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Company registration number: NI019282
MCIVOR PLASTICS LIMITED
Trading as McIvor Plastics Limited
Filleted financial statements
Year ended
30 November 2023
MCIVOR PLASTICS LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MCIVOR PLASTICS LIMITED
Directors and other information
Directors James Patrick McIvor
Joseph Gerard McIvor
Marie Therese Allen
Secretary Joseph Gerard McIvor
Company number NI019282
Registered office 161-171 Strand Road
Derry
BT48 7PT
Business address 161-171 Strand Road
Derry
BT48 7PT
Auditor McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
Bankers Bank of Ireland
Culmore Road
Derry
BT48 8JB
Danske Bank
6 Shipquay Place
Derry
BT48 6DF
MCIVOR PLASTICS LIMITED
Directors responsibilities statement
Year ended 30 November 2023
The directors are responsible for preparing the directors 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 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 then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; 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. 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.
MCIVOR PLASTICS LIMITED
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 224,833 231,332
_______ _______
224,833 231,332
Current assets
Stocks 58,200 45,700
Debtors 7 141,625 132,097
Cash at bank and in hand 204,933 197,803
_______ _______
404,758 375,600
Creditors: amounts falling due
within one year 8 ( 79,232) ( 45,063)
_______ _______
Net current assets 325,526 330,537
_______ _______
Total assets less current liabilities 550,359 561,869
Provisions for liabilities ( 332) ( 4,452)
Accruals and deferred income ( 36,221) ( 37,969)
_______ _______
Net assets 513,806 519,448
_______ _______
Capital and reserves
Called up share capital 10 70,000 70,000
Share premium account 116,871 116,871
Profit and loss account 326,935 332,577
_______ _______
Shareholders funds 513,806 519,448
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
James Patrick McIvor Joseph Gerard McIvor
Director Director
Company registration number: NI019282
MCIVOR PLASTICS LIMITED
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 December 2021 70,000 116,871 344,584 531,455
Loss for the year ( 12,007) ( 12,007)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 12,007) ( 12,007)
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 70,000 116,871 332,577 519,448
Loss for the year ( 5,642) ( 5,642)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 5,642) ( 5,642)
_______ _______ _______ _______
At 30 November 2023 70,000 116,871 326,935 513,806
_______ _______ _______ _______
MCIVOR PLASTICS LIMITED
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is McIvor Plastics Limited, 161-171 Strand Road, Derry, BT48 7PT.
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.
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:
Land - Not provided
Buildings - 2 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10% & 20% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Auditors remuneration
2023 2022
£ £
Fees payable to McDaid McCullough Moore
Fees payable for the audit of the financial statements 3,250 3,100
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
6. Tangible assets
Land Buildings Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £ £
Cost
At 1 December 2022 71,611 334,413 441,091 67,731 914,846
Additions - 4,740 - 515 5,255
_______ _______ _______ _______ _______
At 30 November 2023 71,611 339,153 441,091 68,246 920,101
_______ _______ _______ _______ _______
Depreciation
At 1 December 2022 - 197,839 426,083 59,593 683,515
Charge for the year - 6,783 3,204 1,766 11,753
_______ _______ _______ _______ _______
At 30 November 2023 - 204,622 429,287 61,359 695,268
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 71,611 134,531 11,804 6,887 224,833
_______ _______ _______ _______ _______
At 30 November 2022 71,611 136,574 15,008 8,138 231,331
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 123,473 113,762
Other debtors 18,152 18,335
_______ _______
141,625 132,097
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 45,123 26,300
Accruals and deferred income 8,168 8,942
Corporation tax 14 14
Social security and other taxes 8,926 9,807
Other creditors 17,001 -
_______ _______
79,232 45,063
_______ _______
9. Government grants
The amounts recognised in the for government grants are as follows:
2023 2022
£ £
Recognised in creditors:
Deferred government grants due after more than one year 36,221 37,969
_______ _______
10. Called up share capital
Issued and called up
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 70,000 70,000 70,000 70,000
_______ _______ _______ _______
11. Contingent assets and liabilities
Grants received could be repayable in certain circumstances as set out in the letters of offer.
12. Summary audit opinion
The auditor's report for the year dated 17 July 2024 was unqualified.
The senior statutory auditor was Gerard Murray for and on behalf of McDaid McCullough Moore
13. Related party transactions
McIvor Plastics Limited is a wholly owned subsidiary of McIvor Holdings Limited. The company has taken advantage of the exemption available under FRS 102 Section 33 'Related Party Disclosures' and has not disclosed details of transactions with other group undertakings.
14. Controlling party
The company is a wholly owned subsidiary of McIvor Holdings Limited and McIvor Holdings Limited is the company's controlling party.
15. Ultimate parent undertaking
McIvor Plastics Limited is a wholly owned subsidiary of McIvor Holdings Limited, a company incorporated in the Republic of Ireland.