0 8 April 2024 false false false false false false false false false false true false false true false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI003223 2023-01-01 2023-12-31 NI003223 2023-12-31 NI003223 2022-12-31 NI003223 2022-01-01 2022-12-31 NI003223 2022-12-31 NI003223 2021-12-31 NI003223 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI003223 bus:Director3 2023-01-01 2023-12-31 NI003223 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI003223 core:PlantMachinery 2022-12-31 NI003223 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 NI003223 core:PlantMachinery 2023-12-31 NI003223 core:WithinOneYear 2023-12-31 NI003223 core:WithinOneYear 2022-12-31 NI003223 core:PlantMachinery 2023-01-01 2023-12-31 NI003223 core:ShareCapital 2023-12-31 NI003223 core:ShareCapital 2022-12-31 NI003223 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI003223 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI003223 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI003223 core:PlantMachinery 2022-12-31 NI003223 bus:SmallEntities 2023-01-01 2023-12-31 NI003223 bus:Audited 2023-01-01 2023-12-31 NI003223 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI003223 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI003223 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI003223
Miskelly Brothers Limited
Filleted Financial Statements
31 December 2023
Miskelly Brothers Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
1,969,656
1,982,392
Current assets
Stocks
64,892
63,234
Debtors
5
5,406,900
5,317,570
Cash at bank and in hand
19,401
32,933
------------
------------
5,491,193
5,413,737
Creditors: amounts falling due within one year
6
610,356
979,013
------------
------------
Net current assets
4,880,837
4,434,724
------------
------------
Total assets less current liabilities
6,850,493
6,417,116
Provisions
147,062
124,619
------------
------------
Net assets
6,703,431
6,292,497
------------
------------
Capital and reserves
Called up share capital
13,000
13,000
Profit and loss account
6,690,431
6,279,497
------------
------------
Shareholders funds
6,703,431
6,292,497
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr J Hilland
Director
Company registration number: NI003223
Miskelly Brothers Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Conexpo (NI) Limited which can be obtained from its registered office, Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
5% straight line
Plant and machinery
-
10% - 25% Straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is determined on a first in first out basis. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 as a finance cost 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 are 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. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
2,433,175
438,510
2,871,685
Disposals
( 8,500)
( 8,500)
------------
---------
------------
At 31 December 2023
2,433,175
430,010
2,863,185
------------
---------
------------
Depreciation
At 1 January 2023
506,107
383,186
889,293
Charge for the year
6,045
6,037
12,082
Disposals
( 7,846)
( 7,846)
------------
---------
------------
At 31 December 2023
512,152
381,377
893,529
------------
---------
------------
Carrying amount
At 31 December 2023
1,921,023
48,633
1,969,656
------------
---------
------------
At 31 December 2022
1,927,068
55,324
1,982,392
------------
---------
------------
5. Debtors
2023
2022
£
£
Trade debtors
1,075
1,309
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,404,663
5,307,588
Other debtors
1,162
8,673
------------
------------
5,406,900
5,317,570
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
303,009
542,283
Corporation tax
83,961
72,901
Social security and other taxes
83,018
159,025
Other creditors
140,368
204,804
---------
---------
610,356
979,013
---------
---------
7. Guarantees
There is an unlimited intercompany cross company guarantee between Miskelly Brothers Limited and Conexpo (NI) Limited. Security given by the company in respect of the guarantee consists of a floating charge covering all property or undertaking of the company.
8. Summary audit opinion
The auditor's report dated 8 April 2024 was unqualified .
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
9. Related party transactions
Miskelly Brothers Limited is a 100% subsidiary of Conexpo (NI) Limited. The company has taken advantage of the exemption given in FRS 102 'Related Party Disclosures. This exemption permits non-disclosure of related party transactions of a wholly-owned subsidiary company, provided that the consolidated financial statements in which the subsidiary is included are publicly available.
10. Controlling party
The directors consider the immediate and ultimate parent undertaking to be Conexpo (NI) Limited, a company incorporated in Northern Ireland. Conexpo (NI) Limited is the immediate parent, and is the smallest and largest group for which consolidated accounts including Miskelly Brothers Limited are prepared. The consolidated accounts of Conexpo (NI) Limited are available from its registered office at Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL .