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Fabplus Limited
 
Reports and Financial Statements
 
for the financial year ended 31 December 2023



Fabplus Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Danny McGavigan
Darren McGavigan
Martha McGavigan
Tanya McGavigan (Appointed 15 January 2024)
Daniel McGavigan (Appointed 15 January 2024)
Shay Adcock (Appointed 15 January 2024)
 
 
Company Secretary Martha McGavigan
 
 
Company Registration Number NI039545
 
 
Registered Office Orchard Road Industial Estate
Strabane
Co Tyrone
BT829FR
Northern Ireland
 
 
Business Address Orchard Road Industrial Estate
Strabane
Co Tyrone BT82 9FR
 
 
Independent Auditors McDevitt & McGlynn
Certified Accountants and Statutory Auditors
Ardmore House
Main Street
Ballyshannon
Co. Donegal
Ireland
 
 
Bankers First Trust Bank
  Strabane
  Co Tyrone
 
   
Solicitors Garath McCay,Solicitors
  1 John Wesley Street
  Strabane
  BT82 8EF



Fabplus Limited
STRATEGIC REPORT
for the financial year ended 31 December 2023

 
The directors present their strategic report on the company for the financial year ended 31 December 2023.
 
Review of the Company's Business
Fabplus Limited, a wholly owned subsidiary of Mechanical Pipework Fabrications Limited ("MPF"), has grown to become a market leader in the Fire Suppression Industry. Fabplus Ltd is a contract manufacturer to its parent company MPF, supplying prefabricated pipework for fire sprinkler systems. In an evolving regulatory, economic, and competitive environment, Fabplus Ltd is positioned to capitalize on growth opportunities through innovation and enhanced operational efficiency. The company has maintained steady growth over the past decade and seeks to expand its operations and enhance operational efficiency to meet demand.

       
Principal Risks and Uncertainties
Physical capacity: The company may experience potential delays completing its physical expansion due to pressure on resources and supply chains, limiting its capacity to fully realize potential growth and opportunities.
Regulatory Changes: Although stringent regulations are a positive driver, failure to keep up with evolving standards could lead to penalties, project rejections, or loss of contracts.
Economic Downturn: In the event of a slow recovery from inflationary pressures, construction activities could decline, impacting demand for fire suppression systems.
       
Research ,Development and Performance
Fabplus Ltd has a solid foundation and is safeguarding long-term growth with evolving innovation in manufacturing and strategic expansion, the company continues to development IoT connectivity in its machinery. With a clear focus on quality and operational efficiency Fabplus is confident in navigating economic and competitive challenges effectively. The company has also improved supply chain resilience via diversification and mitigated some of the risks associated with material shortages in addition to implementing further cost control measures, the company is forecasting gross profit for the coming year of £1.9m.
The UK fire suppression market is projected to grow due to increasing awareness of fire safety, stringent fire safety regulations (such as the Regulatory Reform (Fire Safety) Order 2005), and the rise in high-risk building developments. The UK Government's Fire Safety Act (2021) and Building Safety Act (2022) are further driving demand for advanced fire suppression systems, particularly in residential high-rise buildings, commercial spaces, and industrial settings.
In order to gain from the projected market growth,Fabplus Ltd has commenced it physical expansion of this manufacturing facilities to increase it's capacity. The business has already invested heavily in innovative technology as part of the manufacturing process and is recognized for producing high-quality, reliable fire suppression sprinkler systems, with a strong track record in the UK and European markets.


       
Financial Key Performance Indicators
Fabplus Ltd has seen several positive aspects to FY23 static financial performance, with the regular income and expenses allowing for predictable cash flow and the opportunity to invest in its long-term strategy of expanding it's manufacturing capacity. With Revenue & Gross margin both inline with prior year, the latter FY23 £1.200m (FY22 £1.157m), the company remains resilient to any market disruptions and unfettered to high growth to sustain operations.
The continuance in gross margin and operating profit of FY23 £454k (FY22 £603k), allows for focus on operational efficiencies, cost controls, and maintaining strong internal processes.
       
