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Registration number: NI660333

Mackin Concrete & Building Supplies Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Mackin Concrete & Building Supplies Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Mackin Concrete & Building Supplies Ltd

Company Information

Directors

Harry Mackin

Mrs Lisa Doran

Hugh Mackin

Registered office

27 Hilltown Road
Newry
Co Down
BT34 2LJ

Bankers

Danske Bank
Business Plus
PO Box 183
Donegal Square West
Belfast
BT1 6JS

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

Mackin Concrete & Building Supplies Ltd

(Registration number: NI660333)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,000

5,400

Tangible assets

5

302,549

242,422

 

305,549

247,822

Current assets

 

Stocks

121,300

90,000

Debtors

222,783

244,642

Cash at bank and in hand

 

565,538

514,438

 

909,621

849,080

Creditors: Amounts falling due within one year

(460,281)

(501,065)

Net current assets

 

449,340

348,015

Total assets less current liabilities

 

754,889

595,837

Creditors: Amounts falling due after more than one year

(19,279)

(29,050)

Provisions for liabilities

(75,011)

(59,842)

Accruals and deferred income

 

(10,513)

(9,142)

Net assets

 

650,086

497,803

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

649,086

496,803

Shareholders' funds

 

650,086

497,803

 

Mackin Concrete & Building Supplies Ltd

(Registration number: NI660333)
Abridged Balance Sheet as at 30 June 2023

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

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

............................................................

Harry Mackin
Director

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
27 Hilltown Road
Newry
Co Down
BT34 2LJ

These financial statements were authorised for issue by the Board on 12 March 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

The financial statements are presented in sterling which is the functional currency of the company.

All members have consented to the abridgement of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of concrete and building supplies is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant, machinery and equipment

15% Reducing Balance

Car wash

15% Reducing Balance

Fixtures and fittings

15% Reducing Balance

Motor vehicles

20% Reducing balance

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. Provision is made for any impairment.

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Goodwill

5 Years

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Defined contribution pension obligation

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3

Staff numbers

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

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2022

12,000

At 30 June 2023

12,000

Amortisation

At 1 July 2022

6,600

Amortisation charge

2,400

At 30 June 2023

9,000

Carrying amount

At 30 June 2023

3,000

At 30 June 2022

5,400

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Fixtures and fittings
£

Plant, machinery and equipment
£

Car wash
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

7,762

300,976

390

50,078

359,206

Additions

12,000

90,834

-

13,757

116,591

At 30 June 2023

19,762

391,810

390

63,835

475,797

Depreciation

At 1 July 2022

1,951

103,122

140

11,571

116,784

Charge for the year

2,671

43,303

37

10,453

56,464

At 30 June 2023

4,622

146,425

177

22,024

173,248

Carrying amount

At 30 June 2023

15,140

245,385

213

41,811

302,549

At 30 June 2022

5,811

197,854

250

38,507

242,422

 

Mackin Concrete & Building Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

1,000

1,000

1,000

1,000