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Registration number: NI005090

James F. McCue Limited

Annual Report and Financial Statements

for the Year Ended 30 November 2023

 

James F. McCue Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7 to 8

Independent Auditor's Report

9 to 12

Profit and Loss Account

13

Statement of Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 31

 

James F. McCue Limited

Company Information

Directors

Mr A.D.N. Patton

Mr T.G. Purdy

Mr J.L. McCracken

Mr B. Young

Company secretary

Mr A.D.N. Patton

Registered office

2 Sloefield Drive
Trooperslane Ind. Estate
Carrickfergus
BT38 8GX

Solicitors

McKervill Neilly
1-2 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

Auditors

D T Carson & Co.
Chartered Accountants & Registered Auditors
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

 

James F. McCue Limited

Strategic Report for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the company is a fitting out service in various sectors supported by their specialist joinery manufacturing unit.

Fair review of the business

The directors report a reduction in turnover of 11.1% compared to the previous year. Gross margin was up compared to the previous year at 10.71 % (2022 - 3.57%).

The company can report a profit before tax of £1,518,249 (2022 - loss £1,318,134). The results for the year and the financial position at the year end were considered satisfactory by the directors.

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

 

Unit

2023

2022

Turnover

£

40,252,448

45,352,304

Turnover growth

%

(11)

54

Gross profit margin

%

11

4

Profit/(Loss) before tax

£

1,518,249

(1,318,134)

Principal risks and uncertainties

Despite a challenging economic climate the company had a solid performance, particularly after a disappointing financial outcome in the prior year. A busy year in the hospitality sector, coupled with a serial tender agreement with a multinational retailer, were the key contributors to a successful twelve months.

As the company enters quarter three of this financial year, the broader construction sector, and more specifically the interior sector continues to face challenges. With delayed expectations for the Bank of England’s first interest rate cut, lingering macro-economic concerns have softened hopes of a faster-paced recovery. This, alongside significant year on year increases in utility costs, annual insurance and regular wages still growing will present challenges as the company strive to control and reduce operating costs.

On a positive note, the company has secured a number of exciting restaurant projects both locally and in Great Britain with a leading hospitality client. A key emphasis is now on delivering these projects which brings an added boost to the companys’s manufacturing facility with a varied and detailed range of bespoke joinery elements required.

As always, having a tight-knit team is key and like many organisations in our sector the company have found the employment market challenging. That said, in March the company was awarded the Investors in People silver accreditation with an above average industry Benchmark score. The company look forward to pushing on and achieving the gold standard in the second half of 2026. Notwithstanding this success, the company are aware that retaining and recruiting in a number of key positions will be vital over the coming months to deliver our growth plan.

 

James F. McCue Limited

Strategic Report for the Year Ended 30 November 2023

McCue have a long standing tradition of supporting apprenticeship training. Currently the company have some 27 apprentices at various levels in their training. Testimony to the company’s commitment to training was a McCue apprentice being runner up in the 2024 Northern Ireland Apprenticeship Awards.

The company continues to adopt a structured approach to risk management based on the prevention through early detection. Credit risk and liquidity risk are included in the company’s risk register which is reviewed on a monthly basis.

As the company moves forward, the business remains determined in seeking further operational efficiencies that can help to offset higher costs. Environmental management and responsible procurement are two key strands of the company’s sustainability programme. Further validation of this in 2023 was McCue achieving Gold in the NI Environmental Benchmarking survey.

The company continues to operate on multiple sites which presents challenges from a health and safety point of view. A strong health and safety culture is promoted with regular site audits along with an extensive programme of annual safety training courses.

A continued focus remains on liquidity and the company had another year with a strong net cash position.

As the company enters the second half of the financial year and historically the more busy period, McCue have an encouraging forward order book. As much as this is positive, it is likely that margins will remain competitive along with continued emphasis on employee engagement and retention.

Section 172(1) statement

This section serves as our section 172 statement and should be read in conjunction with the rest of the Strategic Report. Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making.