Other Key Performance Indicators
The volume of output & manhour utilization decreased year on year with Fabrication by sprinkler head FY23 13% below FY22. This also reflected in the manhours utilized dropping by 10%; the number of staff decreased from 85 to 83 in FY23. The volume of batches processed through the production line grew in FY23 by 7% from FY22, though, the GBP average batch value decreased 15% in FY23.
       
Explanation of Amounts in the Financial Statements
Revenue and the Cost of Materials were unvarying from prior year creating a stable financial situation reducing volatility and uncertainty providing a strong foundation for the commencement of the planned physical expansion of the manufacturing facilities.

Total Overheads in the period were comparable with FY22 though savings were made with the decrease in the use of subcontractors and a slight reduction in staff numbers. Utility costs also steadied with commodity costs weakening as the macro-economy adjusted to ongoing political unrest.

       
Employees
There is planned change to Key Management involved in day to day running of the business as of January 2024. Two new directors are to join, Tanya and Daniel McGavigan and the existing manager, Shay Adcock, is to be promoted to director of procurement. These new directors' aim to provide transparent communication, active engagement initiatives, and clear pathways for addressing staff challenges; fostering a motivated, informed, and resilient workforce.
Management continues to promote a safety culture, concentrating on risk management - creating a safer, more productive manufacturing environment. With staff skills, creativity, and engagement fundamental to the company's ability to meet its objectives and grow, a culture of openness, recognition, and participation is encouraged in an environment that values diversity whilst recognizes and rewards talent.


       
       
On behalf of the board
       
       
___________________________      
Darren McGavigan      
Director      
       
23 September 2024      



Fabplus Limited
DIRECTORS' REPORT
for the financial year ended 31 December 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The principal activity of the company is supply of bespoke pre-fabricated pipework for the fire sprinkler and machancial industries.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £278,192 (2022 - £347,718).
The directors do not recommend payment of a dividend.
     
Directors
The directors who served during the financial year are as follows:
     
Danny McGavigan
Darren McGavigan
Martha McGavigan
Tanya McGavigan (Appointed 15 January 2024)
Daniel McGavigan (Appointed 15 January 2024)
Shay Adcock (Appointed 15 January 2024)
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Future Developments
The directors are not expecting to make any significant changes in the nature of the business in the near future.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Auditors
The auditors, McDevitt & McGlynn, (Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Strategic Report
The company has chose in accordance with Companies Act 2006, s.414c(11) to set out in the company's strategic report information required by Schedule7 of the Large and Medium size companies and Group (Accounts and Reports) Regulation 2006 to be contained in the directors' report. It has done so in repect of future developments and research and development.
     
Registered Number
The company's registered number is NI039545
     
     
On behalf of the board
     
     
___________________________
Darren McGavigan
Director
     
23 September 2024



Fabplus Limited
STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the financial year ended 31 December 2023

 
The directors are responsible for preparing the Strategic Report, 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 and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 apply them consistently;
■make judgements and accounting estimates that are reasonable and prudent;
■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.
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
     
On behalf of the board
     
     
___________________________
Darren McGavigan
Director
     
23 September 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Fabplus Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Fabplus Limited ('the company') for the financial year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . 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 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 December 2023 and of its profit for the financial 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 the Provisions Available for Audits of Small Entities, in the circumstances set out in Note  to the financial statements, 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 company's ability to continue as a going concern for a period of at least twelve months from the date 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.

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 course of 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.
 
Opinion 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept; 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 for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 they 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 has 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.
In particular, we examined subjective judgements made by management, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our 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.
 
