Caseware UK (AP4) 2023.0.135 2023.0.135 truetruefalsetruetrue2023-01-01No description of principal activity11truetrue NI635548 2023-01-01 2023-12-31 NI635548 2022-01-01 2022-12-31 NI635548 2023-12-31 NI635548 2022-12-31 NI635548 2022-01-01 NI635548 c:Director1 2023-01-01 2023-12-31 NI635548 d:CurrentFinancialInstruments 2023-12-31 NI635548 d:CurrentFinancialInstruments 2022-12-31 NI635548 d:ShareCapital 2023-01-01 2023-12-31 NI635548 d:ShareCapital 2023-12-31 NI635548 d:ShareCapital 2022-01-01 2022-12-31 NI635548 d:ShareCapital 2022-12-31 NI635548 d:ShareCapital 2022-01-01 NI635548 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI635548 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI635548 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI635548 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI635548 d:RetainedEarningsAccumulatedLosses 2022-01-01 NI635548 c:FRS102 2023-01-01 2023-12-31 NI635548 c:Audited 2023-01-01 2023-12-31 NI635548 c:FullAccounts 2023-01-01 2023-12-31 NI635548 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI635548 d:Subsidiary1 2023-01-01 2023-12-31 NI635548 d:Subsidiary1 1 2023-01-01 2023-12-31 NI635548 d:Subsidiary2 2023-01-01 2023-12-31 NI635548 d:Subsidiary2 1 2023-01-01 2023-12-31 NI635548 d:Subsidiary3 2023-01-01 2023-12-31 NI635548 d:Subsidiary3 1 2023-01-01 2023-12-31 NI635548 d:Subsidiary4 2023-01-01 2023-12-31 NI635548 d:Subsidiary4 1 2023-01-01 2023-12-31 NI635548 d:Subsidiary5 2023-01-01 2023-12-31 NI635548 d:Subsidiary5 1 2023-01-01 2023-12-31 NI635548 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI635548 6 2023-01-01 2023-12-31 NI635548 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI635548










McKibbin Holdings Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
McKibbin Holdings Limited
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The director presents his strategic report on the Company for the year ended 31 December 2023. 

Business review and future developments
 
The year ahead continues to have economic challenges in respect of commercial vehicles sales, however, as at the time of signing these financial statements the director is confident that 2024 and 2025 will show continued improvement across all sections of its businesses and improvement in trading profits for the coming year. 

Going concern
At the date of this report the Director is confident that the company and it subsidiaries can continue to demonstrate their resilience and navigate these challenging times successfully. At the balance sheet date the company had Net Assets of £2,162,000 (2022: £2,162,000). The Director has prepared budgets and cash flow forecasts for the company and its subsidiaries. As a result the Director continues to prepare the financial statements on a going concern basis as he is satisfied that the company has the ability to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of this report.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the current economic environment, competition from other dealerships, supplier stability, employee retention and Mercedes-Benz support. These risks are addressed through a good relationship with Mercedes-Benz, strong customer service and after sales support as well as investment in its people and facilities. 

Key performance indicators
 
The Director manages the company's operations at a group level, rather than at an individual company level. For this reason, the company's Director believes that analysis using KPl's for the company is not necessary or appropriate for an understanding of the development, performance or position of the company business. The development, performance and position of MBNI Holdings Ltd, which include those of the company, are discussed on page 2 of the group's annual report, which does not form part of this report.

Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The Directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Health and safety
The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.

img0ad2.png
Page 1

 
McKibbin Holdings Limited
 

Strategic Report (continued)
For the Year Ended 31 December 2023

Human resources
 
The company's most important resource is its people; their knowledge and experience is crucial to meeting
customer requirements. Retention of key staff is critical and the company has invested increasingly in
employment training and development and has introduced appropriate incentive and career progression
arrangements.

Employees
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Statement by the directors in performance of their statutory duties accordance with s172(1) Companies Act 2006
 
This section describes how the directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors' statement required under the Companies (Miscellaneous Reporting) Regulations 2018. 


This report was approved by the board on 5 June 2024 and signed on its behalf.