The Directors continue to have regard to the interests of the company's employees and other stakeholders, including the impact of its activities on the community, the environment and the company's reputation, when making decisions. Acting in good faith and fairly between members, the Directors consider what is most likely to promote the success of the company in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we are explaining in more detail this year how the Board engages with our stakeholders, with the requirement to include a statement setting out how our Directors have discharged this duty.

The directors have disclosed the level of information below consistent with the size and complexity of our business in mind and of strategic importance to the company.

(a) Long term strategy

Our long term plan is designed to have a long term beneficial impact on the company and to contribute to its future success. Our business operations are conducted with the careful management of financial resources and budgetary controls. This enables us to provide our customers with a secure and reliable service which is constantly reviewed for quality and continuity in the long term. Board meetings are held monthly to review performance and adapt where necessary, according to changes in demand and innovation within our industry.

(b) Engaging with our employees

We recognise that the success of our business is very much dependent upon attracting, retaining and motivating employees. As a responsible employer, our policy in respect of pay and benefits to our health, saftety and workplace environments is not only adequate but is continually reviewed. The directors recognise that our employees are one of our key stakeholders.

 

James F. McCue Limited

Strategic Report for the Year Ended 30 November 2023

(c) Fostering business relationships with suppliers, customers and others

The success of our business strategy requires sustaining a long lasting strong mutually beneficial relationship with our customers and suppliers. Our policy is committed to develop and maintain strong client relationships. In this respect we ensure that there is continual investment in our business development team and processes and keep up to date with the ever-changing workplace business needs as determined by our clients.

Our suppliers remain yet another key stakeholder in our strategy to deliver a long-term high-quality service to our clients. The business continuously reviews relationships with our supply chain to forge ongoing partnership with suppliers who will have beneficial impact on the company's success.

(d) The impact of operations on the community and environment

The company recognises its operations directly impact on the natural and human environment and aims to continually assess the environmental implications of our activities and will actively seek the co-operation of clients, sub-contractors, suppliers, and all our employees in minimising adverse effects.

(e) The desirability of the company maintaining a reputation for high standards of business conduct

The company has a policy of maintaining and developing its systems to meet the highest industry standards expected of our customers, suppliers, employees and other stakeholders.

(f) The need to act fairly as between members of the company

The directors are committed to long term creation of shareholder value by continuing to maintain its market share in Northern Ireland, Great Britain and Ireland. The directors are confident that their strategy will result in continued profitability.

Non-financial and sustainability information

Energy and carbon report

Emissions and energy consumption

McCue measure using the GHG Reporting Protocol Corporate Standard and have used the 2021/2022/2023 UK Government's Conversion Factors for Company Reporting. The organisation aligns with the United Nations Sustainable Development Goals (UNSDGs) framework, with a specific focus on achieving excellence in the following UNSDGs:

• 8 – Decent Work and Economic Growth
• 9 – Industry Innovation and Infrastructure
• 11 – Sustainable Cities and Communities
• 12 – Responsible Consumption and Production
• 13 – Climate Action

The organisation uses SustainIQ ESG platform to ensure standardised and consistent data collection methods. Workflows are aligned to company procedures, data is collected by forms at point of entry, via CSV upload or automated to collect data from existing software systems. Our procedures and use of the SustainIQ platform are aligned to the ISO 14001 accreditation. SustainIQ is updated with the UK Government Conversion factors year-on-year to provide accurate reporting relevant for that period.

 

James F. McCue Limited

Strategic Report for the Year Ended 30 November 2023

Summary of scope 1 (direct) greenhouse gas emissions for the year ended 30 November 2023:

Name and
description

Unit of
measurement

2023

2022

Natural gas

Tco2e

37.28

35.59

Business Miles (company owned)

Tco2e

138.82

295.18

176.10

330.77

Summary of scope 2 (indirect) greenhouse gas emissions for the year ended 30 November 2023:

Name and
description

Unit of
measurement

2023

2022

Electricity (location based)

Tco2e

80.56

95.13

   

Summary of scope 3 (other indirect) greenhouse gas emissions for the year ended 30 November 2023:

Name and
description

Unit of
measurement

2023

2022

Upstream & Downstream transport

Tco2e

4.91

19.52

Business Travel (Land - employee commute)

