirements and to help us provide specialist expertise in significant transactions or understand the effects of new legislation and how it may impact us.

FP MCCANN GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Management development

The directors recognise the importance of the recruitment, training and retention of a highly skilled and motivated work force. This is continually addressed through internal training and development programmes.

 

Research and development

At FP McCann Limited, we believe that continuous research and development is the key to success. We conduct novel research into sustainable drainage systems, low carbon materials, energy efficient manufacturing, high performance structures and improved production efficiency using the latest in AI and automation technology. This year, we have invested heavily in a state-of-the-art facility to support our research in robotics and low carbon concrete technology. Alongside this investment, we are constantly updating each of our factories to implement the latest manufacturing technologies, including our internally developed AI augmented computer vision system to maximise product quality, a first-of-its-kind for the industry.

 

The company employs the skills and experience of many technical experts with multiple years of experience in the field of Mechanical, Chemical and Civil Engineering, Concrete Manufacturing as well as Computer Vision Engineering. These persons are competent professionals within their field of expertise, and qualified to undertake the relevant R&D activities identified as they are highly knowledgeable about the relevant scientific and technological principles involved in the company’s R&D activities, aware of the current state of knowledge in their relevant field of expertise as well as having accumulated years of experience within this field.

 

Being at the forefront of the precast concrete industry in the UK, we believe that our role is to continually develop innovative solutions that solve engineering and architectural problems, with a strong emphasis on educating and upskilling the industry. We work with top tier research institutions to expedite the transfer of cutting-edge research to full-scale industry applications and disseminate our findings to stakeholders in the form of literature in trade journals, conferences, trade shows and scientific journal papers, alongside tours showcasing full-scale demonstrators. In the current year we have participated in several research grants, showcasing our commitment to improving the sustainability of our products and processes and investing in the development of new technology and capabilities for the industry.

 

Health and safety

The company is committed to ensuring a safe working environment. These risks are managed by the company through the strong promotion of a health and safety culture and well defined health and safety policies.  Robust systems and controls are in place to enable us to manage health and safety across all our divisions. We are committed to a process of demonstrable continuous improvement in health and safety that goes beyond compliance and ensures we adopt best practice.

 

Health and environment

The company has a clear strategy for Health & Safety, which particularly focuses on high risk operations. Our vision for Health & Safety is supported by clearly defined objectives and a supporting plan which establishes the basis on which we will successfully deliver the improvements. We embarked on a “lean” journey which targeted the physical working environment.  In doing so, we have created a working environment which has reduced risk, allows for efficient production and has a positive effect on our workforce. There is a clear emphasis placed on continual improvement with continuous measuring, monitoring and where necessary reviewing of the arrangements to ensure that the required Health & Safety standards are met.

 

Community

Organisations play a vital role in the development of local communities through investment in the built environment. We are committed to contributing to the economic well-being of the communities where we work through the employment of local people and suppliers where appropriate. We actively encourage our people to involve themselves in the local communities where they work, either through volunteer activities in local organisations and charities or by participating in local business groups and educational establishments in sharing knowledge and experience.

FP MCCANN GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Environmental risk

The group's environmental policy is to:

 

Credit risk

Credit risk arises principally on trade receivables. Group policy is aimed at minimising such risk and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. The company also have in place a credit insurance policy.

Currency risk

The group is not materially exposed to significant foreign currency risk.

Section 172 statement
Promoting the success of the company

We are a family business with over 40 years experience in the construction industry. The board are actively involved in the day to day running of the business and are focused on building a strong and sustainable business for the future. Regular engagement between our board of directors and stakeholders will ensure that we deliver products which are innovative and tailored to their specific requirements and construction needs.

Our aim is to perform and build a sustained trust with our stakeholders. By implementing our corporate values, we aim to deliver on this guarantee through our products, services, communications and, above all, the behaviour of our people.

The board have a long-term strategy which highlights specific key performance indicators, enabling them to regularly review their implementation and adapt them for the changing needs of the company and its stakeholders.

We recognise that we must integrate our business values and operations to meet the expectations of our stakeholders. Stakeholders include our employees, supply chain, customers, regulators, the community and the environment and we aim to develop our business activity in a way that is beneficial to them whilst having a positive impact on society as a whole.