 
 
__________________________________
Paul McDevitt (Senior Statutory Auditor)
for and on behalf of
MCDEVITT & MCGLYNN
Certified Accountants and Statutory Auditors
Ardmore House
Main Street
Ballyshannon
Co. Donegal
Ireland
 
23 September 2024



Fabplus Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Fabplus Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Turnover 4 8,701,425 8,838,589
 
Cost of sales (7,500,761) (7,681,062)
───────── ─────────
Gross profit 1,200,664 1,157,527
 
Administrative expenses (767,267) (660,580)
Other operating income 21,377 106,748
───────── ─────────
Operating profit 5 454,774 603,695
 
Interest receivable and similar income 6 6,025 2,247
Interest payable and similar expenses 7 (3,098) (1,247)
───────── ─────────
Profit before taxation 457,701 604,695
 
Tax on profit 9 (179,509) (256,977)
───────── ─────────
Profit for the financial year 278,192 347,718
───────── ─────────
Total comprehensive income 278,192 347,718
    ═════════   ═════════



Fabplus Limited
Company Registration Number: NI039545
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 10 5,065,051 4,977,350
───────── ─────────
 
Current Assets
Stocks 11 3,532,887 -
Debtors 12 1,507,610 1,550,830
Cash at bank and in hand 13 158,877 137,028
───────── ─────────
5,199,374 1,687,858
───────── ─────────
Creditors: amounts falling due within one year 14 (4,545,088) (1,290,606)
───────── ─────────
Net Current Assets 654,286 397,252
───────── ─────────
Total Assets less Current Liabilities 5,719,337 5,374,602
 
Creditors:
amounts falling due after more than one year 15 (55,220) (66,424)
 
Provisions for liabilities 17 (304,325) (212,283)
 
Government grants 19 (58,256) (72,551)
───────── ─────────
Net Assets 5,301,536 5,023,344
═════════ ═════════
 
Capital and Reserves
Called up share capital 21 3,750,000 3,750,000
Retained earnings 1,551,536 1,273,344
───────── ─────────
Equity attributable to owners of the company 5,301,536 5,023,344
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 23 September 2024 and signed on its behalf by
           
           
________________________________          
Darren McGavigan          
Director          
           



Fabplus Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 31 December 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 January 2022 3,750,000 925,626 4,675,626
───────── ───────── ─────────
Profit for the financial year - 347,718 347,718
───────── ───────── ─────────
At 31 December 2022 3,750,000 1,273,344 5,023,344
  ───────── ───────── ─────────
Profit for the financial year - 278,192 278,192
  ───────── ───────── ─────────
At 31 December 2023 3,750,000 1,551,536 5,301,536
  ═════════ ═════════ ═════════



Fabplus Limited
CASH FLOW STATEMENT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Cash flows from operating activities
Profit for the financial year 278,192 347,718
Adjustments for:
Interest receivable and similar income (6,025) (2,247)
Interest payable and similar expenses 3,098 1,247
Tax on profit on ordinary activities 179,509 256,977
Depreciation 368,715 328,187
Profit/loss on disposal of tangible assets - (20,095)
Amortisation of Government Grants (14,295) (14,295)
───────── ─────────
809,194 897,492
Movements in working capital:
Movement in stocks (3,532,887) -
Movement in debtors 40,973 (849,925)
Movement in creditors 3,276,953 (65,415)
───────── ─────────
Cash generated from/(used in) operations 594,233 (17,848)
Tax paid (116,275) (5)
───────── ─────────
Net cash generated from/(used in) operating activities 477,958 (17,853)
───────── ─────────
Cash flows from investing activities
Interest received   8,272 2,397
Interest element of finance lease rental payments   (3,098) (1,247)
Payments to acquire tangible assets   (453,317) (403,441)
Receipts from sales of tangible assets   - 51,700
    ───────── ─────────
Net cash used in investment activities   (448,143) (350,591)
    ───────── ─────────
Cash flows from financing activities
Capital element of finance lease contracts   (13,337) 4,601
Advances from subsidiaries/group companies   - (150,704)
    ───────── ─────────
Net cash used in financing activities   (13,337) (146,103)
    ───────── ─────────
       