Tco2e

26.07

28.31

Waste transport

Tco2e

6.67

7.64

Water supply & treatment

Tco2e

0.31

0.59

T&D Losses

Tco2e

7.03

8.65

44.99

64.71

Summary of energy consumption for the year ended 30 November 2023:

Name and
description

Unit of
measurement

2023

2022

Aggregate of energy consumption in the year

kWh

597,692.34

655,893.75

   
 

James F. McCue Limited

Strategic Report for the Year Ended 30 November 2023

Intensity ratio

Tonnes CO2 per £m turnover

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2 per £1m of turnover. During the year ended 30 November 2023 this was 6.62% (2022 - 10.74%).

Energy efficiency initiatives

The following environmental management measures and projects have either been completed or are being or planned to be implemented since the 2021 baseline. The carbon emission reduction and energy efficiency achieved by these schemes will be in effect when performing the contract.

McCue has implemented a net zero strategy to challenge the business to reduce emissions and achieve net zero by 2050.

We recognise our responsibility to eliminate and to reduce our emissions over the coming years in line with our targets. These include:

• Implementation of ISO 14001
• Implementation of ISO 45001
• Implementation of ISO 9001
• Implementation of FSC
• Implementation of FORS Silver
• Invested in vehicle tracker software to calculate transport emissions
• Investment in ESG / sustainability reporting software
• Full carbon audit to understand emissions
• Compliance with ESOS and SECR Regulations
• Carbon Reduction Plan produced outlining targets to be achieved across the business scope 1, scope 2 and scope 3 emissions
• Monitoring, measuring and reporting of Scope 1 and Scope 2 emissions
• Continuing to increase monitoring, measuring and reporting of Scope 3 emissions (supplier deliveries and waste transport) in 2023.
• Installation of biomass boilers at Head Office (Bespoke Joinery Workshop)
• Installed solar panels to head office
• Installation of LED lighting throughout head office & workshop
• Invested in IT to facilitate remote working to reduce business travel and employee commuting.

In the future we hope to implement further measures such as:

• Implement EV charge points at head office
• Transport strategy to progressively switch to EV/PHEV vehicles.
• Additional solar panel installation at head office
• Signing up to green renewable energy tariffs
• Implement Carbon literacy course to our employees & supply chains.

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
Mr A.D.N. Patton
Company secretary and director

 

James F. McCue Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr A.D.N. Patton - Company secretary and director

Mr A.C. Lyons (retired 13 February 2023)

Mr T.G. Purdy

Mr J.L. McCracken

Mr B. Young

Financial instruments

Objectives and policies

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, and trade creditors. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

The business' activities expose it to the financial risks of foreign currency exchange rates.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at a floating rate of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities when funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Engagement with suppliers, customers and other relationships

The value of customer and supplier relationships is considered crucial to the continued success of the company and this ethos along with protecting the long-term future of the company and its employees is the centre to key decisions taken by the directors.

Future developments

The company plans to continue its present activities and ongoing growth strategies.

Research and development

The company has ongoing research and development work into new processes and products in order to continually improve the operations of the business.

 

James F. McCue Limited

Directors' Report for the Year Ended 30 November 2023

Information included in the Strategic Report

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors report information in the strategic report:
• Financial performance indicators;
• Principal risks and uncertainties;
• Principal activity and Business review; and
• Non-financial and sustainability information.

Statement of directors' responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 and in accordance with FRS 102. 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.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of D T Carson & Co. as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
Mr A.D.N. Patton
Company secretary and director

 

James F. McCue Limited

Independent Auditor's Report to the Members of James F. McCue Limited

Opinion

We have audited the financial statements of James F. McCue Limited (the 'company') for the year ended 30 November 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

James F. McCue Limited

Independent Auditor's Report to the Members of James F. McCue Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Report [set out on page 5], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

• We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws and we determined that the financial reporting framework used was FRS 102;
• We obtained an understanding of how the company is complying with those legal, regulatory and financial reporting frameworks by making inquiries of management; and
• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.