We take seriously all feedback that we receive from our stakeholders and, where possible, maintain open dialogue to ensure that we fulfil our Corporate Social Responsibility.

We are open and honest in communicating our strategies, targets, performance, and governance to our stakeholders in our continual commitment to sustainable development.

Employee engagement

Employing around 1700 people, across multiple depots throughout Northern Ireland and Great Britain, we acknowledge the importance of our employees. We engage and consult with our employees through meetings. Information about matters of concern to employees is given through information bulletins, notice boards and email communication. We are committed to enabling local people to obtain the skills needed to access employment. This is achieved through comprehensive induction training, proper instruction, basic training, on the job support and mentoring, external training, and experiences to equip them for more senior posts within the company. Throughout the organisation we offer a wide range of Apprenticeship opportunities to young people and adult learners, these programmes help us to grow our own talent by developing a motivated, skilled, and qualified workforce whilst gaining internationally recognised qualifications.

FP MCCANN GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Business relationships with suppliers, customers and others

Our senior management and department heads continually strive to develop business relations with regular communication and a known point of contact to enable a speedy resolution to any areas of concern. We are active members of a variety of trade associations and supply chain collaborations, including the MPA Precast Drainage Association, Architectural & Structural Association, Pipe Jacking Association and the National Federation of Roofing Contractors. Our contribution to these associations events and conferences allow us to discuss and share industry best practice in a variety of areas that embrace health & safety, sustainability, product developments and technological advances. We have been actively lobbying government bodies via UK Concrete, encouraging them to introduce stricter building regulations surrounding fire resilience and combustible materials used in construction. We also facilitate regular meetings with a range of regulatory stakeholders, building relationships on both a face-to-face basis and utilisation of technological platforms.

Social responsibilities

Our Environmental Management System enables us to achieve and demonstrate our environmental performance and minimise the negative impact of our operations. We endeavour to be at the forefront of the industry in reducing the impact of all our activities on the environment.

On behalf of the board

Joan McCann
Director
28 February 2024
FP MCCANN GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £2,041k. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Michael McCann
Christopher McCann
Joan McCann
Hugh McCann
Mark McCann
Paul McCann
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Post reporting date events

The directors have confirmed that there are no significant events after the balance sheet date that they feel they need to disclose.

Future developments

The directors do not anticipate any major changes in the nature of the business that they feel they need to disclose.

Auditor

The auditor, IDS Chartered Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

FP MCCANN GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Energy and carbon report

 

Methodology for quantification

We have quantified and reported our organisational greenhouse gas (GHG) emissions according to the (GHG) Reporting Protocol. Energy use data has been collated and converted into Carbon Dioxide Equivalent (Co2e) using the most up to date (March 2019) HM Government Environmental Reporting Guidelines along with the 2023 UK Government Conversion Factors for Company reporting to calculate emissions from corresponding activity data. We have used reliable and obtainable data typical of our operations throughout.

Boundary approach and base year

We have used the Financial Control boundary approach in line with all previous year’s reporting. Our fixed base year selection is 1st January 2020 – 31st December 2020.

 

Summary of greenhouse gas emissions and energy consumption for the year ended 31st December 2023:

 

Scope and description                    Metric        2023        2020

Scope 1 – Emissions                    tCO2e        23,059.72    23,619.41

Scope 2 – Emissions (market-based)            tCO2e        3,520.92        2,736.01

Scope 3 – Business travel where responsible for fuel        tCO2e        7,348.15        6,367.31

 

Intensity ratio

The emissions intensity ratio has been measured using the total scope 1, 2 and 3 emissions per million pounds of sales revenue. For the year ended 31st December 2023 this was 81.70 tCO2e/£m (2020: 126.19 tCO2e/£m).

 

Sustainability approach

FP McCann is committed to promoting sustainability. The promotion of a broader sustainability agenda is integral to our professional activities and the management of the organisation.

 

Low carbon projects and environmental actions taken

 

Carbon offsets and targets

Together with the aforementioned low carbon projects, we are actively progressing carbon offsetting projects year-on-year. We continue to engage with the Small Woodland Scheme and plan to embark on further planting in 2024.

