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REGISTERED NUMBER: 03238902 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

X & P McGuigan Civil Engineering Limited

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


X & P McGuigan Civil Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: P X McGuigan





SECRETARY: I C Walton





REGISTERED OFFICE: The Old Pump House
Railway Road
Withnell
Chorley
Lancashire
PR6 8UA





REGISTERED NUMBER: 03238902 (England and Wales)





AUDITORS: Bennett Kirkhope Smith Ltd
Chartered Certified Accountants
and Statutory Auditors
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Strategic Report
for the Year Ended 31 December 2023


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

The company's principal activities during the year continues to be that of civil engineering specialising in roads and sewers for new housing development.

REVIEW OF BUSINESS
The results for the year and the financial position of the company are shown in the annexed financial statements.

The director is pleased to report that despite the adverse weather in the latter part of the year having a severe affect on the company, the turnover for the year only decreased by £2.2m to £13.2m (15.4m 2022), this is better than was expected.

However, inflation and competition in the market have put pressure on margins in the current year, this along with additional investment in equipment have impacted the net profit.

Finally the company reported increased net assets at the balance sheet date of £4.5m (£4.3m 2022) ensuring the company retains sufficient ability to fund its working capital.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management

The company's policy is to ensure that adequate and cost effective arrangements are maintained to finance current and future activities and that exposure to financial risk is minimised.

Liquidity and Funding

The company is financed by agreed bank facilities and makes efforts to manage the financial risk by the monitoring of cash flow to ensure that the company is able to meet foreseeable debts as they fall due.

Credit Risk

To control credit risk from trade debtors, limits are set based on a combination of trade history and third party credit references and are reviewed regularly by the director.

ON BEHALF OF THE BOARD:





P X McGuigan - Director


24 September 2024

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Report of the Director
for the Year Ended 31 December 2023


The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of civil engineering.

DIVIDENDS
An interim dividend of 600.00 per share was paid on 31 December 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 60,000 .

FUTURE DEVELOPMENTS
The Government's ambitious housebuilding targets, even if not fully met, will stimulate the construction industry. Roads & sewers contractors are pretty much the first to break ground and we are well placed in terms of equipment and manpower to exploit opportunities as they arise Financially the company is in a position to take advantage of opportunities as they arise and can act quickly as there is no requirement for outside funding. Tendering opportunities have increased considerably in recent months and the company is looking forward to a decent 2024 and better 2025.

DIRECTOR
P X McGuigan held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Report of the Director
for the Year Ended 31 December 2023


AUDITORS
The auditors, Bennett Kirkhope Smith Ltd, is deemed to be reappointed under the Companies Act 2006, s487(2).

SMALL COMPANIES REGIME
This report has been prepared taking advantage of the exemptions for small companies within Part 15 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





P X McGuigan - Director


24 September 2024

Report of the Independent Auditors to the Members of
X & P McGuigan Civil Engineering Limited


Opinion
We have audited the financial statements of X & P McGuigan Civil Engineering Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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, including Financial Reporting Standard 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 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 Auditors' 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 director's 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 when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
X & P McGuigan Civil Engineering Limited


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 Report of the Director.

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 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 and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
X & P McGuigan Civil Engineering Limited


Auditors' 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;
-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statements disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance;
-enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
X & P McGuigan Civil Engineering Limited


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 a Report of the Auditors 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.




A M Smith FCCA CTA (Senior Statutory Auditor)
for and on behalf of Bennett Kirkhope Smith Ltd
Chartered Certified Accountants
and Statutory Auditors
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB

26 September 2024

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 13,219,660 15,438,104

Cost of sales 11,416,070 13,639,721
GROSS PROFIT 1,803,590 1,798,383

Administrative expenses 1,600,116 1,408,531
203,474 389,852

Other operating income 7,167 -
OPERATING PROFIT 4 210,641 389,852

Interest receivable and similar income 10,859 709
221,500 390,561

Interest payable and similar expenses 6 54,267 37,602
PROFIT BEFORE TAXATION 167,233 352,959

