Registered number
NI603957
McParland Bros Builders Limited
Filleted Accounts
31 January 2024
McParland Bros Builders Limited
Registered number: NI603957
Balance Sheet
as at 31 January 2024
Notes 2024 2023
Fixed assets
Leased Assets 4 82,500 -
Tangible assets 5 313,080 326,938
395,580 326,938
Current assets
Stocks & WIP 6,298,061 4,451,556
Development land 6,963,197 6,963,197
Debtors 6 814,417 1,250,011
Cash at Bank 10,415 16,053
14,086,090 12,680,817
Creditors: amounts falling due within one year 7 (3,948,413) (673,722)
Net current assets 10,137,677 12,007,095
Total assets less current liabilities 10,533,257 12,334,033
Creditors: amounts falling due after more than one year 8 (3,292,710) (4,993,013)
Net assets 7,240,547 7,341,020
Capital and reserves
Called up share capital 114 114
Share premium 10,913,670 10,913,670
Profit and loss account (3,673,237) (3,572,764)
Shareholders' funds 7,240,547 7,341,020
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Anthony McParland
Director
Approved by the board on 2 September 2024
McParland Bros Builders Limited
Notes to the Financial Statements
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 & buildings No depreciation
Plant and machinery 15% Straight line
Motor vehicles 25% 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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching them and the grants will be received using the accrual model.
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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Name of the senior statutory auditor: Brian Delahunt FCA
Firm: Fitzpatrick & Kearney Limited
Chartered Accountants & Registered Auditors
Date of audit report: 2 September 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 11
4 Leased Assets
Cost
Additions 88,000
At 31 January 2024 88,000
Depreciation
Charge for the year 5,500
At 31 January 2024 5,500
Net book value
At 31 January 2024 82,500
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 February 2022 255,737 1,589,677 67,429 1,912,843
Additions - 9,311 - 9,311
Disposals - (51,000) - (51,000)
At 31 January 2024 255,737 1,547,988 67,429 1,871,154
Depreciation
At 1 February 2023 - 1,526,984 58,921 1,585,905
Charge for the year - 18,440 4,729 23,169
On disposals - (51,000) - (51,000)
At 31 January 2024 - 1,494,424 63,650 1,558,074
Net book value
At 31 January 2024 255,737 53,564 3,779 313,080
At 31 January 2023 255,737 62,693 8,508 326,938
6 Debtors 2024 2023
Trade debtors - 69,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest 128,046 323,435
Deferred tax asset 4,918 7,279
Other debtors 681,453 849,797
814,417 1,250,011
7 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 3,713,997 307,478
Obligations under finance lease and hire purchase contracts 24,333 6,927
Trade creditors 106,133 215,299
Taxation and social security costs 7,249 5,395
Other creditors 96,701 138,623
3,948,413 673,722
8 Creditors: amounts falling due after one year 2024 2023
Bank loans - 1,729,454
Obligations under finance lease and hire purchase contracts 38,528 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,254,182 3,263,559
3,292,710 4,993,013
9 Loans 2024 2023
Creditors include:
Secured bank loans - 1,729,454
The loan is secured by:
(a) First ranking priority security over the issued share caital of McParland Bros Builders Limited
(b) First priority asset security (Debenture)
(c) First priority mortgage over Folio 4756 at Medebawn, Dundalk, Co. Louth
(d) First priority mortgage over the 13.5 acre residentially zoned site at Bellfield. Haynestown, Dundalk, Co. Louth
(e) Fixed charge/assignemnt by way of security of the Insurances and the Development Documents to include collateral Warranties
(f) Limited recourse guarantee from the shareholders of the borrower supported by a share charge over the shares in McParland Bros Builders Limited
(g) Floating charge over the General Account
(h) Subordination Agreements in respect of any loans to McParland Bros Builders Limited in which those loans will rank after HBFI and cannot be enforced until such time as HBFI is repaid in full
(i) The company has been given a guarantee from Carrickdale Enterprises Limited 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 Limited.
10 Events after the reporting date
There were no events since the balance sheet date which would necessitate a revision of the above figures.
11 Contingent liabilities
There where no contingent liabilities at the year end.
12 Related party transactions
Related party transactions have been identified in the year ended 31 January 2024 between the company and JPM Properties (NI) Limited, Carrickdale Enterprises Limited, McParland Bros and the company's directors. The movements on these accounts and outstanding balances are as follows:
JPM Carrickdale McParland
Properties Enterprises Bros
(NI) Limited Limited
Opening balance 1 February 2023 (2,317,885) (945,704) (323,435)
Sales 210,778 (8,230)
Purchases - (65,933)
Payments made (188,305) 383,469
Withdrawals (113,917)
Movement on currency exchange (13,037) -
Closing balance 31 January 2024 (2,330,922) (923,231) (128,046)
13 Controlling party
The ultimate controlling party has been identified as Mr John McParland and Mr Patrick McParland each holding 49.5% of the Ordinary Shares in the company.
14 Other information
McParland Bros Builders Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
9 Kesh Road
Newry
Down
BT35 7HR
The company is centrally managed and controlled in the Republic of Ireland. Its main business operation office is:
Newry Road
Carrickcarnon
Ravensdale
Dundalk
Co. Louth
Republic of Ireland
McParland Bros Builders Limited NI603957 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Anthony McParland No description of principal activity NI603957 2022-02-01 2023-01-31 NI603957 core:WithinOneYear 2023-01-31 NI603957 core:AfterOneYear 2023-01-31 NI603957 core:ShareCapital 2023-01-31 NI603957 core:SharePremium 2023-01-31 NI603957 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI603957 2023-02-01 2024-01-31 NI603957 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI603957 bus:Audited 2023-02-01 2024-01-31 NI603957 bus:Director40 2023-02-01 2024-01-31 NI603957 1 2023-02-01 2024-01-31 NI603957 2 2023-02-01 2024-01-31 NI603957 core:Goodwill 2023-02-01 2024-01-31 NI603957 core:LandBuildings 2023-02-01 2024-01-31 NI603957 core:PlantMachinery 2023-02-01 2024-01-31 NI603957 core:Vehicles 2023-02-01 2024-01-31 NI603957 1 2023-02-01 2024-01-31 NI603957 countries:England 2023-02-01 2024-01-31 NI603957 bus:FRS102 2023-02-01 2024-01-31 NI603957 bus:FilletedAccounts 2023-02-01 2024-01-31 NI603957 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI603957 2024-01-31 NI603957 core:WithinOneYear 2024-01-31 NI603957 core:AfterOneYear 2024-01-31 NI603957 core:ShareCapital 2024-01-31 NI603957 core:SharePremium 2024-01-31 NI603957 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI603957 core:Goodwill 2024-01-31 NI603957 core:LandBuildings 2024-01-31 NI603957 core:PlantMachinery 2024-01-31 NI603957 core:Vehicles 2024-01-31 NI603957 2023-01-31 NI603957 core:LandBuildings 2023-01-31 NI603957 core:PlantMachinery 2023-01-31 NI603957 core:Vehicles 2023-01-31 iso4217:EUR xbrli:pure