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Registered number: NI019110
McGaffin Contracts Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 January 2024
McCleary & Company Ltd.
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Income Statement 7
Statement of Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 January 2024.
Review of the Business
The company was trading for the duration of the whole year. The results for the year show a pre-tax profit of £630,481 (2023 - £760,431) and turnover of £14,034,154 (2023 - £13,294,605).
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 competition from other building contractors, employee retention and stability of prices charged by suppliers.
Future Outlook
The commercial environment is expected to remain competitive in 2024, however we remain confident that we will maintain our current level of performance in the future.
Key Performance Indiciators
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
On behalf of the board
Mrs Caroline Emma Ruston
Director
20 August 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 January 2024.
Principal Activity
The company's principal activity continues to be that of civil engineering and building contractors.
Directors
The directors who held office during the year were as follows:
Mrs Lesley Faulkner
Mr John Andrew McGaffin
Mrs Louise Anne McGaffin
Mrs Caroline Emma Ruston
Mr Sam Gillespie
Mr Gary Hylands
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the 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;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, McCleary & Company Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs Caroline Emma Ruston
Director
20 August 2024
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Independent Auditor's Report
Opinion
We have audited the financial statements of McGaffin Contracts Limited for the year ended 31 January 2024 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for 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.
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 entity's ability to continue as a going concern for a period of at least 12 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 annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 or 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 set out on page 2—3, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws and the potential for Fraud. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered the laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company's ability to operate, such as the Companies Act 2006. We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the valuation of work in progress on long-term contracts. Audit procedures performed included:
- Assessment of compliance with key laws and regulations;
- Enquiry of those charged with management including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud;
- Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls;
- Detailed year end testing of work in progress on long-term contracts;
- Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing the disclosures in the financial statements against the specific legal requirements.
We 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.
There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.
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Warren McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd , Statutory Auditor
20 August 2024
Page 6
Page 7
Income Statement
2024 2023
Notes £ £
TURNOVER 3 14,034,154 13,294,605
Cost of sales (12,526,858 ) (11,647,048 )
GROSS PROFIT 1,507,296 1,647,557
Administrative expenses (924,258 ) (896,413 )
Other operating income 1,667 -
OPERATING PROFIT 5 584,705 751,144
Profit on disposal of fixed assets 6,292 4,364
Other interest receivable and similar income 10 39,496 5,050
Interest payable and similar charges 11 (12 ) (127 )
PROFIT BEFORE TAXATION 630,481 760,431
Tax on Profit 12 (170,136 ) (142,534 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 460,345 617,897
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 460,345 617,897
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 460,345 617,897
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Statement of Financial Position
Registered number: NI019110
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 741,224 526,545
741,224 526,545
CURRENT ASSETS
Stocks 14 135,000 135,000
Debtors 15 2,828,571 2,251,755
Cash at bank and in hand 3,273,666 2,925,519
6,237,237 5,312,274
Creditors: Amounts Falling Due Within One Year 16 (2,952,724 ) (2,352,096 )
NET CURRENT ASSETS (LIABILITIES) 3,284,513 2,960,178
TOTAL ASSETS LESS CURRENT LIABILITIES 4,025,737 3,486,723
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (126,542 ) (51,073 )
NET ASSETS 3,899,195 3,435,650
CAPITAL AND RESERVES
Called up share capital 21 13,200 10,000
Income Statement 3,885,995 3,425,650
SHAREHOLDERS' FUNDS 3,899,195 3,435,650
On behalf of the board
Mr John Andrew McGaffin
Director
20 August 2024
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 February 2022 10,000 3,307,753 3,317,753
Profit for the year and total comprehensive income - 617,897 617,897
Dividends paid - (500,000) (500,000)
As at 31 January 2023 and 1 February 2023 10,000 3,425,650 3,435,650
Profit for the year and total comprehensive income - 460,345 460,345
As at 31 January 2024 13,200 3,885,995 3,899,195
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 579,423 945,033
Interest paid (12 ) (127 )
Tax paid (146,352 ) (103,360 )
Net cash generated from operating activities 433,059 841,546
Cash flows from investing activities
Purchase of tangible assets (318,734 ) (38,004 )
Proceeds from disposal of tangible assets 50,808 12,499
Interest received 39,496 5,050
Net cash used in investing activities (228,430 ) (20,455 )
Cash flows from financing activities
Equity dividends paid - (500,000 )
Repayment of finance leases (834 ) (3,749 )
Amount introduced by directors - 19,909
Amount withdrawn by directors (1,296) (14)
Net cash used in financing activities (2,130 ) (483,854 )
Increase in cash and cash equivalents 202,499 337,237
Cash and cash equivalents at beginning of year 2 2,859,571 2,522,334
Cash and cash equivalents at end of year 2 3,062,070 2,859,571
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 460,345 617,897
Adjustments for:
Tax on profit 170,136 142,534
Interest expense 12 127
Interest income (39,496 ) (5,050 )
Depreciation of tangible assets 59,539 52,588
Profit on disposal of tangible assets (6,292) (4,364)
Movements in working capital:
Increase in stocks - (9,089 )
Increase in trade and other debtors (573,630 ) (228,561 )
Increase in trade and other creditors 508,809 378,951
Net cash generated from operations 579,423 945,033
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 3,273,666 2,925,519
Overdraft facilities repayable on demand (211,596 ) (65,948 )
Cash and cash equivalents as stated in the Statement of Cash Flows 3,062,070 2,859,571
3. Analysis of changes in net funds
As at 1 February 2023 Cash flows As at 31 January 2024
£ £ £
Cash at bank and in hand 2,925,519 348,147 3,273,666
Overdraft facilities repayable on demand (65,948) (145,648) (211,596)
Cash and cash equivalents 2,859,571 202,499 3,062,070
Finance leases (834) 834 -
2,858,737 203,333 3,062,070
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Notes to the Financial Statements
1. General Information
McGaffin Contracts Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI019110 . The registered office is Quaker Buildings, High Street, Lurgan, Craigavon, BT66 8BB
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not Provided
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value; in respect of work in progress and finished goods cost includes a relevant proportion of overheads according to the stage of completion.