 

FP McCann have continued and developed their relationship with Queens' University, Belfast to continue the research and development programme focusing on low carbon solutions and how they can be developed throughout the Company's extensive product portfolio.

 

For further information on FP McCann's sustainability policy, please visit our website:

https://fpmccann.co.uk/about-us-2/sustainability-2/

FP MCCANN GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Joan McCann
Director
28 February 2024
FP MCCANN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FP MCCANN GROUP LIMITED
- 9 -
Opinion

We have audited the financial statements of FP McCann Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FP MCCANN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FP MCCANN GROUP LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

FP MCCANN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FP MCCANN GROUP LIMITED
- 11 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor's report 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.

Mrs Alison Wallace (Senior Statutory Auditor)
For and on behalf of IDS Chartered Accountants LLP
Statutory Auditor
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
28 February 2024
FP MCCANN GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£'000
£'000
Turnover
3
415,760
387,585
Cost of sales
(350,757)
(327,648)
Gross profit
65,003
59,937
Administrative expenses
(25,195)
(21,931)
Other operating income
370
357
Operating profit
4
40,178
38,363
Interest receivable and similar income
9
926
185
Interest payable and similar expenses
10
(277)
(251)
Other gains and losses
11
1,094
-
Profit before taxation
41,921
38,297
Tax on profit
12
5,328
(6,573)
Profit for the financial year
47,249
31,724
Other comprehensive income
Revaluation of tangible fixed assets
15,026
-
0
Tax relating to other comprehensive income
(4,077)
(5,721)
Total comprehensive income for the year
58,198
26,003
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FP MCCANN GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
14
-
0
70
Tangible assets
15
203,113
174,700
Investment property
16
2,700
1,980
Investments
17
6,115
-
0
211,928
176,750
Current assets
Stocks
19
44,877
48,573
Debtors
20
79,080
67,981
Cash at bank and in hand
54,296
32,596
178,253
149,150
Creditors: amounts falling due within one year
21
(78,583)
(69,271)
Net current assets
99,670
79,879
Total assets less current liabilities
311,598
256,629
Provisions for liabilities
Deferred tax liability
22
28,931
30,119
(28,931)
(30,119)
Net assets
282,667
226,510
Capital and reserves
Called up share capital
24
40
40
Revaluation reserve
41,640
30,691
Other reserves
87,932
87,932
Profit and loss reserves
153,055
107,847
Total equity
282,667
226,510
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
28 February 2024
Joan McCann
Hugh McCann
Director
Director
Company registration number NI638170 (Northern Ireland)
FP MCCANN GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
14
-
0
70
Tangible assets
15
202,330
160,950
Investment property
16
2,700
1,980
Investments
17
6,155
40
211,185
163,040
Current assets
Stocks
19
868
868
Debtors
20
9,318
8,699
Cash at bank and in hand
19,302
19,056
29,488
28,623
Creditors: amounts falling due within one year
21
(8,691)
(1,572)
Net current assets
20,797
27,051
Total assets less current liabilities
231,982
190,091
Provisions for liabilities
Deferred tax liability
22
28,931
29,104
(28,931)
(29,104)
Net assets
203,051
160,987
Capital and reserves
Called up share capital
24
40
40
Revaluation reserve
86,793
71,518
Profit and loss reserves
116,218
89,429
Total equity
203,051
160,987

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £33,156k.