Net increase/(decrease) in cash and cash equivalents   16,478 (514,547)
Cash and cash equivalents at beginning of financial year   137,028 651,575
    ───────── ─────────
Cash and cash equivalents at end of financial year 13 153,506 137,028
    ═════════ ═════════



Fabplus Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Fabplus Limited is a private company limited by shares incorporated in Northern Ireland. Orchard Road Industial Estate, Strabane, Co Tyrone, BT829FR, Northern Ireland is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company and are rounded to the nearest £.The companies number is NI039545. Thie financial statements are for the single entity.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
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 has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Long leasehold property - 2% Straight line
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 20% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash -generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than the carrying amount , the carrying amount of the asset is reduced to the recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of the recoverable amount, to the extent that the increased carrying amount does not exceed the carrying that would have been determined (net of depreciation)had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as an income immediately.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account. Assets held under finance leases are depreciated in the same manner as owned assets.
 
Stocks
Stock are valued the most recent purchase price. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
 
Borrowing costs
Borrowings are recognised initially at the transaction price (present value of cash payable to the bank, including transaction costs).  Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the Company has a right to defer settlement of the liability for at least 12 months after the reporting date.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
the company and the party are subject to common control;
the party is an associate of the company or forms part of a joint venture with the company;
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the company does not disclose transactions with members of the same group that are wholly owned.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group which are wholly owned.
 
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.
Defined Contribution pension plans
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.
Short term benefits
Short term benefits including holiday pay and other non-monetary benefits ,are recognised as an expense in the period in which the service is received.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.  

Functional and presentation currency
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (the functional currency). The financial statements are presented in sterling, which is the company's functional and presentation currency and is denoted by the symbol "£".
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Critical Accounting Judgements and Estimates
 
The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:

Judgements and estimates are continually evaluated and are based on historical experiences and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
 
a) Establishing useful economic lives for depreciation purposes of property, plant and
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant
portion of the total assets. The annual depreciation charge depends primarily on the estimated useful
economic lives of each type of asset and estimates of residual values. The directors regularly review
these asset useful economic lives and change them as necessary to reflect current thinking on
remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and
amortisation charges for the period. Detail of the useful economic lives is included in the accounting
policies.
       
4. Turnover
 
The turnover for the financial year is analysed as follows:
  2023 2022
  £ £
 
Europe 8,701,425 8,838,589
  ═════════ ═════════
 
Turnover attributable to geographical markets outside the United Kingdom amounted to 100% for the financial year.
       
5. Operating profit 2023 2022
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 368,715 328,187
(Profit) on disposal of tangible assets - (20,095)
Loss/(profit) on foreign currencies 7,995 (4,402)
Auditor's remuneration
- audit services 9,511 3,600
Government grants received (7,082) (92,453)
Amortisation of Government grants (14,295) (14,295)
  ═════════ ═════════
       
6. Interest receivable and similar income 2023 2022
  £ £
 
Other interest 6,025 2,247
  ═════════ ═════════
       
7. Interest payable and similar expenses 2023 2022
  £ £
 
Finance lease charges 3,098 1,247
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2023 2022
  Number Number
 
Office 14 15
Order processing 5 5
Production 64 65
  ───────── ─────────
  83 85
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2023 2022
  £ £
 
Wages and salaries 2,423,585 2,476,625
Social security costs 206,849 234,870
Pension costs 44,217 45,175
  ───────── ─────────
  2,674,651 2,756,670
  ═════════ ═════════
       
9. Tax on profit
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2022 - 19%) (Note 9 (b)) 87,467 116,274
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences 92,042 140,703
  ───────── ─────────
Total deferred tax 92,042 140,703
  ═════════ ═════════
Tax on profit  (Note 9 (b)) 179,509 256,977
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2022 - 19%). The differences are explained below:
  2023 2022
  £ £
 
