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Company registration number: NI012146
Mc. Don Peat Supplies Limited
Unaudited filleted financial statements
31 October 2023
Mc. Don Peat Supplies Limited
Contents
Directors and other information
Directors report
Accountants report
Balance sheet
Notes to the financial statements
Mc. Don Peat Supplies Limited
Directors and other information
Directors Mr Martin McCourt
Mr James McCourt
Mrs Mary McCourt
Secretary Mrs Mary McCourt
Company number NI012146
Registered office 61A Gortgonis Road
Dungannon
Co Tyrone
BT71 4QG
Accountants Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
Bankers Danske Bank
5 Market Square
Dungannon
Co Tyrone
BT70 1AZ
Mc. Don Peat Supplies Limited
Directors report
Year ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023.
Directors
The directors who served the company during the year were as follows:
Mr Martin McCourt
Mr James McCourt
Mrs Mary McCourt
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 July 2024 and signed on behalf of the board by:
Mr Martin McCourt
Director
Mc. Don Peat Supplies Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Mc. Don Peat Supplies Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mc. Don Peat Supplies Limited for the year ended 31 October 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Mc. Don Peat Supplies Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mc. Don Peat Supplies Limited and state those matters that we have agreed to state to the board of directors of Mc. Don Peat Supplies Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mc. Don Peat Supplies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mc. Don Peat Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mc. Don Peat Supplies Limited. You consider that Mc. Don Peat Supplies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mc. Don Peat Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
17 July 2024
Mc. Don Peat Supplies Limited
Balance sheet
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,356,348 1,443,430
_______ _______
1,356,348 1,443,430
Current assets
Stock and work-in-progress 7 67,001 163,761
Debtors 8 1,189,218 1,216,003
Cash at bank and in hand 80,342 162,515
_______ _______
1,336,561 1,542,279
Creditors: amounts falling due
within one year 9 ( 1,006,581) ( 1,267,522)
_______ _______
Net current assets 329,980 274,757
_______ _______
Total assets less current liabilities 1,686,328 1,718,187
Creditors: amounts falling due
after more than one year 10 ( 511,325) ( 607,941)
Provisions for liabilities ( 99,215) ( 99,215)
_______ _______
Net assets 1,075,788 1,011,031
_______ _______
Capital and reserves
Called up share capital 11 30,000 30,000
Profit and loss account 1,045,788 981,031
_______ _______
Shareholders funds 1,075,788 1,011,031
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
Mr Martin McCourt
Director
Company registration number: NI012146
Mc. Don Peat Supplies Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Norther Ireland. The address of the registered office is 61A Gortgonis Road, Dungannon, Co Tyrone, BT71 4QG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Mineral Reserve - 4 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stock and work-in-progress
Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 72,014 43,370
_______ _______
Tax on profit 72,014 43,370
_______ _______
Reconciliation of tax expense
2023 2022
£ £
Profit before taxation 205,771 131,029
_______ _______
Profit multiplied by rate of tax 46,340 24,896
Effect of capital allowances and depreciation 22,707 18,474
_______ _______
Tax on profit 69,047 43,370
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Mineral reserve Total
£ £ £ £ £ £
Cost
At 1 November 2022 816,541 2,178,489 28,319 88,912 477,548 3,589,809
Additions 27,345 104,000 - - - 131,345
Disposals - ( 9,500) - - - ( 9,500)
_______ _______ _______ _______ _______ _______
At 31 October 2023 843,886 2,272,989 28,319 88,912 477,548 3,711,654
_______ _______ _______ _______ _______ _______
Depreciation
At 1 November 2022 250,852 1,633,791 18,189 58,575 184,972 2,146,379
Charge for the year 29,619 160,096 2,026 7,584 19,102 218,427
Disposals - ( 9,500) - - - ( 9,500)
_______ _______ _______ _______ _______ _______
At 31 October 2023 280,471 1,784,387 20,215 66,159 204,074 2,355,306
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 563,415 488,602 8,104 22,753 273,474 1,356,348
_______ _______ _______ _______ _______ _______
At 31 October 2022 565,689 544,698 10,130 30,337 292,576 1,443,430
_______ _______ _______ _______ _______ _______
7. Stock and work-in-progress
2023 2022
£ £
Raw materials and consumables 53,962 108,768
Work in progress 10,000 10,000
Finished goods and goods for resale 3,039 44,993
_______ _______
67,001 163,761
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 772,458 650,809
Amounts owed by connected company 302,483 456,374
Prepayments and accrued income 13,729 15,496
Other debtors 100,548 93,324
_______ _______
1,189,218 1,216,003
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 132,038 112,862
Trade creditors 601,608 835,260
Accruals and deferred income 12,925 111,410
Corporation tax 116,560 72,507
Social security and other taxes 46,333 38,598
Obligations under finance leases 56,187 42,502
Director loan accounts 38,630 51,901
Other creditors 2,300 2,482
_______ _______
1,006,581 1,267,522
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 446,120 556,355
Other creditors 65,205 51,586
_______ _______
511,325 607,941
_______ _______
Bank loans are secured by:
Fixed and floating charge over all company assets
Legal charge over land at Hackingblock Road, Coalisland, Co Tyrone
Legal charge over lands in Roscommon
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 30,000 30,000 30,000 30,000
_______ _______ _______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Martin McCourt ( 39,154) 26,744 ( 26,220) ( 38,630)
Mrs Mary McCourt ( 12,747) 33,791 ( 19,320) 1,724
_______ _______ _______ _______
( 51,901) 60,535 ( 45,540) ( 36,906)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Martin McCourt ( 39,086) 26,152 ( 26,220) ( 39,154)
Mrs Mary McCourt ( 10,780) 17,353 ( 19,320) ( 12,747)
_______ _______ _______ _______
( 49,866) 43,505 ( 45,540) ( 51,901)
_______ _______ _______ _______