Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31truetruetruetruefalse602023-02-01falseThe principal activity of the company is to manufacture, restore, whoelsale and repair all kinds of motorised mobility vehicles.66truefalse NI031911 2023-02-01 2024-01-31 NI031911 2022-02-01 2023-01-31 NI031911 2024-01-31 NI031911 2023-01-31 NI031911 2022-02-01 NI031911 4 2023-02-01 2024-01-31 NI031911 4 2022-02-01 2023-01-31 NI031911 d:CompanySecretary1 2023-02-01 2024-01-31 NI031911 d:Director1 2023-02-01 2024-01-31 NI031911 d:Director2 2023-02-01 2024-01-31 NI031911 d:Director3 2023-02-01 2024-01-31 NI031911 d:RegisteredOffice 2023-02-01 2024-01-31 NI031911 d:Agent1 2023-02-01 2024-01-31 NI031911 e:Buildings 2023-02-01 2024-01-31 NI031911 e:Buildings 2024-01-31 NI031911 e:Buildings 2023-01-31 NI031911 e:Buildings e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI031911 e:PlantMachinery 2023-02-01 2024-01-31 NI031911 e:PlantMachinery 2024-01-31 NI031911 e:PlantMachinery 2023-01-31 NI031911 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI031911 e:MotorVehicles 2023-02-01 2024-01-31 NI031911 e:MotorVehicles 2024-01-31 NI031911 e:MotorVehicles 2023-01-31 NI031911 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI031911 e:FurnitureFittings 2023-02-01 2024-01-31 NI031911 e:FurnitureFittings 2024-01-31 NI031911 e:FurnitureFittings 2023-01-31 NI031911 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI031911 e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI031911 e:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 NI031911 e:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 NI031911 e:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 NI031911 e:CurrentFinancialInstruments 2024-01-31 NI031911 e:CurrentFinancialInstruments 2023-01-31 NI031911 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 NI031911 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 NI031911 e:ReportableOperatingSegment1 2023-02-01 2024-01-31 NI031911 e:ReportableOperatingSegment1 2022-02-01 2023-01-31 NI031911 f:UnitedKingdom 2023-02-01 2024-01-31 NI031911 f:UnitedKingdom 2022-02-01 2023-01-31 NI031911 f:RestEuropeOutsideUK 2023-02-01 2024-01-31 NI031911 f:RestEuropeOutsideUK 2022-02-01 2023-01-31 NI031911 e:UKTax 2023-02-01 2024-01-31 NI031911 e:UKTax 2022-02-01 2023-01-31 NI031911 e:ShareCapital 2023-02-01 2024-01-31 NI031911 e:ShareCapital 2024-01-31 NI031911 e:ShareCapital 2022-02-01 2023-01-31 NI031911 e:ShareCapital 2023-01-31 NI031911 e:ShareCapital 2022-02-01 NI031911 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI031911 e:RetainedEarningsAccumulatedLosses 2024-01-31 NI031911 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 NI031911 e:RetainedEarningsAccumulatedLosses 2023-01-31 NI031911 e:RetainedEarningsAccumulatedLosses 2022-02-01 NI031911 e:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI031911 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 NI031911 d:OrdinaryShareClass1 2023-02-01 2024-01-31 NI031911 d:OrdinaryShareClass1 2024-01-31 NI031911 d:OrdinaryShareClass1 2023-01-31 NI031911 d:FRS102 2023-02-01 2024-01-31 NI031911 d:Audited 2023-02-01 2024-01-31 NI031911 d:FullAccounts 2023-02-01 2024-01-31 NI031911 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI031911 2 2023-02-01 2024-01-31 NI031911 7 2023-02-01 2024-01-31 NI031911 g:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI031911