Profit taxable at 25.00% 457,701 604,695
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2022 - 19%) 114,425 114,892
Effects of:
Expenses not deductible for tax purposes 7,191 1,179
Capital allowances for period in excess of depreciation (21,604) 13,808
Utilisation of tax losses - (6,075)
Deferred tax 92,042 140,703
Gain on Sale of Fixed Assets - (3,818)
Amortisation of Govt Grant (3,275) (2,648)
Lease payments less interest paid (2,405) (1,064)
Tax rate at 19% for Jan-Mar 2023 (6,865) -
  ───────── ─────────
Total tax charge for the financial year (Note 9 (a)) 179,509 256,977
  ═════════ ═════════
 

               
10. Tangible assets
  Land and Long Plant and Fixtures, Motor Total
  buildings leasehold machinery fittings and vehicles  
  freehold property   equipment    
  £ £ £ £ £ £
Cost
At 1 January 2023 4,824,478 12,808 1,975,472 188,741 301,030 7,302,529
Additions 16,622 13,500 407,512 18,781 - 456,415
Disposals - - - (122,624) - (122,624)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 4,841,100 26,308 2,382,984 84,898 301,030 7,636,320
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 1,071,553 - 929,687 148,514 175,425 2,325,179
Charge for the financial year 94,151 - 217,037 15,937 41,589 368,714
On disposals - - - (122,624) - (122,624)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 1,165,704 - 1,146,724 41,827 217,014 2,571,269
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 3,675,396 26,308 1,236,260 43,071 84,016 5,065,051
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 3,752,925 12,808 1,045,785 40,227 125,605 4,977,350
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
10.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor vehicles 64,951 13,077 78,029 5,449
  ═════════ ═════════ ═════════ ═════════
       
11. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 3,532,887 -
  ═════════ ═════════
 
The directors feel it is appropriate that stocks are values at the most recent purchase price. Cost comprise of expenditure incurred in the normal course of business in bringing stocks to their current condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises of actual or estimated selling price (net of trade discounts) less all future costs to completion or to be incurred in marketing and selling.
       
12. Debtors 2023 2022
  £ £
 
Amounts owed by group undertakings - 1,154,010
Other debtors 54,277 29,494
Directors' current accounts (Note 22) - 89,890
Taxation  (Note 16) 187,977 238,215
Prepayments and accrued income 1,265,356 39,221
  ───────── ─────────
  1,507,610 1,550,830
  ═════════ ═════════
       
13. Cash and cash equivalents 2023 2022
  £ £
 
Cash and bank balances 158,877 137,028
Bank overdrafts (5,371) -
  ───────── ─────────
  153,506 137,028
  ═════════ ═════════
       
14. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 5,371 -
Net obligations under finance leases
and hire purchase contracts 12,416 11,451
Trade creditors 1,129,698 990,973
Amounts owed to group undertakings 3,122,330 -
Taxation  (Note 16) 155,875 183,368
Accruals 119,398 104,814
  ───────── ─────────
  4,545,088 1,290,606
  ═════════ ═════════
       
15. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Finance leases and hire purchase contracts 55,220 66,424
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 12,416 11,451
Repayable between one and five years 55,220 66,424
  ───────── ─────────
  67,636 77,875
  ═════════ ═════════
       
16. Taxation 2023 2022
  £ £
 
Debtors:
VAT 151,873 202,111
Income tax 36,104 36,104
  ───────── ─────────
  187,977 238,215
  ═════════ ═════════
Creditors:
Corporation tax 87,467 116,274
PAYE / NI 68,408 67,094
  ───────── ─────────
  155,875 183,368
  ═════════ ═════════
         
17. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 212,283 212,283 71,580
Charged to profit and loss 92,042 92,042 140,703
  ───────── ───────── ─────────
At financial year end 304,325 304,325 212,283
  ═════════ ═════════ ═════════
       
18. Financial Instruments
 
The company has chosen to apply the provisions of Section 11 and 12 of FRS 102 to account for all of its financial instruments.