Tax on profit 7 (93,273 ) 38,650
PROFIT FOR THE FINANCIAL YEAR 260,506 314,309

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 260,506 314,309


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

260,506

314,309

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,935,335 1,746,978

CURRENT ASSETS
Stocks 10 223,751 405,095
Debtors 11 3,810,047 5,156,604
Cash at bank and in hand 1,366,449 478,346
5,400,247 6,040,045
CREDITORS
Amounts falling due within one year 12 1,853,980 2,542,504
NET CURRENT ASSETS 3,546,267 3,497,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,481,602

5,244,519

CREDITORS
Amounts falling due after more than one
year

13

(558,037

)

(650,260

)

PROVISIONS FOR LIABILITIES 17 (356,750 ) (227,950 )
NET ASSETS 4,566,815 4,366,309

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 4,566,715 4,366,209
SHAREHOLDERS' FUNDS 4,566,815 4,366,309

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





P X McGuigan - Director


X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 4,256,900 4,257,000

Changes in equity
Dividends - (205,000 ) (205,000 )
Total comprehensive income - 314,309 314,309
Balance at 31 December 2022 100 4,366,209 4,366,309

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 260,506 260,506
Balance at 31 December 2023 100 4,566,715 4,566,815

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,590,055 342,113
Interest paid (54,267 ) (37,602 )
Tax paid 222,073 -
Net cash from operating activities 1,757,861 304,511

Cash flows from investing activities
Purchase of tangible fixed assets (814,881 ) (873,274 )
Sale of tangible fixed assets - 150,000
Interest received 10,859 709
Net cash from investing activities (804,022 ) (722,565 )

Cash flows from financing activities
New loans in year 648,000 677,357
Loan repayments in year (699,068 ) (56,345 )
Capital repayments in year 43,321 (535,748 )
Amount introduced by directors 60,000 -
Amount withdrawn by directors (57,989 ) 2,393
Equity dividends paid (60,000 ) (205,000 )
Net cash from financing activities (65,736 ) (117,343 )

Increase/(decrease) in cash and cash equivalents 888,103 (535,397 )
Cash and cash equivalents at
beginning of year

2

478,346

1,013,743

Cash and cash equivalents at end of
year

2

1,366,449

478,346

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 167,233 352,959
Depreciation charges 626,506 559,585
Loss/(profit) on disposal of fixed assets 18 (116,935 )
Finance costs 54,267 37,602
Finance income (10,859 ) (709 )
837,165 832,502
Decrease in stocks 181,344 77,176
Decrease/(increase) in trade and other debtors 1,346,557 (998,128 )
(Decrease)/increase in trade and other creditors (775,011 ) 430,563
Cash generated from operations 1,590,055 342,113

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,366,449 478,346
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 478,346 1,013,743


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 478,346 888,103 1,366,449
478,346 888,103 1,366,449
Debt
Finance leases (1,078,230 ) (43,321 ) (1,121,551 )
Debts falling due within 1 year (56,394 ) - (56,394 )
Debts falling due after 1 year (87,485 ) 51,068 (36,417 )
(1,222,109 ) 7,747 (1,214,362 )
Total (743,763 ) 895,850 152,087

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

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


1. STATUTORY INFORMATION

X & P McGuigan Civil Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company has sufficient resources to meet its liabilities as they fall due. The director therefore continues to adopt the going concern basis in preparing the financial statements.

In reaching his conclusion, the director has considered the financial position of the Company and has looked into confirmed contracts covering at least the next 12 months.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales 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 have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - Over the term of the lease
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Other Assets - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,160,843 2,522,089
Other pension costs 104,791 108,335
2,265,634 2,630,424

The average number of employees during the year was as follows:
31.12.23 31.12.22

Direct 39 45
Administration 5 6
44 51

31.12.23 31.12.22
£    £   
Director's remuneration - -

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Other operating leases 304,308 232,500
Depreciation - owned assets 122,707 210,247
Depreciation - assets on hire purchase contracts 503,799 349,338
Loss/(profit) on disposal of fixed assets 18 (116,935 )

5. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,000

8,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 54,267 37,602

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
Corporation tax - prior years (222,073 ) -

Deferred tax:
Deferred tax 56,816 38,650
Deferred tax on rate change 71,984 -
Total deferred tax 128,800 38,650
Tax on profit (93,273 ) 38,650

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 60,000 205,000

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Other
improvements machinery vehicles Assets Totals
£    £    £    £    £   
COST
At 1 January 2023 248,479 522,696 2,313,854 500,000 3,585,029
Additions - 814,881 - - 814,881
Disposals - (1,570 ) - - (1,570 )
At 31 December 2023 248,479 1,336,007 2,313,854 500,000 4,398,340
DEPRECIATION
At 1 January 2023 143,038 223,364 1,252,899 218,750 1,838,051
Charge for year 12,405 278,549 265,239 70,313 626,506
Eliminated on disposal - (1,552 ) - - (1,552 )
At 31 December 2023 155,443 500,361 1,518,138 289,063 2,463,005
NET BOOK VALUE
At 31 December 2023 93,036 835,646 795,716 210,937 1,935,335
At 31 December 2022 105,441 299,332 1,060,955 281,250 1,746,978

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 - 2,054,680 2,054,680
Additions 720,000 - 720,000
Transfer to ownership - (804,126 ) (804,126 )
At 31 December 2023 720,000 1,250,554 1,970,554
DEPRECIATION
At 1 January 2023 - 1,006,664 1,006,664
Charge for year 241,795 262,004 503,799
Transfer to ownership - (537,619 ) (537,619 )
At 31 December 2023 241,795 731,049 972,844
NET BOOK VALUE
At 31 December 2023 478,205 519,505 997,710
At 31 December 2022 - 1,048,016 1,048,016

10. STOCKS
31.12.23 31.12.22
£    £   
Stocks 223,751 405,095

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 2,473,236 3,831,762
Other debtors 120,376 39
VAT 50,118 110,234
Prepayments 13,501 11,753
2,657,231 3,953,788

Amounts falling due after more than one year:
Other debtors 1,152,816 1,202,816

Aggregate amounts 3,810,047 5,156,604

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 14) 56,394 56,394
Hire purchase contracts (see note 15) 599,931 515,455
Trade creditors 975,605 1,695,273
Social security and other taxes 57,279 73,363
Other creditors 159,898 199,157
Directors' current accounts 4,873 2,862
1,853,980 2,542,504

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 14) 36,417 87,485
Hire purchase contracts (see note 15) 521,620 562,775
558,037 650,260

14. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 56,394 56,394

Amounts falling due between one and two years:
Other loans - 1-2 years 36,417 56,394

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


14. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years - 31,091

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 599,931 515,455
Between one and five years 521,620 562,775
1,121,551 1,078,230

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 232,500 232,500
Between one and five years 321,625 321,625
In more than five years 22,500 255,000
576,625 809,125

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other loans 92,811 143,879
Hire purchase contracts 1,121,551 1,078,230
1,214,362 1,222,109

The hire purchase creditors and loans are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 356,750 227,950

X & P McGuigan Civil Engineering Limited (Registered number: 03238902)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 227,950
Provided during year 128,800
Balance at 31 December 2023 356,750

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 January 2023 4,366,209
Profit for the year 260,506
Dividends (60,000 )
At 31 December 2023 4,566,715

20. OTHER FINANCIAL COMMITMENTS

The company has an agreement to guarantee bank borrowings of Brentwood Properties Ltd up to a value of £420,000. The director does not anticipate that any financial loss will arise as a result of this guarantee.

21. RELATED PARTY DISCLOSURES

The company operates loan accounts with companies under common control. As at 31 December 2023, an amount of £1,152,815 (2022: £1,202,815) was outstanding.This is presented within debtors: amounts falling due more than one year.

Interest charged on the above balances is 0%.

Included within creditors: amounts due within one year is a loan from the director of £4,873 (2022: £2,862). The loan is repayable on demand and the interest charged is 0%.

22. ULTIMATE CONTROLLING PARTY

The controlling party is P X McGuigan.