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to professionally qualified quantity surveyor reports.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.10. Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 14,034,154 13,294,605
14,034,154 13,294,605
4. Other Operating Income
2024 2023
£ £
Other operating income 1,667 -
1,667 -
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5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts - (1,206)
Operating lease rentals 10,058 4,460
Exchange differences 536 (28 )
Depreciation of tangible fixed assets 59,539 52,588
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 12,325 -
Other Services
Other non-audit services 14,725 -
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 926,869 917,462
Social security costs 106,311 113,280
Other pension costs 298,708 322,627
1,331,888 1,353,369
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Employees 16 12
Directors 6 6
22 18
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9. Directors' remuneration
2024 2023
£ £
Emoluments 335,643 357,676
Company contributions to money purchase pension schemes 212,000 237,400
547,643 595,076
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 74,994 77,593
Company contributions to money purchase pension schemes 50,000 35,200
124,994 112,793
10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 38,935 4,891
Corporation tax repayment interest 561 159
39,496 5,050
11. Interest Payable and Similar Charges
2024 2023
£ £
Finance charges payable under finance leases and hire purchase contracts 12 127
12. Tax on Profit
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax
UK Corporation Tax 94,667 146,352
Deferred Tax
Deferred taxation 75,469 (3,818 )
Total tax charge for the period 170,136 142,534
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 630,481 760,431
Tax on profit at 24% (UK standard rate) 151,504 144,482
Expenses not deductible for tax purposes 200 172
...CONTINUED
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Capital allowances - (2,166 )
Prior period adjustment - 46
Difference in tax rates 18,432 -
Total tax charge for the period 170,136 142,534
13. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 February 2023 220,371 2,282 457,118 358,607
Additions - - 89,669 229,065
Disposals - (2,282 ) (3,554 ) (152,018 )
As at 31 January 2024 220,371 - 543,233 435,654
Depreciation
As at 1 February 2023 - 2,282 303,474 210,432
Provided during the period - - 29,981 28,915
Disposals - (2,282 ) (2,986 ) (108,129 )
As at 31 January 2024 - - 330,469 131,218
Net Book Value
As at 31 January 2024 220,371 - 212,764 304,436
As at 1 February 2023 220,371 - 153,644 148,175
Fixtures & Fittings Total
£ £
Cost
As at 1 February 2023 19,322 1,057,700
Additions - 318,734
Disposals (334 ) (158,188 )
As at 31 January 2024 18,988 1,218,246
Depreciation
As at 1 February 2023 14,967 531,155
Provided during the period 643 59,539
Disposals (275 ) (113,672 )
As at 31 January 2024 15,335 477,022
Net Book Value
As at 31 January 2024 3,653 741,224
As at 1 February 2023 4,355 526,545
Freehold property consists of office space at Duncrue Street, Belfast. The property is carried at cost. FRS 102 states that depreciation must be charged in respect of freehold property. However the directors assess that as the property is maintained to a high standard it will not decrease in value, and have therefore opted not to depreciate the property. This policy represents a departure from the requirements of the Companies Act 2006, to provide systematic annual depreciation for fixed assets. However the directors consider the adoption of this policy necessary to give a true and fair view.
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14. Stocks
2024 2023
£ £
Stock 135,000 135,000
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,547,712 1,462,143
Other debtors 1,280,859 789,612
2,828,571 2,251,755
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 834
Trade creditors 1,875,762 1,327,505
Bank loans and overdrafts 211,596 65,948
Other creditors 3,450 8,133
Corporation tax 94,667 146,352
Taxation and social security 753,767 790,105
Accruals and deferred income 13,482 13,219
2,952,724 2,352,096
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 211,596 65,948
Danske Bank hold a floating charge over all assets of the company
18. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 846
Less: Finance charges allocated to future periods - 12
- 834
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 126,542 51,073
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20. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 51,073 51,073
Deferred taxation 75,469 75,469
Balance at 31 January 2024 126,542 126,542
21. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1,000
6,400 Ordinary A shares of £ 1.00 each 6,400 6,400
2,600 Ordinary B shares of £ 1.00 each 2,600 2,600
3,200 Ordinary C shares of £ 1.00 each 3,200 -
13,200 10,000
Rights and Particulars of Classes of Shares
Ordinary £1 shares
All shares issued are non-redeemable and rank equally in terms of voting rights - one vote for each share. All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All shares issued rank equally in terms of rights to participate in any capital distribution on winding up.
A Type Ordinary £1 shares
All shares issued are non-redeemable and rank equally in terms of voting rights - one vote for each share. All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All shares issued rank equally in terms of rights to participate in any capital distribution on winding up.
B Type Ordinary £1 shares
All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share.
C Type Ordinary £1 shares
All shares issued are non-redeemable and rank equally in terms of voting rights - one vote for each share. All shares issued rank equally in terms of rights to participate in all approved dividend distributions for that class of share. All shares issued rank equally in terms of rights to participate in any capital distribution on winding up.
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £298,708 (2023: £322,627).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
23. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Sam Gillespie 14 3,200 14 - 3,200
Interest on loans to directors is charged at the current official rate for beneficial loan arrangements.
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24. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 500,000
25. Controlling Parties
The company's ultimate controlling parties are Mrs Lesley Faulkner and Mrs Caroline Emma Ruston by virtue of their interest in the share capital of the company.
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