Through financial instruments held, the company’s operations expose it to a variety of financial risks that
include currency risk, price risk, and liquidity risk.
 
Currency risk
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in Euro currencies. The net exposure of each currency is monitored.
 
Price risk
The company is exposed to the price risk of commodities through its operations. The directors manage these risks by actiively monitoring the market prices and buying accordingly.
 
Liquidity risk
The company maintains a good liquidy level to ensure the company has sufficient funds available to meet obligations as they fall due.
       
19. Government Grants Deferred 2023 2022
  £ £
 
Capital grants received and receivable
At 1 January 2023 142,942 142,942
  ───────── ─────────
Amortisation
At 1 January 2023 (70,391) (56,096)
Amortised in financial year (14,295) (14,295)
  ───────── ─────────
 
At 31 December 2023 (84,686) (70,391)
  ───────── ─────────
Net book value
At 31 December 2023 58,256 72,551
  ═════════ ═════════
At 1 January 2023 72,551 86,846
  ═════════ ═════════
 
Capital government grant was received in 2018 for £139,342 which will be amortised over 10 years
Capital government grant was received in 2021 for £3600 which will be amortised over 10 years
           
20. Grants and state funding
 
State Department Grant Agency Type of Funding 2023 2022
      £ £
HMRC Inland Revenue   Coronavirus Job Rentention Scheme - 3,180
Power NI   Capital Grant £3600 (Rec in 2021) - 360
Invest NI   Capital Grant £134,512 (Rec in 2018) - 13,451
Power NI   Capital Grant £4,830 (Rec in 2018) - 483
      ───────── ─────────
      - 17,474
      ═════════ ═════════
           
21. Share capital     2023 2022
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary Shares of £1 each 3,750,000 £1.00 each 3,750,000 3,750,000
 
      ═════════ ═════════
           
       
22. Directors' remuneration and transactions 2023 2022
  £ £
 
Directors' remuneration
Remuneration 208,122 185,820
Pension contributions 1,347 -
  ───────── ─────────
  209,469 185,820
  ═════════ ═════════
           
The following advances were made to the directors:
 
  Balance at Movement Balance at Maximum
  31/12/23 in year 31/12/22 in year
  £ £ £ £
 
Danny McGavigan - (89,890) 89,890 666,878
  ═════════ ═════════ ═════════ ═════════
           
23. Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.
 
The director pays interest at a rate of 2.5% p.a.on the oustanding loan.The loan is unsecured and repayable on demand.
   
24. Parent and ultimate parent company
 
The company regards Mechanical Pipework Fabrication Limited as its parent company.
 
The companys ultimate parent undertaking is Mechanical Pipework Fabrications Ltd.
The address of Mechanical Pipework Fabrications Ltd is Inchenagh                                                                                                                                                       Co. Donegal Ireland.
Mechanical Pipework Fabrications Ltd is regarded as both the controlling party and the ultimate controlling party.
 
The parent of the largest group in which the results are consolidated is Mechanical Piperwork Fabrication Limited.
Mechanical Piperwork Fabrication Limited is registered in Ireland.
 
   
25. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
           
26 Reconciliation of Net Cash Flow to Movement in Net Debt
  Opening Cash Other Closing
  balance flows changes balance
         
  £ £ £ £
 
Finance lease and hire purchase (77,875) 13,337 (3,098) (67,636)
  ───────── ───────── ───────── ─────────
Total liabilities from financing activities (77,875) 13,337 (3,098) (67,636)
  ═════════ ═════════ ═════════ ─────────
Total Cash at bank and in hand (Note 13)       153,506
        ─────────
Total net cash       85,870
        ═════════