McCreath Taylor (NI) Limited NI036100 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sale, hire, repair and service of waste disposal machinery. Digita Accounts Production Advanced 6.30.9574.0 true true NI036100 2023-01-01 2023-12-31 NI036100 2023-12-31 NI036100 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI036100 core:ShareCapital 2023-12-31 NI036100 core:CurrentFinancialInstruments 2023-12-31 NI036100 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI036100 core:FurnitureFittingsToolsEquipment 2023-12-31 NI036100 core:LandBuildings 2023-12-31 NI036100 core:MotorVehicles 2023-12-31 NI036100 core:OtherPropertyPlantEquipment 2023-12-31 NI036100 bus:SmallEntities 2023-01-01 2023-12-31 NI036100 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI036100 bus:FullAccounts 2023-01-01 2023-12-31 NI036100 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI036100 bus:RegisteredOffice 2023-01-01 2023-12-31 NI036100 bus:Director2 2023-01-01 2023-12-31 NI036100 bus:Director4 2023-01-01 2023-12-31 NI036100 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI036100 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI036100 core:LandBuildings 2023-01-01 2023-12-31 NI036100 core:LeaseholdImprovements 2023-01-01 2023-12-31 NI036100 core:MotorVehicles 2023-01-01 2023-12-31 NI036100 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI036100 core:PlantMachinery 2023-01-01 2023-12-31 NI036100 countries:AllCountries 2023-01-01 2023-12-31 NI036100 2022-12-31 NI036100 core:FurnitureFittingsToolsEquipment 2022-12-31 NI036100 core:LandBuildings 2022-12-31 NI036100 core:MotorVehicles 2022-12-31 NI036100 core:OtherPropertyPlantEquipment 2022-12-31 NI036100 2022-01-01 2022-12-31 NI036100 2022-12-31 NI036100 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI036100 core:ShareCapital 2022-12-31 NI036100 core:CurrentFinancialInstruments 2022-12-31 NI036100 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI036100 core:FurnitureFittingsToolsEquipment 2022-12-31 NI036100 core:LandBuildings 2022-12-31 NI036100 core:MotorVehicles 2022-12-31 NI036100 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: NI036100

McCreath Taylor (NI) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

McCreath Taylor (NI) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

McCreath Taylor (NI) Limited

Company Information

Directors

Mr P Johnston

Mr David Peter Johnston

Registered office

5 Flush Park Industrial Estate
Knockmore Road
LISBURN
BT28 2DX

Solicitors

King & Gowdy Solicitors
298 Upper Newtownards Road
Belfast
BT4 3EJ

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

McCreath Taylor (NI) Limited

(Registration number: NI036100)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

644,329

582,780

Current assets

 

Stocks

5

67,135

362,256

Debtors

6

163,684

517,876

Cash at bank and in hand

 

207,647

56,872

 

438,466

937,004

Creditors: Amounts falling due within one year

7

(144,466)

(641,869)

Net current assets

 

294,000

295,135

Total assets less current liabilities

 

938,329

877,915

Provisions for liabilities

(89,207)

(77,315)

Net assets

 

849,122

800,600

Capital and reserves

 

Called up share capital

100,000

100,000

Profit and loss account

749,122

700,600

Total equity

 

849,122

800,600

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................

Mr David Peter Johnston
Director

 

McCreath Taylor (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
5 Flush Park Industrial Estate
Knockmore Road
LISBURN
BT28 2DX

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

McCreath Taylor (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

10% Straight Line

Motor Vehicles

25% Reducing Balance

Adaptations to rented premises

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

McCreath Taylor (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

 

McCreath Taylor (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

158,571

15,434

1,551,172

64,918

1,790,095

Additions

-

-

185,129

873

186,002

Disposals

-

-

(197,075)

-

(197,075)

At 31 December 2023

158,571

15,434

1,539,226

65,791

1,779,022

Depreciation

At 1 January 2023

-

15,434

1,128,288

63,593

1,207,315

Charge for the year

-

-

117,900

225

118,125

Eliminated on disposal

-

-

(190,747)

-

(190,747)

At 31 December 2023

-

15,434

1,055,441

63,818

1,134,693

Carrying amount

At 31 December 2023

158,571

-

483,785

1,973

644,329

At 31 December 2022

158,571

-

422,884

1,325

582,780

5

Stocks

2023
£

2022
£

Other inventories

67,135

362,256

6

Debtors

2023
£

2022
£

Trade debtors

158,612

490,145

Prepayments

5,072

9,292

Other debtors

-

18,439

163,684

517,876

 

McCreath Taylor (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

106,053

501,420

Corporation tax liability

 

2,927

-

Taxation and social security

 

11,408

4,847

Other creditors

 

5,242

5,159

Loans from directors

 

12,430

12,430

Accruals and deferred income

 

6,406

118,013

 

144,466

641,869