The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
28 February 2024
Joan McCann
Hugh McCann
Director
Director
Company registration number NI638170 (Northern Ireland)
FP MCCANN GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2022
40
36,412
87,932
78,043
202,427
Year ended 31 December 2022:
Profit for the year
-
-
-
31,724
31,724
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,721)
-
-
0
(5,721)
Total comprehensive income
-
(5,721)
-
31,724
26,003
Dividends
13
-
-
-
(1,920)
(1,920)
Balance at 31 December 2022
40
30,691
87,932
107,847
226,510
Year ended 31 December 2023:
Profit for the year
-
-
-
47,249
47,249
Other comprehensive income:
Revaluation of tangible fixed assets
-
15,026
-
-
15,026
Tax relating to other comprehensive income
-
(4,077)
-
-
0
(4,077)
Total comprehensive income
-
10,949
-
47,249
58,198
Dividends
13
-
-
-
(2,041)
(2,041)
Balance at 31 December 2023
40
41,640
87,932
153,055
282,667
FP MCCANN GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2022
40
54,771
55,117
109,928
Year ended 31 December 2022:
Profit for the year
-
-
58,700
58,700
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,721)
-
0
(5,721)
Total comprehensive income
-
(5,721)
58,700
52,979
Dividends
13
-
-
(1,920)
(1,920)
Transfers
-
22,468
(22,468)
-
Balance at 31 December 2022
40
71,518
89,429
160,987
Year ended 31 December 2023:
Profit for the year
-
-
33,156
33,156
Other comprehensive income:
Revaluation of tangible fixed assets
-
15,026
-
15,026
Tax relating to other comprehensive income
-
(4,077)
-
0
(4,077)
Total comprehensive income
-
10,949
33,156
44,105
Dividends
13
-
-
(2,041)
(2,041)
Transfers
-
4,326
(4,326)
-
Balance at 31 December 2023
40
86,793
116,218
203,051
FP MCCANN GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
27
53,841
14,197
Interest paid
(277)
(251)
Income taxes paid
(3,991)
(3,138)
Net cash inflow from operating activities
49,573
10,808
Investing activities
Purchase of tangible fixed assets
(21,398)
(12,138)
Proceeds from disposal of tangible fixed assets
381
243
Purchase of investments
(5,741)
-
Interest received
681
185
Dividends received
245
-
0
Net cash used in investing activities
(25,832)
(11,710)
Financing activities
Repayment of borrowings
-
(46)
Repayment of bank loans
-
(4,475)
Payment of finance leases obligations
-
(271)
Dividends paid to equity shareholders
(2,041)
(1,920)
Net cash used in financing activities
(2,041)
(6,712)
Net increase/(decrease) in cash and cash equivalents
21,700
(7,614)
Cash and cash equivalents at beginning of year
32,596
40,210
Cash and cash equivalents at end of year
54,296
32,596
FP MCCANN GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
15,005
(10,699)
Interest paid
-
0
(12)
Income taxes paid
(243)
-
0
Net cash inflow/(outflow) from operating activities
14,762
(10,711)
Investing activities
Purchase of tangible fixed assets
(34,361)
(55,046)
Proceeds from disposal of tangible fixed assets
381
243
Purchase of investments
(5,741)
-
0
Interest received
279
128
Dividends received
26,970
68,177
Net cash (used in)/generated from investing activities
(12,472)
13,502
Financing activities
Payment of finance leases obligations
-
(271)
Dividends paid to equity shareholders
(2,041)
(1,920)
Net cash used in financing activities
(2,041)
(2,191)
Net increase in cash and cash equivalents
249
600
Cash and cash equivalents at beginning of year
19,053
18,453
Cash and cash equivalents at end of year
19,302
19,053
Relating to:
Cash at bank and in hand
19,302
19,056
Bank overdrafts included in creditors payable within one year
-
(3)
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

FP McCann Group Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is Knockloughrim Quarry, 3 Drumard Road, MAGHERAFELT, Co Londonderry, BT45 8QA.

 

The group consists of FP McCann Group Limited and its subsidiaries FP McCann Limited and FPM Investments Ltd.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company FP McCann Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
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 the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual staff costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0%
Plant and equipment
12.5% straight line
Motor vehicles
25% reducing balance
Operational quarry
straight line over 25 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through and , are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.22

Jointly controlled operations

The company's share of the results, assets and liabilities of contracts carried out in conjunction with another party are included under each relevant heading in the Statement of Comprehensive Income and Balance Sheet.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The group does not have any critical accounting judgements, apart from those involving estimations which are dealt with below.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Construction contracts