 

James F. McCue Limited

Independent Auditor's Report to the Members of James F. McCue Limited

 

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Audit procedures performed included:

- identifying the nature of the industry sector and business performance;
- enquiring of management about their own identification and assessment of the risk of irregularities and whether they have any knowledge of any actual, suspected or alleged fraud;
- reviewing Board minutes;
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- identifying and assessing the extent of compliance with laws and regulations and enquiring of management if they are aware of any instance of noncompliance;
- assessing assumptions and judgements made by management in its significant accounting estimates for reasonableness;
- performing analytical procedures to identify any unusual or unexpected variations that may indicate risk of material misstatement due to fraud;
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- enquiring of management concerning actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

 

James F. McCue Limited

Independent Auditor's Report to the Members of James F. McCue Limited

Use of our report

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.

......................................
James Wallace (Senior Statutory Auditor)
For and on behalf of D T Carson & Co., Statutory Auditor

51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

9 July 2024

 

James F. McCue Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

40,252,448

45,352,304

Cost of sales

 

(35,939,879)

(43,733,689)

Gross profit

 

4,312,569

1,618,615

Administrative expenses

 

(3,110,673)

(3,046,047)

Other operating income

4

60,750

54,000

Operating profit/(loss)

6

1,262,646

(1,373,432)

Other interest receivable and similar income

7

236,620

52,164

Interest payable and similar expenses

8

18,983

3,134

   

255,603

55,298

Profit/(loss) before tax

 

1,518,249

(1,318,134)

Tax on profit/(loss)

12

(163,966)

459,616

Profit/(loss) for the financial year

 

1,354,283

(858,518)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

James F. McCue Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit/(loss) for the year

1,354,283

(858,518)

Total comprehensive income for the year

1,354,283

(858,518)

 

James F. McCue Limited

(Registration number: NI005090)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

1,425,179

1,392,493

Investment property

14

540,153

690,153

 

1,965,332

2,082,646

Current assets

 

Stocks

15

310,919

730,556

Debtors

16

10,556,017

10,834,083

Cash at bank and in hand

 

11,208,684

9,738,841

 

22,075,620

21,303,480

Creditors: Amounts falling due within one year

18

(9,345,710)

(10,311,352)

Net current assets

 

12,729,910

10,992,128

Total assets less current liabilities

 

14,695,242

13,074,774

Provisions for liabilities

-

266,185

Net assets

 

14,695,242

13,340,959

Capital and reserves

 

Called up share capital

20

10,000

10,000

Retained earnings

14,685,242

13,330,959

Shareholders' funds

 

14,695,242

13,340,959

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
Mr A.D.N. Patton
Company secretary and director

.........................................
Mr T.G. Purdy
Director

 

James F. McCue Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

10,000

13,330,959

13,340,959

Profit for the year

-

1,354,283

1,354,283

At 30 November 2023

10,000

14,685,242

14,695,242

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

10,000

14,189,477

14,199,477

Loss for the year

-

(858,518)

(858,518)

At 30 November 2022

10,000

13,330,959

13,340,959

 

James F. McCue Limited

Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit/(loss) for the year

 

1,354,283

(858,518)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

118,358

141,141

Profit on disposal of tangible assets

5

(18,402)

(350)

Loss from sales of investment properties

5

7,000

10,000

Finance income

7

(236,620)

(52,164)

Income tax expense

12

163,966

(459,616)

 

1,388,585

(1,219,507)

Working capital adjustments

 

Decrease/(increase) in stocks

15

419,637

(410,755)

Decrease/(increase) in trade debtors

16

380,285

(3,241,951)

(Decrease)/increase in trade creditors

18

(965,642)

2,047,101

Cash generated from operations

 

1,222,865

(2,825,112)

Income taxes received

12

-

41,133

Net cash flow from operating activities

 

1,222,865

(2,783,979)

Cash flows from investing activities

 

Interest received

7

236,620

52,164

Acquisitions of tangible assets

(153,237)

(37,240)

Proceeds from sale of tangible assets

 

20,595

350

Acquisition of investment properties

-

(464)

Proceeds from sale of investment properties

 

143,000

240,000

Net cash flows from investing activities

 

246,978

254,810

Net increase/(decrease) in cash and cash equivalents

 

1,469,843

(2,529,169)

Cash and cash equivalents at 1 December

 

9,738,841

12,268,010

Cash and cash equivalents at 30 November

21

11,208,684

9,738,841

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 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:
2 Sloefield Drive
Trooperslane Ind. Estate
Carrickfergus
BT38 8GX

These financial statements were authorised for issue by the Board on 9 July 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 financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling and all amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the postive trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilties in the normal course of business.