MCELMEEL MOBILITY SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
MCELMEEL MOBILITY SERVICES LIMITED
 

COMPANY INFORMATION


Directors
Mr Conor McElmeel 
Mr Malachy McElmeel 
Mrs Rosemary Mcelmeel 




Company secretary
Mrs Rosemary McElmeel



Registered number
NI031911



Registered office
15 Ballyscandal Road

Armagh

Co. Armagh

BT61 8BL




Independent auditors
AAB Group Accountants Limited

Dromalane Mill

The Quays

Newry

Co. Down

BT35 8QS




Bankers
Danske Bank
South Business Centre

45-48 High Street

Portadown

Craigavon

Co. Armagh

BT62 1LB




Solicitors
Sharon Keeley Solicitors
5 College Street

Armagh

Co. Armagh

BT61 9BT





 
MCELMEEL MOBILITY SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 27


 
MCELMEEL MOBILITY SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The principal activity of the company is to manufacture, restore, wholesale and repair all kinds of motorised 
mobility vehicles. 
There has been no significant changes in these activities during the year ended 31 January 2024.

Development and performance
 
Turnover has increased by 1.8% to £17.9m (2023: £17.6m). The company asset base remains strong, with net assets of £3.53m (2023: £3.48m) at 31 January 2024.
The directors believe that the results for the financial year to be satisfactory given the increase in annualised turnover and profits.
The directors have reviewed future cash forecasts for the company's activities and believe that the company has adequate resources to continued in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
The directors are committed to long term creation of shareholder value by increasing the company's market share.

Principal risks and uncertainties
 
The company uses financial instruments in its business. The core risks associated with the company's financial instruments (i.e. it's cash, finance leases, operational level of trade receivables and payables) are currency risk, interest risk, credit risk and liquidity risk. The board reviews and agrees policies for the prudent management of these risk as follows:
Currency Risk
The company's transactions outside of the UK are conducted primarily in Euros, this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss accounts in the years in which they arise.
Finance and interest rate risk
The company's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Credit risk
Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Liquidity and cash flow risk
The company's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due.
 
Page 1

 
MCELMEEL MOBILITY SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Financial key performance indicators
 
The company's key performance indicators are as follows:
                                                  

2024
2023
Increase in sales

1.8%

19.4%
 
Gross profit margin

12.3%

13.8%
 
Shareholders' Equity

£3.53m

£3.48m
 


This report was approved by the board on 29 October 2024 and signed on its behalf.



Mr Conor McElmeel
Director

Mr Malachy McElmeel
Director

Page 2

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Results and dividends

The profit for the year, after taxation, amounted to £644,351 (2023 - £684,474).

Ordinary dividends were paid amounting to £100,000 (2023: £Nil). The directors declared a final dividend of £500,000 at the year end date.

Directors

The directors who served during the year and up to the date of signature of the financial statements were as follows:

Mr Conor McElmeel 
Mr Malachy McElmeel 
Mrs Rosemary Mcelmeel 

Future developments

The directors plan is to secure work which ensures that the company will gain a steady pace of growth.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAAB Group Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
AAB Group Accountants Limited were formerly known as FPM Accountants Limited.

This report was approved by the board on 29 October 2024 and signed on its behalf.
 





Mr Conor McElmeel
Director
Mr Malachy McElmeel
Director

Page 4

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCELMEEL MOBILITY SERVICES LIMITED
 

Opinion


We have audited the financial statements of MCELMEEL MOBILITY SERVICES LIMITED (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 January 2024 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 United Kingdom, including the Financial Reporting Council'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 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 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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCELMEEL MOBILITY SERVICES LIMITED (CONTINUED)


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 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 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
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 the directors 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 have no realistic alternative but to do so.


Page 6

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCELMEEL MOBILITY SERVICES LIMITED (CONTINUED)


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 an Auditors' 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:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
• Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal            team) around actual and potential litigation and claims.
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with    laws and regulations.
• Reviewing minutes of meetings of those charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance  with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other    adjustments for appropriateness, and evaluating the business rationale of significant transactions outside   the normal course of business.
 


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 Auditors' report.


