Registered number
NI603956
Carrickdale Enterprises Limited
Report and Financial Statements
For the Year ended
31 January 2024
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Contents
Page
Company Information 2
Directors' Report 3
Statement of Directors' Responsibilities 4
Strategic Report 5
Independent Auditor's Report 6-9
Profit and Loss Account 10
Statement of Comprehensive Income 11
Balance Sheet 12
Statement of Changes in Equity 13
Statement of Cash Flows 14
Notes to the Financial Statements 15-24
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Company Information
Directors
Mr John McParland
Mr Patrick McParland
Secretary
Mr Peter McParland (date of death 29th February 2024)
Mr John McParland (appointed 29th February 2024)
Auditors
Fitzpatrick and Kearney Ltd
Chartered Accountants & Registered Auditors
10c Marcus Square
Newry
Co. Down
BT34 1AE
Bankers
AIB Bank
96 Clanbrassil Street
Dundalk
Co. Louth
Solicitors
Oliver Matthews & Company Solicitors
Quayside Business Park
Mill Street
Dundalk
Co. Louth
Catherine Allison & Company Solicitors
6, Roden Place
Dundalk
Co. Louth
Registered office
9 Kesh Road
Camlough
Newry
Co. Down
BT35 7HR
Place of Business
The Carrickdale Hotel
Carrickcarnon
Dundalk
Co. Louth
Ireland
Registered number
NI603956
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Registered number: NI603956
Directors' Report
The directors present their report and the audited financial statements for the year ended 31 January 2024
Principal activities
The company's principal activity during the year continued to be the operation of a hotel.
Future developments
The company does not intend to change its activities significantly in the coming year.
Dividends
The results for the year are set out on page 10.
Dividends of €7,040 per ordinary share were paid in the year ended 31st January 2024 amounting to
€704,000. (2023 Dividend €1,044,445)
Directors
The following persons served as directors during the year:
Mr John McParland
Mr Patrick McParland
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 2 September 2024 and signed on its behalf.
Mr John McParland Mr Patrick McParland
Director Director
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Strategic Report
The company's trading base is Carrickcarnon, Co. Louth in the Republic of Ireland from where the company is managed and controlled by the directors who are the sole shareholders.
The directors consider that the risks to the company's growth remain with the general economic uncertainty that exists in the marketplace, in particular how the BREXIT implications and COVID 19 implications will impact upon the market in the short and medium term. The abolition of all restrictions previously imposed by the Government as a result of COVID 19 which has now occurred has however, in the opinion of the directors, eliminated the uncertainty that this risk previously imposed on the general economic uncertainty.
The directors remain confident that their policy of providing exceptional customer service and their awareness of the current industry will allow the company to continue trading profitably for the foreseeable future. Any risk from competitors is managed through close attention to quality of service provision.
The company has sufficient cash funds to allow it to take advantage of any growth opportunities that arise within the local market. The company's trading position and liquidity both remain strong. The company has budgetary and financial reporting procedures, supported by key performance indicators to manage credit, liquidity and other financial risk
This report was approved by the board on 2 September 2024 and signed on its behalf.
Mr John McParland
Director
Carrickdale Enterprises Limited
Report and Financial Statements
for the year ended 31 January 2024
Independent Auditor's Report
to the members of Carrickdale Enterprises Limited
Opinion
We have audited the financial statements of Carrickdale Enterprises Limited for the year ended 31 January 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of 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’s 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included the following;
We considered as part of our risk assessment of the nature of the company, its business model and related risks including the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors’ assessment of the company's ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors’ plans for future actions in relation to their going concern assessment.
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 financial statements are 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 other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.
Opinions on other matters 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 the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 the 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 or the directors’ report.
We have nothing to report in respect of the following matters in relation to which 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’ responsibilities statement, 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’s 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
Identifying and Assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management and other group auditors about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained from management whether they were aware of any instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; and reviewing the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the accounts and any potential indicators of fraud.
As a result of these procedures, we identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection, employment, environmental and health and safety regulations.
