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Registration number: NI020085

McCauslands Airport Garage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

McCauslands Airport Garage Limited

(Registration number: NI020085)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

335,013

-

Tangible assets

6

6,674,836

6,400,922

 

7,009,849

6,400,922

Current assets

 

Stocks

7

14,944

15,370

Debtors

8

137,320

114,514

Cash at bank and in hand

 

787,607

170,383

 

939,871

300,267

Creditors: Amounts falling due within one year

9

(1,500,044)

(1,355,601)

Net current liabilities

 

(560,173)

(1,055,334)

Total assets less current liabilities

 

6,449,676

5,345,588

Creditors: Amounts falling due after more than one year

9

(561,535)

(460,815)

Provisions for liabilities

(19,196)

(4,365)

Net assets

 

5,868,945

4,880,408

Capital and reserves

 

Called up share capital

75

75

Capital redemption reserve

(316,550)

(316,550)

Revaluation reserve

4,636,820

4,636,820

Retained earnings

1,548,600

560,063

Shareholders' funds

 

5,868,945

4,880,408

For the financial year ending 30 June 2024 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.

 

McCauslands Airport Garage Limited

(Registration number: NI020085)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Christopher McCausland
Company secretary and director

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
33-35 Grosvenor Road
Belfast
BT12 4GR
Northern Ireland

The presentation currency is £ Sterling and the level of rounding is to the nearest £.

These financial statements were authorised for issue by the Board on 11 October 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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

Freehold property

1% straight line

Plant & machinery

25% reducing balance

Fixtures & fittings

20% reducing balance

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software costs

4-10 years 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.

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 first-in, first-out (FIFO) 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 70 (2023 - 50).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

95,018

130,594

Amortisation expense

37,923

-

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Software Costs
£

Software Enhancements
£

Total
£

Cost or valuation

Additions

368,737

4,200

372,937

At 30 June 2024

368,737

4,200

372,937

Amortisation

Amortisation charge

36,874

1,050

37,924

At 30 June 2024

36,874

1,050

37,924

Carrying amount

At 30 June 2024

331,863

3,150

335,013

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

6,198,209

511,077

615,408

312,145

7,636,839

Additions

315,702

22,277

30,666

-

368,645

At 30 June 2024

6,513,911

533,354

646,074

312,145

8,005,484

Depreciation

At 1 July 2023

57,884

484,043

514,482

179,508

1,235,917

Charge for the year

5,858

21,298

33,489

34,086

94,731

At 30 June 2024

63,742

505,341

547,971

213,594

1,330,648

Carrying amount

At 30 June 2024

6,450,169

28,013

98,103

98,551

6,674,836

At 30 June 2023

6,140,325

27,034

100,926

132,637

6,400,922

Included within the net book value of land and buildings above is £6,450,169 (2023 - £6,140,325) in respect of freehold land and buildings.
 

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Stocks

2024
£

2023
£

Other inventories

14,944

15,370

8

Debtors

Current

2024
£

2023
£

Trade debtors

62,921

68,305

Other debtors

74,399

46,209

 

137,320

114,514

 

McCauslands Airport Garage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

166,692

Trade creditors

 

56,941

29,147

Taxation and social security

 

553,371

374,759

Other creditors

 

889,732

785,003

 

1,500,044

1,355,601

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

561,015

397,348

Other non-current financial liabilities

 

520

63,467

 

561,535

460,815

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

512,380

397,348

Hire purchase contracts

48,635

-

561,015

397,348

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

166,692

11

Related party transactions

The company holds a 50% shareholding in Mara Developments Limited.

Mara Developments Limited showed a profit for the year ended 30 June 2024 of £93,208 (2023: (250,968)) and net assets of £21,855 at 30 June 2024 (2023: £71,353).