Page 7

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCELMEEL MOBILITY SERVICES LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Teresa Campbell (Senior statutory auditor)
  
for and on behalf of
AAB Group Accountants Limited
 
Statutory Auditors
  
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS

29 October 2024
Page 8

 
MCELMEEL MOBILITY SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,881,430
17,557,595

Cost of sales
  
(15,685,785)
(15,127,487)

Gross profit
  
2,195,645
2,430,108

Administrative expenses
  
(1,564,612)
(1,693,697)

Other operating income
 5 
87,580
97,465

Operating profit
 6 
718,613
833,876

Interest receivable and similar income
 10 
12,723
461

Profit before tax
  
731,336
834,337

Tax on profit
 11 
(86,985)
(149,863)

Profit for the financial year
  
644,351
684,474

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
MCELMEEL MOBILITY SERVICES LIMITED
REGISTERED NUMBER: NI031911

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,281,872
1,116,162

  
1,281,872
1,116,162

Current assets
  

Stocks
 15 
2,271,535
1,688,567

Debtors: amounts falling due within one year
 16 
552,494
727,723

Cash at bank and in hand
 17 
1,031,297
882,878

  
3,855,326
3,299,168

Creditors: amounts falling due within one year
 18 
(1,413,125)
(743,942)

Net current assets
  
 
 
2,442,201
 
 
2,555,226

Total assets less current liabilities
  
3,724,073
3,671,388

Provisions for liabilities
  

Deferred tax
 19 
(198,313)
(189,979)

  
 
 
(198,313)
 
 
(189,979)

Net assets
  
3,525,760
3,481,409


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
3,525,660
3,481,309

  
3,525,760
3,481,409


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2024.




Mr Conor McElmeel
Mr Malachy McElmeel
Director
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
MCELMEEL MOBILITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2023
100
3,481,309
3,481,409


Comprehensive income for the year

Profit for the year

-
644,351
644,351


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
644,351
644,351


Contributions by and distributions to owners

Dividends: Equity capital
-
(600,000)
(600,000)


Total transactions with owners
-
(600,000)
(600,000)


At 31 January 2024
100
3,525,660
3,525,760


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
MCELMEEL MOBILITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022
100
2,796,835
2,796,935


Comprehensive income for the year

Profit for the year

-
684,474
684,474


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
684,474
684,474


Total transactions with owners
-
-
-


At 31 January 2023
100
3,481,309
3,481,409


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information


McElmeel Mobility Services Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 15 Ballyscandal Road, Armagh, Co. Armagh, Northern Ireland, BT61 8BL.
The principal activity of the company is to manufacture, restore, wholesale and repair all kinds of motorised mobility vehicles. 
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of RMC Holdings Limited as at 31 January 2024 and these financial statements may be obtained from its registered office, 28 Ballyscandal Road, Armagh, Co Armagh, BT61 8BL..

Page 13

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 14

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Licences
-
20%
Straight line

Page 15

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
10%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 17

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis
Page 18

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
 

Page 19

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of goods
17,881,430
17,557,595

17,881,430
17,557,595


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,315,162
16,618,197

Republic of Ireland
566,268
939,398

17,881,430
17,557,595



5.


Other operating income

2024
2023
£
£

Sundry income
87,580
97,465

87,580
97,465



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned tangible fixed asset
126,989
95,279

Exchange differences
10,079
4,071

(Profit)/loss on disposal of tangible fixed asset
(4,903)
7,786


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,150
7,150

Page 20

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,867,542
1,722,289

Social security costs
179,487
165,717

Cost of defined contribution scheme
43,113
33,060

2,090,142
1,921,066


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
55
50



Administration
11
10

66
60


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
43,161
187,579

43,161
187,579


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of diefined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
12,723
461

12,723
461

Page 21

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
78,766
88,850

Adjustments in respect of previous periods
(115)
-


78,651
88,850


Total current tax
78,651
88,850

Deferred tax


Origination and reversal of timing differences
8,334
61,013

Total deferred tax
8,334
61,013


Tax on profit
86,985
149,863

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
731,336
834,337


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
175,521
158,524

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(459)
37

Capital allowances for year in excess of depreciation
(12,206)
(14,224)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(84,205)
(55,487)

Deferred tax
8,334
61,013

Total tax charge for the year
86,985
149,863


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Dividends

2024
2023
£
£


Final dividends
600,000
-

600,000
-


13.