Audit response to risks identified
As a result of performing the above, we identified the potential for management override of the contols as a key audit matter related to the potential risk of fraud. Our procedures to respond to the risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
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.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
Brian Delahunt FCA
(Senior Statutory Auditor)
For and on behalf of
Fitzpatrick & Kearney Ltd
Chartered Accountants and Statutory Auditors
10C Marcus Square
Newry
Co. Down
BT34 1AE
2 September 2024
Carrickdale Enterprises Limited
Profit and Loss Account
for the year ended 31 January 2024
Notes 2024 2023
Turnover 4 10,440,857 9,716,609
Cost of sales (2,908,997) (2,529,703)
Gross profit 7,531,860 7,186,906
Administrative expenses (7,122,530) (6,270,490)
Other operating income 18,451 15,398
Operating profit 5 427,781 931,814
Exceptional items: - -
Profit on sale of fixed assets - -
Interest payable 8 (7,481) (16,407)
Profit on ordinary activities before taxation 420,300 915,407
Tax on profit on ordinary activities 9 (53,787) (116,595)
Profit for the financial year 366,513 798,812
Carrickdale Enterprises Limited
Statement of Comprehensive Income
for the year ended 31 January 2024
Notes 2024 2023
Profit for the financial year 366,513 798,812
Other comprehensive income - -
Total comprehensive income for the year 366,513 798,812
Carrickdale Enterprises Limited
Balance Sheet
as at 31 January 2024
Notes 2024 2023
Fixed assets
Tangible assets 10 3,119,303 3,251,624
Investments 11 2 2
3,119,305 3,251,626
Current assets
Stocks 12 167,015 151,007
Debtors 14 1,088,689 1,023,104
Cash at bank and in hand 1,495,882 1,969,341
2,751,586 3,143,452
Creditors: amounts falling due within one year 15 (1,347,388) (1,550,392)
Net current assets 1,404,198 1,593,060
Total assets less current liabilities 4,523,503 4,844,686
Provisions for liabilities
Deferred taxation 16 (242,014) (225,710)
Net assets 4,281,489 4,618,976
Capital and reserves
Called up share capital 17 113 113
Share premium 18 3,718,196 3,718,196
Profit and loss account 19 563,180 900,667
Total equity 4,281,489 4,618,976
Mr John McParland Mr Patrick McParland
Director Director
Approved by the board on 2 September 2024
Carrickdale Enterprises Limited
Statement of Changes in Equity
for the year ended 31 January 2024
Share Share Profit Total
capital premium and loss
account
At 1 February 2022 113 3,718,196 1,146,300 4,864,609
Profit for the financial year - - 798,812 798,812
Dividends (1,044,445) (1,044,445)
At 31 January 2023 113 3,718,196 900,667 4,618,976
At 1 February 2023 113 3,718,196 900,667 4,618,976
Profit for the financial year - - 366,513 366,513
Dividends (704,000) (704,000)
At 31 January 2024 113 3,718,196 563,180 4,281,489
Carrickdale Enterprises Limited
Statement of Cash Flows
for the year ended 31 January 2024
Notes 2024 2023
Operating activities
Profit for the financial year 366,513 798,812
Adjustments for:
Interest payable 7,481 16,407
Depreciation 313,104 389,342
Increase in stocks (16,008) (40,682)
Increase in debtors (65,585) (155,546)
Increase in creditors 154,268 109,485
759,773 1,117,818
Interest paid (7,481) (16,407)
Corporation tax paid (152,562) (119,315)
Cash generated by operating activities 599,730 982,096
Investing activities
Payments to acquire tangible fixed assets (180,783) (228,230)
Cash used in investing activities (180,783) (228,230)
Financing activities
Equity dividends paid (704,000) (1,044,445)
Loans (221,879) (221,378)
Cash used in financing activities (925,879) (1,265,823)
Net cash used
Cash generated by operating activities 599,730 982,096
Cash used in investing activities (180,783) (228,230)
Cash used in financing activities (925,879) (1,265,823)
Net cash used (506,932) (511,957)
Cash and cash equivalents at 1 February 1,969,341 2,481,298
Cash and cash equivalents at 31 January 1,462,409 1,969,341
Cash and cash equivalents comprise:
Cash at bank 1,495,882 1,969,341
Bank overdrafts 15 (33,473) -
1,462,409 1,969,341
Carrickdale Enterprises Limited
Notes to the Financial Statements
for the year ended 31 January 2024
1 General Information
Carrickdale Enterprises Limited is a private company limited by shares incorporated in Northern Ireland. 9 Kesh Road, Camlough, Newry, Co. Down, Northern Ireland, BT35 7HR is the registered office. The company's place of business is The Carrickdale Hotel, Carrickcarnon, Dundalk, Co. Louth, Ireland. The nature of the company's operations and its principal activities are set out in the Directors' Report. The company's registration number is NI603956.