The group generates revenue from construction contracts. This often requires adjustment to be applied in estimating the stage of completion of the contract at the balance sheet date based on the forecast total contract costs that is expected to be incurred on the contract. Where actual results differ to the estimate made, this could result in an impact on the group's financial results.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£'000
£'000
Turnover analysed by class of business
Construction
59,323
58,353
Manufacture of Construction Products
355,945
329,232
Jointly controlled operations
492
-
415,760
387,585
2023
2022
£'000
£'000
Other significant revenue
Interest income
681
185
Dividends received
245
-
Grants received
-
96
Sundry income
29
17
Turnover analysed by geographical market
No analysis of turnover by geographical market has been disclosed as, in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the company.
4
Operating profit
2023
2022
£'000
£'000
Operating profit for the year is stated after charging/(crediting):
Exchange losses
39
5
Government grants
-
(96)
Depreciation of owned tangible fixed assets
7,876
7,357
Profit on disposal of tangible fixed assets
(246)
(138)
Amortisation of intangible assets
70
70
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
30
30
For other services
All other non-audit services
15
35
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration and sales
300
302
-
-
Management
138
138
-
-
Production
1,213
1,241
-
-
Total
1,651
1,681
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Wages and salaries
65,599
64,357
-
0
-
0
Social security costs
6,874
7,100
-
-
Pension costs
1,886
1,801
-
0
-
0
74,359
73,258
-
0
-
0
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
742
592
Company pension contributions to defined contribution schemes
228
191
970
783
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 28 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£'000
£'000
Remuneration for qualifying services
239
169
Company pension contributions to defined contribution schemes
22
22

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 6).

8
Jointly controlled operations

The company has interests in the following jointly controlled operations:

33% interest in BbM JV

50% interest in BAM McCann JV

100% interest in Dixons McCann JV

These have been included in the financial statements using the equity method. The following amounts have been recognised in the Statement of Comprehensive Income relating to these Joint Operations:

2023
2022
£'000
£'000
Sales
492
-
Cost of sales
(492)
-
Profit for the year
-
-
9
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
675
185
Other interest income
6
-
Total interest revenue
681
185
Other income from investments
Dividends received
245
-
0
Total income
926
185
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
10
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
266
236
Other finance costs:
Interest on finance leases and hire purchase contracts
-
15
Other interest
11
-
Total finance costs
277
251
11
Other gains and losses
2023
2022
£'000
£'000
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
374
-
Other gains/(losses)
Changes in the fair value of investment properties
720
-
1,094
-
12
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
2,432
5,290
Adjustments in respect of prior periods
(1,891)
(3,068)
Total current tax
541
2,222
Deferred tax
Origination and reversal of timing differences
(1,459)
4,351
Adjustment in respect of prior periods
(4,410)
-
0
Total deferred tax
(5,869)
4,351
Total tax (credit)/charge
(5,328)
6,573
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Taxation
(Continued)
- 30 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
Profit before taxation
41,921
38,297
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
9,860
7,276
Tax effect of expenses that are not deductible in determining taxable profit
157
57
Tax effect of income not taxable in determining taxable profit
(257)
-
0
Adjustments in respect of prior years
1,643
(3,068)
Permanent capital allowances in excess of depreciation
(4,648)
212
Research and development tax credit
(3,994)
(2,256)
Other non-reversing timing differences
1,256
-
0
Deferred tax adjustments in respect of prior years
(4,410)
-
0
Dividend income
(58)
-
Change in tax rate
215
772
Deferred tax movement
(5,092)
3,580
Taxation (credit)/charge
(5,328)
6,573