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses in the financial statements and accompanying notes. Actual results may differ from these estimates. Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances.

Key sources of estimation uncertainty

Contract balances

Recognition of turnover and profit on contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

The value of work completed at the balance sheet date is calculated by undertaking surveys and completing internal management assessments on each element of works packages completed and in progress. Any material variances are investigated, and updates made where appropriate.

The age, nature and recoverability of all debtors and amounts recoverable on construction contracts are reviewed regularly by management and provisions made where appropriate.

Revenue recognition

Contract revenue is measured at the fair value of consideration receivable and ascertained in a manner appropriate to the stage of completion and the anticipated final contract value. Revenue for the sale of goods or from the supply of services comprises the fair value of the consideration received or receivable in the ordinary course of the company’s activities. All turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Contract revenue recognition

When the outcome of a contract can be measured reliably, the company recognises contract revenue and contract costs as a proportion of the work undertaken at the end of the reporting period and the anticipated margins of the project (the stage of completion method). If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised in full immediately as an expense and an associated liability recorded.

If revenue exceeds payments on account, amounts recoverable on contracts are established and classified within trade debtors. If payments on accounts are greater than revenue, the excess is classified within trade creditors.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Finance income and costs policy

Interest income is recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired.

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Other property, plant and equipment

10 - 25% straight line

Motor vehicles

15 - 25% straight line

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are initially recognised at cost.

Subsequent to initial recognition, investment properties are held at fair value, derived from the current market prices for comparable real estate and indicative yields, and are determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss in the period that they arise. No depreciation is provided.

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Other financial instruments not meeting the definition of basic financial instruments are recognised initially at fair value. Subsequently, other financial instruments are measured at fair value with changes recognised in profit or loss.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Contract revenue

40,213,973

45,327,246

Rental income from investment property

38,475

25,058

40,252,448

45,352,304

The analysis of the company's turnover for the year by market is as follows:

2023
£

2022
£

UK

33,813,816

41,681,529

Europe

6,438,632

3,670,775

40,252,448

45,352,304

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Government grants

60,750

54,000

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of tangible assets

18,402

350

Loss from sales of investment properties

(7,000)

(10,000)

11,402

(9,650)

6

Operating profit/(loss)

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

118,358

141,141

Profit on disposal of property, plant and equipment

(18,402)

(350)

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

235,559

49,749

Other finance income

1,061

2,415

236,620

52,164

8

Interest payable and similar expenses

2023
£

2022
£

Foreign exchange losses

(18,983)

(3,134)

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

4,692,952

4,546,867

Social security costs

465,702

488,382

Pension costs, defined contribution scheme

127,665

121,689

Other employee expense

60,230

61,615

5,346,549

5,218,553

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

85

80

Administration and support

48

51

133

131

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

330,167

341,148

Contributions paid to money purchase schemes

58,048

47,389

388,215

388,537

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2023
£

2022
£

Remuneration

131,650

125,915

Company contributions to money purchase pension schemes

38,375

30,441

11

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

9,800

9,600


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

-

(118,413)

Deferred taxation

Arising from origination and reversal of timing differences

163,966

(341,203)

Tax expense/(receipt) in the income statement

163,966

(459,616)

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

1,518,249

(1,318,134)

Corporation tax at standard rate

379,562

(250,445)

Tax increase from effect of capital allowances and depreciation

7,568

1,940

Effect of expense not deductible in determining taxable profit (tax loss)

2,822

4,007

Effect of tax losses

(370,083)