2 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102. The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in Euro which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land No depreciation
Freehold buildings 2% straight line
Motor vehicles 20% straight line
Equipment, fixtures and fittings 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Financial instruments
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Impairment
Assets not measured at fair value are reviewed for any indication that the assest may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Government grants
The company receives government grants in respect of the Employment Wage Subsidy Scheme and Covid Restrictions Support Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Employee benefits
The company provides a range of benefits to employees including paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
3 Critical accounting estimates and judgements
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Going Concern : The directors have prepared budgets and cash flows for a period of at least twelve months from the date of approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern
Impairment of Trade Debtors : The company trade with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total trade debtors is €109,892.
Impairment of Stocks: The company holds stocks amounting to €167,015 at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.
Useful Lives of Tangible and Intangible Fixed Assets: Long-lived assets comprising primarily of property and plant and machinery represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was €3,119,303.
4 Analysis of turnover 2024 2023
Sale of goods and services connected with the hospitality industry 10,440,857 9,716,609
By geographical market:
Republic of Ireland 10,440,857 9,716,609
5 Operating profit 2024 2023
This is stated after charging:
Depreciation of owned fixed assets 313,104 389,342
Auditors' remuneration for audit services 11,750 11,650
6 Directors' emoluments 2024 2023
Emoluments 52,260 35,160
7 Staff costs 2024 2023
Wages and salaries 3,956,616 3,361,854
Social security costs 388,543 345,063
4,345,159 3,706,917
Average number of employees during the year Number Number
Administration 180 175
8 Interest payable 2024 2023
Bank loans and overdrafts 7,481 16,407
9 Taxation 2024 2023
Analysis of charge in period
Current tax:
Irish corporation tax on profits of the period 37,483 115,079
Adjustments in respect of previous periods - 33
37,483 115,112
Deferred tax:
Origination and reversal of timing differences 16,304 1,483
Tax on profit on ordinary activities 53,787 116,595
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
Profit on ordinary activities before tax 420,300 915,407
Standard rate of corporation tax in the Republic of Ireland 12.5% 12.5%
Profit on ordinary activities multiplied by the standard rate of corporation tax 52,537 114,426
Effects of:
Utilisation of losses - -
Expenses not deductible for tax purposes 2,136
Capital allowances for period in excess of depreciation (15,054) (1,483)
Adjustments to tax charge in respect of previous periods - 33
Current tax charge for period 37,483 115,112
10 Tangible fixed assets
Freehold land and buildings Motor Vehicles Equipment fixtures and fittings Total
At cost At cost At cost
Cost or valuation
At 1 February 2023 4,736,333 6,742 8,217,787 12,960,862
Additions - - 180,783 180,783
Disposals - (6,742) - (6,742)
At 31 January 2024 4,736,333 - 8,398,570 13,134,903
Depreciation
At 1 February 2023 1,929,072 6,742 7,773,424 9,709,238
Charge for the year 87,111 - 225,993 313,104
On disposals - (6,742) - (6,742)
At 31 January 2024 2,016,183 - 7,999,417 10,015,600
Carrying amount
At 31 January 2024 2,720,150 - 399,153 3,119,303
At 31 January 2023 2,807,261 - 444,363 3,251,624
The cost of non-depreciable assets included in land and buildings at 31st January 2024 was €380,767.
