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REGISTERED NUMBER: SC640207 (Scotland)















Financial Statements for the Year Ended 31st December 2023

for

McGraths Limestone UK Limited

McGraths Limestone UK Limited (Registered number: SC640207)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


McGraths Limestone UK Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: D McGrath
K McGrath
L McGrath
M McGrath





REGISTERED OFFICE: Maxim 1 Parklands Way
Holytown
Motherwell
ML1 4WR





REGISTERED NUMBER: SC640207 (Scotland)





AUDITORS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

McGraths Limestone UK Limited (Registered number: SC640207)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,528 3,800
Tangible assets 5 14,400 19,200
15,928 23,000

CURRENT ASSETS
Stocks 123,951 104,047
Debtors 6 2,435,459 1,500,878
Cash at bank 4,154,931 1,833,614
6,714,341 3,438,539
CREDITORS
Amounts falling due within one year 7 (3,634,942 ) (1,514,220 )
NET CURRENT ASSETS 3,079,399 1,924,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,095,327

1,947,319

PROVISIONS FOR LIABILITIES (3,982 ) (4,370 )
NET ASSETS 3,091,345 1,942,949

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,091,245 1,942,849
SHAREHOLDERS' FUNDS 3,091,345 1,942,949

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th July 2024 and were signed on its behalf by:





K McGrath - Director


McGraths Limestone UK Limited (Registered number: SC640207)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

McGraths Limestone UK Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises revenue recognised by the company in respect of sales of liquid screed before close of business on the last working day of the year, excluding value added tax. Turnover is recognised based on delivery of product.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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 the sale of goods and services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


McGraths Limestone UK Limited (Registered number: SC640207)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events: it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2023
and 31st December 2023 7,637
AMORTISATION
At 1st January 2023 3,837
Charge for year 2,272
At 31st December 2023 6,109
NET BOOK VALUE
At 31st December 2023 1,528
At 31st December 2022 3,800

McGraths Limestone UK Limited (Registered number: SC640207)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 24,000
DEPRECIATION
At 1st January 2023 4,800
Charge for year 4,800
At 31st December 2023 9,600
NET BOOK VALUE
At 31st December 2023 14,400
At 31st December 2022 19,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,392,935 1,480,023
Other debtors 42,524 20,855
2,435,459 1,500,878

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,768,099 735,998
Amounts owed to group undertakings 3,711 51,182
Taxation and social security 845,656 721,518
Other creditors 17,476 5,522
3,634,942 1,514,220

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gerald McGill, BA CA (Senior Statutory Auditor)
for and on behalf of Farries Kirk & McVean

9. RELATED PARTY DISCLOSURES

During the year under review the McGraths Limestone UK Limited made purchases of £588,460 (2022 - £331,550) from McGraths Limestone (Cong) Limited.

McGraths Limestone (Cong) Limited also charged £1,771,133 (2022 - £1,640,094) for Head Office overheads.

At 31st December 2023 the company owed the sum of £1,813,181 (2022 - £10,257) to McGraths Limestone (Cong) Limited by way of Trade Creditors.

The company also operates inter company loans with both McGraths Limestone (Cong) Limited and McGraths Limestone Works Limited (its holding company). At 31st December 2023 the company owed the sum of £400 (2022 - £400) to McGraths Limestone Works Limited and £3,311 (2022 - £50,782) to McGraths Limestone (Cong) Limited.

McGraths Limestone UK Limited (Registered number: SC640207)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of McGraths Limestone Works Limited, Cregaree, Cong, Co. Mayo, Ireland. That company is currently owned 50/50 by brothers Michael McGrath and John Joe McGrath.