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£'000
£'000
Deferred tax arising on:
Revaluation of property
4,077
5,721
13
Dividends
2023
2022
Recognised as distributions to equity holders:
£'000
£'000
Final paid
1,066
1,000
Interim paid
975
920
2,041
1,920
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
14
Intangible fixed assets
Group
Goodwill
£'000
Cost
At 1 January 2023 and 31 December 2023
600
Amortisation and impairment
At 1 January 2023
530
Amortisation charged for the year
70
At 31 December 2023
600
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
70
Company
Goodwill
£'000
Cost
At 1 January 2023 and 31 December 2023
350
Amortisation and impairment
At 1 January 2023
280
Amortisation charged for the year
70
At 31 December 2023
350
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
70
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
15
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Operational quarry
Total
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 January 2023
119,928
71,510
8,364
31,570
231,372
Additions
9,989
9,965
1,444
-
0
21,398
Disposals
-
0
(1,312)
(484)
-
0
(1,796)
Revaluation
6,106
-
0
-
0
6,115
12,221
At 31 December 2023
136,023
80,163
9,324
37,685
263,195
Depreciation and impairment
At 1 January 2023
-
0
48,083
6,730
1,859
56,672
Depreciation charged in the year
-
0
5,658
1,272
946
7,876
Eliminated in respect of disposals
-
0
(1,206)
(455)
-
0
(1,661)
Revaluation
-
0
-
0
-
0
(2,805)
(2,805)
At 31 December 2023
-
0
52,535
7,547
-
0
60,082
Carrying amount
At 31 December 2023
136,023
27,628
1,777
37,685
203,113
At 31 December 2022
119,928
23,427
1,634
29,711
174,700
Company
Freehold land and buildings
Plant and equipment
Motor vehicles
Operational quarry
Total
£'000
£'000
£'000
£'000
£'000
Cost or valuation
At 1 January 2023
106,178
48,373
5,917
31,570
192,038
Additions
23,739
9,272
1,350
-
0
34,361
Disposals
-
0
(1,312)
(484)
-
0
(1,796)
Revaluation
6,106
-
0
-
0
6,115
12,221
At 31 December 2023
136,023
56,333
6,783
37,685
236,824
Depreciation and impairment
At 1 January 2023
-
0
24,946
4,283
1,859
31,088
Depreciation charged in the year
-
0
5,658
1,268
946
7,872
Eliminated in respect of disposals
-
0
(1,206)
(455)
-
0
(1,661)
Revaluation
-
0
-
0
-
0
(2,805)
(2,805)
At 31 December 2023
-
0
29,398
5,096
-
0
34,494
Carrying amount
At 31 December 2023
136,023
26,935
1,687
37,685
202,330
At 31 December 2022
106,178
23,427
1,634
29,711
160,950
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Tangible fixed assets
(Continued)
- 33 -

Land and buildings and operational quarries with a closing carrying amount of £173,708k were revalued during the year ended 31 December 2023 by Cushman and Wakefield, Commercial Estate Agents and Andrew Dixon and Company, Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2023
2022
£'000
£'000
Group
Cost
66,492
51,163
Accumulated depreciation
(5,641)
(4,696)
Carrying value
60,851
46,467
Company
Cost
66,492
42,754
Accumulated depreciation
(5,641)
(4,696)
Carrying value
60,851
38,058
16
Investment property
Group
Company
2023
2023
£'000
£'000
Fair value
At 1 January 2023
1,980
1,980
Net gains or losses through fair value adjustments
720
720
At 31 December 2023
2,700
2,700

Investment property comprises property in Northern Ireland. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2023 by Cushman & Wakefield, commercial property experts, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

 

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
17
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
18
-
0
-
0
40
40
Unlisted investments
6,115
-
0
6,115
-
0
6,115
-
0
6,155
40
Movements in fixed asset investments
Group
Investments
£'000
Cost or valuation
At 1 January 2023
-
Additions
6,115
At 31 December 2023
6,115
Carrying amount
At 31 December 2023
6,115
At 31 December 2022
-
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£'000
£'000
£'000
Cost or valuation
At 1 January 2023
40
-
40
Additions
-
6,115
6,115
At 31 December 2023
40
6,115
6,155
Carrying amount
At 31 December 2023
40
6,115
6,155
At 31 December 2022
40
-
40
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
18
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
FP McCann Limited
Knockloughrim Quarry, 3 Drumard Road, Magherafelt, Co Londonderry, BT45 8QA
Construction
Ordinary
100.00
FPM Invesments Ltd
Knockloughrim Quarry, 3 Drumard Road, Magherafelt, Co Londonderry, BT45 8QA
Dormant
Ordinary
100.00
19
Stocks
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Raw materials and consumables
4,421
6,657
-
-
Work in progress
491
1,134
-
-
Finished goods and goods for resale
39,965
40,782
868
868
44,877
48,573
868
868

There are no material differences between the replacement cost of stocks and the balance sheet amount.