11 Fixed asset investments
Other
Investments Total
Cost
At 1 February 2023 2 2
At 31 January 2024 2 2
The value of other unlisted investments is in relation to the £1 Ordinary C Share Capital Carrickdale Enterprises Limited holds in both JPM Properties (NI) Limited and McParland Bros Builders Limited. In the opinion of the directors, the value to the company of the unlisted investments is not less that the book amount shown above.
12 Stocks 2024 2023
Finished goods and goods for resale 167,015 151,007
There are no material differences between the balance sheet value of stock and their replacement stock.
13 Financial instruments 2024 2023
Carrying amount of financial assets
Debt instruments measured at amortised cost
Trade debtors 109,892 57,168
Amounts owed by group undertakings and undertakings in which the company has a participating interest 694,384 728,291
Other debtors 131,415 103,562
935,691 889,021
Equity instruments measured at cost less impairment 2 2
Carrying amount of financial liabilities
Bank loans and overdrafts 38,739 227,145
Trade creditors 429,507 519,004
Other creditors - -
468,246 746,149
14 Debtors 2024 2023
Trade debtors 109,892 57,168
Amounts owed by group undertakings and undertakings in which the company has a participating interest 694,384 728,291
Corporation tax 77,596 -
Other debtors 131,415 103,562
Prepayments and accrued income 75,402 134,083
1,088,689 1,023,104
15 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 38,739 227,145
Trade creditors 429,507 519,004
Corporation tax - 115,080
Other taxes and social security costs 141,964 109,975
Accruals and deferred income 737,178 579,188
1,347,388 1,550,392
The company has given a guarantee which contains a fixed charge, a floating charge which covers
all the property or undertaking of the company and contains a negative pledge in relation to its
1C Ordinary share in McParland Bros. Builders Ltd.
16 Deferred taxation 2024 2023
Accelerated capital allowances 242,014 225,710
2024 2023
At 1 February 225,710 224,227
Charged to the profit and loss account 16,304 1,483
At 31 January 242,014 225,710
17 Share capital Nominal 2024 2024 2023
value Number
Allotted, called up and fully paid:
Ordinary shares 1.13 100 113 113
18 Share premium 2024 2023
At 1 February 3,718,196 3,718,196
At 31 January 3,718,196 3,718,196
19 Profit and loss account 2024 2023
At 1 February 900,667 1,146,300
Profit for the financial year 366,513 798,812
Dividends (704,000) (1,044,445)
At 31 January 563,180 900,667
20 Dividends 2024 2023
Dividends on ordinary shares (note 19) 704,000 1,044,445
21 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
22 Contingent liabilities
There were no contingent liabilities at the year end.
23 Capital commitments
The company did not have any capital commitments at 31st January 2024 not already provided for in the accounts.
24 Related party transactions
McParland Bros Builders Ltd and JPM Properties (NI) Ltd are related parties through common directorship. The movements on these accounts and outstanding balances are as follows:
McParland JPM
Bros Properties
Builders Ltd (NI) Ltd
Opening balance at 01.02.2023 945,704 (217,413)
Sales - 25,897
Purchases (210,778) (44,530)
Payments made 188,305 33,096
Payments received - (25,897)
Loan to /(from) - -
Closing balance at 31.01.2024 923,231 (228,847)
McParland JPM
Bros Properties
Builders Ltd (NI) Ltd
Opening balance at 01.02.2022 945,704 (195,386)
Sales 849 3,721
Purchases (119,153) (15,145)
Payments made 119,153 22,091
Payments received (849) (32,694)
Loan to /(from) -
Closing balance at 31.01.2023 945,704 (217,413)
25 Controlling party
The ultimate controlling parties of the company are John McParland and Patrick McParland.
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