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Company registration number: NI618242
Blue Mac (Manufacturing) Ltd
Trading as Blue Mac (Manufacturing) Ltd
Unaudited filleted financial statements
31 December 2022
Blue Mac (Manufacturing) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Blue Mac (Manufacturing) Ltd
Directors and other information
Directors
Mr Patrick McGeary
Mr Eugene Donnelly (Resigned 24 November 2022)
Mr Austin Carey (Resigned 24 November 2022)
Mr Brian Maxwell (Resigned 24 November 2022)
Mr Peter Drayne (Appointed 24 November 2022)
Mr Ronan Hamill (Appointed 24 November 2022)
Mr Michael Rea (Appointed 24 November 2022)
Company number NI618242
Registered office Dungannon Business Park
Killyliss Road
Dungannon
Tyrone
BT70 1RP
Business address Dungannon Business Park
Killyliss Road
Dungannon
Tyrone
BT70 1RP
Accountants Corr & Corr
2nd Floor
The Cornmill
Lineside
Coalisland
BT71 4LP
Bankers National Westminster Bank Plc
2-8 Church Street
Liverpool
L1 3BG
Solicitors Tughans
Marlborough House
30 Victoria Street
Belfast
BT1 3GG
Blue Mac (Manufacturing) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Blue Mac (Manufacturing) Ltd
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blue Mac (Manufacturing) Ltd for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Blue Mac (Manufacturing) Ltd, as a body, in accordance with the terms of our engagement letter dated 1 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Blue Mac (Manufacturing) Ltd and state those matters that we have agreed to state to the board of directors of Blue Mac (Manufacturing) Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blue Mac (Manufacturing) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Blue Mac (Manufacturing) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Blue Mac (Manufacturing) Ltd. You consider that Blue Mac (Manufacturing) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blue Mac (Manufacturing) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Corr & Corr
Chartered Accountants
2nd Floor
The Cornmill
Lineside
Coalisland
BT71 4LP
26 March 2024
Blue Mac (Manufacturing) Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 20,000 44,000
Tangible assets 6 10,566 6,016
_______ _______
30,566 50,016
Current assets
Stocks 7 36,793 36,793
Debtors 8 1,248,368 1,272,213
Cash at bank and in hand 418,367 391,506
_______ _______
1,703,528 1,700,512
Creditors: amounts falling due
within one year 9 ( 2,356,621) ( 2,267,428)
_______ _______
Net current liabilities ( 653,093) ( 566,916)
_______ _______
Total assets less current liabilities ( 622,527) ( 516,900)
_______ _______
Net liabilities ( 622,527) ( 516,900)
_______ _______
Capital and reserves
Called up share capital 10 404,008 404,008
Profit and loss account (1,026,535) (920,908)
_______ _______
Shareholders deficit ( 622,527) (516,900)
_______ _______
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
Mr Ronan Hamill Mr Michael Rea
Director Director
Mr Patrick McGeary Mr Peter Drayne
Director Director
Company registration number: NI618242
Blue Mac (Manufacturing) Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Blue Mac (Manufacturing) Ltd, Dungannon Business Park, Killyliss Road, Dungannon, Tyrone, BT70 1RP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 14 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2022 and 31 December 2022 240,000 240,000
_______ _______
Amortisation
At 1 January 2022 196,000 196,000
Charge for the year 24,000 24,000
_______ _______
At 31 December 2022 220,000 220,000
_______ _______
Carrying amount
At 31 December 2022 20,000 20,000
_______ _______
At 31 December 2021 44,000 44,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 41,847 231,363 29,795 303,005
Additions - 8,274 - 8,274
_______ _______ _______ _______
At 31 December 2022 41,847 239,637 29,795 311,279
_______ _______ _______ _______
Depreciation
At 1 January 2022 40,337 230,829 25,823 296,989
Charge for the year 1,114 ( 1,363) 3,973 3,724
_______ _______ _______ _______
At 31 December 2022 41,451 229,466 29,796 300,713
_______ _______ _______ _______
Carrying amount
At 31 December 2022 396 10,171 ( 1) 10,566
_______ _______ _______ _______
At 31 December 2021 1,510 534 3,972 6,016
_______ _______ _______ _______
7. Stocks
2022 2021
£ £
Work in progress 36,793 36,793
_______ _______
8. Debtors
2022 2021
£ £
Trade debtors 323,628 308,862
Other debtors 924,740 963,351
_______ _______
1,248,368 1,272,213
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 586,552 488,089
Amounts owed to group undertakings and undertakings in which the company has a participating interest 228,701 267,256
Social security and other taxes 1,123,449 669,030
Other creditors 417,919 843,053
_______ _______
2,356,621 2,267,428
_______ _______
10. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary A shares shares of £ 1.00 each 202,004 202,004 202,004 202,004
Ordinary B shares shares of £ 1.00 each 202,004 202,004 202,004 202,004
_______ _______ _______ _______
404,008 404,008 404,008 404,008
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Blue Machinery (Spares) Limited - Supplier ( 75,896) ( 95,761) ( 145,827) ( 117,612)
Blue Machinery (Spares) Limited - Customer 2,284 396 3,076 792
Blue Machinery (Group) Plc - Supplier 222,588 ( 6,023) ( 1,663) ( 224,250)
Blue Machinery (Central) Limited - Customer - ( 34,267) 45,105 -
Blue Machinery (Central) Limited - Supplier ( 144,448) ( 15,071) ( 162,574) ( 18,126)
Blue Machinery (Southern) Limited - Customer - 22,536 26,640 -
Blue Machinery (Scotland) Limited - Customer - 19,731 19,731 19,731
Blue Machinery (Scotland) Limited - Supplier ( 9,352) ( 9,247) ( 18,599) ( 9,247)
_______ _______ _______ _______
In addition during the year the following associated companies made interest bearing loans to the company.Blue Machinery (Spares) Limited - £45,760 (2021 - £14,232) - Funding CircleLondel Limited - Nil (2021 - £167,984)Blue Machinery (Group) Limited - £1,663 (2021 - £224,250)McGeary Holdings Limited - £55,124 (2021 - £15,540)Blue Machinery Central Limited - £162,574 (2021 - £18,126)Blue Machinery (Spares) Limited - £191,587 (2021 - £145,827) - Trading AcBlue Machinery (Scotland) Limited - £18,599 (2021 - £9,247)
12. Controlling party
Controlling Party is Jans Holdings Ltd, by virture of their shareholding in Blue Mac Manufacturing Ltd.