-

Deferred tax credit relating to changes in tax rates or laws

(23,147)

(46,293)

Tax increase/(decrease) from effect of adjustment in research and development tax credit

167,244

(168,825)

Total tax charge/(credit)

163,966

(459,616)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

98,270

Tax losses carry-forwards

200,489

-

200,489

98,270

2022

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

72,129

Tax losses carry-forwards

338,314

-

338,314

72,129

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

13

Tangible assets

Land and buildings
£

Other property, plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,553,761

633,819

377,724

2,565,304

Additions

59,750

93,487

-

153,237

Disposals

-

(15,230)

(52,595)

(67,825)

At 30 November 2023

1,613,511

712,076

325,129

2,650,716

Depreciation

At 1 December 2022

499,807

365,549

307,455

1,172,811

Charge for the year

26,508

63,023

28,827

118,358

Eliminated on disposal

-

(15,230)

(50,402)

(65,632)

At 30 November 2023

526,315

413,342

285,880

1,225,537

Carrying amount

At 30 November 2023

1,087,196

298,734

39,249

1,425,179

At 30 November 2022

1,053,954

268,270

70,269

1,392,493

Included within the net book value of land and buildings above is £1,087,196 (2022 - £1,053,954) in respect of freehold land and buildings.
 

14

Investment properties

2023
£

At 1 December

690,153

Disposals

(150,000)

At 30 November

540,153

The investment properties were valued on 30 November 2023 by the directors. The directors have valued the investment property at the year end based on their estimate of the market value using yield methodology and current market values of comparable real estate. The directors believe that the above valuation reflects the fair value of the investment property at the year end.

15

Stocks

2023
£

2022
£

Raw materials and consumables

57,331

58,973

Work in progress

253,588

671,583

310,919

730,556

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

16

Debtors

Note

2023
£

2022
£

Trade debtors

 

10,339,609

10,693,173

Amounts owed by related parties

22

31,012

40,810

Other debtors

 

36,815

21,341

Prepayments

 

46,362

78,759

Deferred tax assets

12

102,219

-

 

10,556,017

10,834,083

17

Cash and cash equivalents

2023
£

2022
£

Cash on hand

980

952

Cash at bank

11,207,704

9,737,889

11,208,684

9,738,841

18

Creditors

2023
£

2022
£

Due within one year

Trade creditors

8,040,171

9,006,041

Social security and other taxes

1,006,199

1,051,018

Accruals

299,340

254,293

9,345,710

10,311,352

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £127,665 (2022 - £121,689).

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

21

Analysis of changes in net debt

At 1 December 2022
£

Cash flows
£

At 30 November 2023
£

Cash and cash equivalents

Cash

9,738,841

1,469,843

11,208,684

 

9,738,841

1,469,843

11,208,684

22

Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors.

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

330,167

341,148

Post-employment benefits

58,048

47,389

388,215

388,537

Summary of transactions with entities with joint control or significant interest

Sale of goods or supply of services to and purchase of goods from entities under common control. In addition, payments on behalf of and loan to an entity under common control.
 

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

3,773

Sale of property or other assets

143,000

146,773

Amounts receivable from related party

273

2022

Entities with joint control or significant influence
£

Sale of goods

260,983

Sale of property or other assets

240,000

Leases

6,500

507,483

Amounts receivable from related party

118

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Purchase of goods

2,005

Amounts payable to related party

953

2022

Entities with joint control or significant influence
£

Purchase of goods

19,342

Amounts payable to related party

31

 

James F. McCue Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

40,810

40,810

Repaid

(10,859)

(10,859)

Interest transactions

1,061

1,061

At end of period

31,012

31,012

2022

Entities with joint control or significant influence
£

Total
£

At start of period

63,930

63,930

Repaid

(24,666)

(24,666)

Interest transactions

1,546

1,546

At end of period

40,810

40,810

Terms of loans to related parties

Loan is denominated in sterling, repayable on demand and at 3% rate of interest.
 

23

Parent and ultimate parent undertaking

The ultimate controlling party is A.D.N. Patton.