20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
48,220
47,386
38
150
Other debtors
175
34
183
257
Prepayments and accrued income
30,081
20,561
8,493
8,292
78,476
67,981
8,714
8,699
Amounts falling due after more than one year:
Deferred tax asset (note 22)
604
-
0
604
-
0
Total debtors
79,080
67,981
9,318
8,699

At 31 December 2023 trade debtors had been sold to a provider of invoice discounting and debt factoring services. The company is committed to underwrite any of the debts transferred and therefore continues to recognise the debts sold within trade debtors until the debtors repay or default. The proceeds from transferring the debts of £5,040k (2022: £13k) are included in other creditors until the debts are collected or the company makes good any losses incurred by the service provider.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
-
0
-
0
-
0
3
Trade creditors
32,707
38,173
117
1,334
Amounts owed to group undertakings
-
0
-
0
8,558
-
0
Corporation tax payable
432
3,882
-
0
235
Other taxation and social security
2,423
4,171
-
-
Other creditors
5,408
399
-
0
-
0
Accruals and deferred income
37,613
22,646
16
-
0
78,583
69,271
8,691
1,572

Bank facilities are secured with legal charges over specific property assets of the company.

£5,040k of other creditors is secured against trade debtors.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£'000
£'000
£'000
£'000
Accelerated capital allowances
-
5,265
604
-
Revaluations
28,931
24,854
-
-
28,931
30,119
604
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£'000
£'000
£'000
£'000
Accelerated capital allowances
-
5,265
604
-
Revaluations
28,931
23,839
-
-
28,931
29,104
604
-
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 37 -
Group
Company
2023
2023
Movements in the year:
£'000
£'000
Liability at 1 January 2023
30,119
29,104
Credit to profit or loss
(4,854)
(4,854)
Charge to equity
3,757
3,757
Effect of change in tax rate - equity
320
320
Transfer on disposal
(1,015)
-
Liability at 31 December 2023
28,327
28,327

 

 

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
1,886
1,801

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
A Ordinary of £1 each
9,332
9,332
9
9
B Ordinary of £1 each
9,332
9,332
9
9
C Ordinary of £1 each
7,112
7,112
7
7
D Ordinary of £1 each
4,000
4,000
4
4
E Ordinary of £1 each
5,112
5,112
5
5
F Ordinary of £1 each
5,112
5,112
5
5
40,000
40,000
40
40
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£'000
£'000
Aggregate compensation
743
592
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
1,500
1,290

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
162
144
Company
Entities over which the company has control, joint control or significant influence
12
12

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
10
10
Other information

The company has taken advantage of the exemption granted by paragraph 33.1A of FRS102, Related Party Disclosures from disclosing transactions with 100% owned subsidiaries that are part of the FP McCann Group Limited group of companies.

FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
26
Controlling party

The company is controlled by the McCann family.

27
Cash generated from group operations
2023
2022
£'000
£'000
Profit for the year after tax
47,249
31,728
Adjustments for:
Taxation (credited)/charged
(5,328)
6,573
Finance costs
277
251
Investment income
(926)
(185)
Gain on disposal of tangible fixed assets
(246)
(138)
Fair value gain on investment properties
(720)
-
0
Amortisation and impairment of intangible assets
70
70
Depreciation and impairment of tangible fixed assets
7,876
7,357
Other gains and losses
(374)
-
Movements in working capital:
Decrease/(increase) in stocks
3,696
(23,859)
Increase in debtors
(10,331)
(19,066)
Increase in creditors
12,598
11,466
Cash generated from operations
53,841
14,197
28
Cash generated from/(absorbed by) operations - company
2023
2022
£'000
£'000
Profit for the year after tax
33,156
58,704
Adjustments for:
Taxation (credited)/charged
(4,846)
9,615
Finance costs
-
0
12
Investment income
(27,249)
(68,305)
Gain on disposal of tangible fixed assets
(246)
(138)
Fair value gain on investment properties
(720)
-
0
Amortisation and impairment of intangible assets
70
70
Depreciation and impairment of tangible fixed assets
7,872
7,334
Other gains and losses
(374)
-
Movements in working capital:
Increase in debtors
(15)
(6,847)
Increase/(decrease) in creditors
7,357
(11,144)
Cash generated from/(absorbed by) operations
15,005
(10,699)
FP MCCANN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
29
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£'000
£'000
£'000
Cash at bank and in hand
19,056
246
19,302
Bank overdrafts
(3)
3
-
0
19,053
249
19,302
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£'000
£'000
£'000
Cash at bank and in hand
32,596
21,700
54,296
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