Neil McKibbin
Director

img06cd.png
Page 2

 
McKibbin Holdings Limited
Registered number: NI635548

Balance Sheet
As at 31 December 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 6 
1,994
1,994

  
1,994
1,994

Current assets
  

Debtors: amounts falling due within one year
 7 
70
70

Cash at bank and in hand
 8 
98
98

  
168
168

Total assets less current liabilities
  
 
 
2,162
 
 
2,162

  

Net assets
  
2,162
2,162


Capital and reserves
  

Profit and loss account
  
2,162
2,162

  
2,162
2,162


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2024.




Neil McKibbin
Director

The notes on pages 5 to 9 form part of these financial statements.
img1f27.png
Page 3

 
McKibbin Holdings Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
-
4,662
4,662


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,500)
(2,500)


Total transactions with owners
-
(2,500)
(2,500)



At 1 January 2023
-
2,162
2,162
Total comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-


At 31 December 2023
-
2,162
2,162


The notes on pages 5 to 9 form part of these financial statements.

img3227.png
Page 4

 
McKibbin Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

The principal activity of the company is the management of subsidiaries. The subsidiary companies are involved in the purchase, sale and hire of commercial vehicles and associated services. 
The company is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of its registered office is 47 Mallusk Road, Newtownabbey, County Antrim, Northern Ireland, BT36 4PJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MBNI Holdings Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

The company is a wholly owned subsidiary of MBNI Holdings Ltd. It is included in the consolidated financial statements of MBNI Holdings Ltd which are publicly available. The company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The financial statements are the company's separate financial statements.

img222d.png
Page 5

 
McKibbin Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements made in the process of preparing the group financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances:
 
(a) Critical judgements in applying the entity's accounting policies
There are no critical judgements in applying the company's accounting policies.
 
(b) Critical accounting estimates and assumptions
There are no critical accounting estimates and assumptions.

img5f76.png
Page 6

 
McKibbin Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Going concern

At the date of this report the Director is confident that the company and it subsidiaries can continue to demonstrate their resilience and navigate these challenging times successfully. At the balance sheet date the company had Net Assets of £2,162,000 (2022: £2,162,000). The Director has prepared budgets and cash flow forecasts for the company and its subsidiaries. As a result the Director continues to prepare the financial statements on a going concern basis as he is satisfied that the company has the ability to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of this report. 


5.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Director
1
1


6.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
1,994



At 31 December 2023
1,994




img263f.png
Page 7

 
McKibbin Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

M-B Truck and Van (NI) Limited
  47 Mallusk Road,
 Newtownabbey,
 Northern Ireland, 
BT36 4PJ
Ordinary
100%
Rossetts (UK) Limited
  Meadow Road Industrial Estate, Meadow Road, Worthing, West Sussex, BN11 2RU
Ordinary
100%
Rentatruck (Self Drive) Limited
  47 Mallusk Road,
 Newtownabbey,
 Northern Ireland, 
BT36 4PJ
Ordinary
100%
Truck & Trailer Spares (NI) Limited
  47 Mallusk Road,
 Newtownabbey,
 Northern Ireland, 
BT36 4PJ
Ordinary
100%
Inspired Business Investments Limited
  47 Mallusk Road,
 Newtownabbey,
 Northern Ireland, 
BT36 4PJ
Ordinary
100%
img21ed.png
Page 8

 
McKibbin Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Debtors

2023
2022
£000
£000


Amounts owed by related party
70
60

Other debtors
-
10

70
70



8.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
98
98

98
98



9.


Share capital

2023
2022
£000
£000

Allotted, called up and fully paid


1,001 (2022 - 1,001) Ordinary shares of £0.01 each
10
10


10.


Controlling party

The company is a subsidiary of MBNI Holdings Ltd, which is the immediate parent company. At the year end the ultimate parent undertaking was MBNI Holdings Ltd. At the year end, the smallest and largest group of undertakings for which group financial statements are drawn up and of which the company is a member is MBNI Holdings Ltd, a company incorporated in Northern Ireland. Copies of the group financial statements are available to the public from Companies House, The Linenhall, 32 Linenhall Street, Belfast, BT2 88G.
The ultimate controlling party is considered to be the shareholders of MBNI Holdings Ltd. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 June 2024 by Brian Clerkin (Senior Statutory Auditor) on behalf of ASM (B) Limited.

img1af6.png
Page 9