Intangible assets




Licenses

£



Cost


At 1 February 2023
27,609



At 31 January 2024

27,609



Amortisation


At 1 February 2023
27,609



At 31 January 2024

27,609



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 23

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
765,579
383,709
413,178
127,987
1,690,453


Additions
65,890
49,068
181,992
35,212
332,162


Disposals
-
-
(63,454)
(11,109)
(74,563)



At 31 January 2024

831,469
432,777
531,716
152,090
1,948,052



Depreciation


At 1 February 2023
107,115
220,896
177,202
69,078
574,291


Charge for the year on owned assets
17,610
19,009
63,800
26,569
126,988


Disposals
-
-
(23,990)
(11,109)
(35,099)



At 31 January 2024

124,725
239,905
217,012
84,538
666,180



Net book value



At 31 January 2024
706,744
192,872
314,704
67,552
1,281,872



At 31 January 2023
658,464
162,813
235,976
58,909
1,116,162


15.


Stocks

2024
2023
£
£

Work in progress
84,292
58,484

Finished goods and goods for resale
2,187,243
1,630,083

2,271,535
1,688,567


The carrying value of stocks are stated net of impairment losses totalling £Nil (2023 - £Nil).

Page 24

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Debtors

2024
2023
£
£


Trade debtors
210,257
335,394

Amounts owed by group undertakings
2,482
48,171

Other debtors
5,451
17,100

Prepayments and accrued income
334,304
327,058

552,494
727,723


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,031,297
882,878

1,031,297
882,878



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
328,367
164,982

Amounts owed to group undertakings
517,372
7,611

Corporation tax
78,766
88,850

Other taxation and social security
163,844
276,840

Other creditors
308,440
92,179

Accruals and deferred income
16,336
113,480

1,413,125
743,942


Amounts owed to group undertakings are interest free, unsecured and payable on demand.

Page 25

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Deferred taxation




2024


£






At beginning of year
(189,979)


Charged to profit or loss
(8,334)



At end of year
(198,313)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(198,313)
(189,979)

(198,313)
(189,979)


20.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100



21.


Contingent liabilities

During the year the company received funding from Invest NI. A contingent liability exists to repay all of the financial assistance received under this agreement if a default occurs under the terms and conditions. There has not been nor is there expected to be a breach of the terms and conditions. 


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,113 (2023 - £33,060).


23.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 26

 
MCELMEEL MOBILITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

24.


Related party transactions

The company has taken the exemption in FRS102 not to disclose transactions with any companies that are wholly owned within the group.
During the year the company paid directors £9,770 (2023: £9,770) in respect of consultancy services provided to the company. The company also paid directors rent of £14,830 (2023: £14,830).
As at 31 January 2024 there is an amount of £571 (2023: £2,813) due to the directors.


25.


Parent company

The immediate and ultimate parent undertaking of the company is RMC Holdings Limited, a company registered in Northern Ireland. 
The smallest and largest group of undertakings for which consolidated financial statements are drawn up and of which the company is a member is RMC Holdings Limited, a company incorporated in Northern Ireland. Copies of the consolidated financial statements are available to the public from Companies House, The Linenhall, 32-38 Linenhall Street Belfast, BT2 8BG.
The ultimate controlling party is Conor McElmeel by virtue of his shareholding in RMC Holdings Limited.


26.


Auditors' Limited Liability

The directors, on behalf of the company have entered into a Limited Liability Agreement on 22 March 2023, with their auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company's legislation.







Page 27