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Registration number: NI003648

McCausland (Holdings) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

McCausland (Holdings) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 26

 

McCausland (Holdings) Limited

Company Information

Directors

Michael McCausland

Emma McCausland

Stephen McCausland

Peter McCausland

Christopher McCausland

Jonathan McCausland

Company secretary

Christopher McCausland

Registered office

33-35 Grosvenor Road
Belfast
BT12 4GR

Solicitors

Mills Selig
21 Arthur Street
Belfast
BT1 4GA

Bankers

Danske Bank
Corporate Banking
Donegall Square West
Belfast
BT1 6JS

Auditors

RBCA Limited
Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

 

McCausland (Holdings) Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is taxi operation.

Fair review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position as at 30 June 2024. This review is consistent with the size and nature of the business and is written in the context of the risks and
uncertainties it faces.

The directors are pleased with the company results for the year. The directors continue to identify opportunities to increase turnover and continue to monitor and reduce costs where possible. The directors anticipate higher volumes of trade in relation to the company's continuing activities, and are hopeful of maintaining market share.

Principal risks and uncertainties

The key risks and uncertainties affecting the company are considered to relate to competition from other businesses, employee retention, product availability and the general downturn in customer spending due to carefully manage the business.

Financial key performance indicators
The directors consider that the key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin, operating profit and net assets.

There has been an increase in turnover of 8.5% from £10.72m to £11.63m. However, there has been a marginal decrease in the gross profit margin from 14.7% to 14.2%.

The company had an operating profit for the year of £1,436k compared to an operating profit of £1,724k.

The net assets have increased from £9.62m in 2023 to £10.08m in 2024.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

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

 

McCausland (Holdings) Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

Michael McCausland (appointed 23 February 2024)

Emma McCausland

Stephen McCausland

Peter McCausland

Christopher McCausland - Company secretary and director

Jonathan McCausland

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

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

 

McCausland (Holdings) Limited

Independent Auditor's Report to the Members of McCausland (Holdings) Limited

Opinion

We have audited the financial statements of McCausland (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 group's and the parent company's affairs as at 30 June 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Other matter

The financial statements of the group and parent company for the year ended 30 June 2023 were not audited and we have not audited the 2023 comparatives contained in these financial statements.

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

 

McCausland (Holdings) Limited

Independent Auditor's Report to the Members of McCausland (Holdings) Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 Director's Report set out on page 2, 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.

Auditor 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 auditor’s 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.

 

McCausland (Holdings) Limited

Independent Auditor's Report to the Members of McCausland (Holdings) Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.

We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential basis; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s 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.

......................................
Ross Boyd (Senior Statutory Auditor)
For and on behalf of RBCA Limited, Statutory Auditor

Linenhall Exchange
26 Linenhall Street
Belfast
BT2 8BG

31 October 2024

 

McCausland (Holdings) Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

11,633,606

10,717,725

Cost of sales

 

(9,977,537)

(9,135,950)

Gross profit

 

1,656,069

1,581,775

Administrative expenses

 

(873,070)

(463,632)

Other operating income

4

652,519

606,330

Operating profit

5

1,435,518

1,724,473

Interest payable and similar expenses

6

(972,398)

(756,731)

Profit before tax

 

463,120

967,742

Tax on profit

10

-

(69,633)

Profit for the financial year

 

463,120

898,109

Profit/(loss) attributable to:

 

Owners of the company

 

463,120

898,109

The group has no recognised gains or losses for the year other than the results above.

 

McCausland (Holdings) Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

463,120

898,109

Total comprehensive income for the year

463,120

898,109

Total comprehensive income attributable to:

Owners of the company

463,120

898,109

 

McCausland (Holdings) Limited

(Registration number: NI003648)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

11

17,286,970

17,100,441

Non-current assets

 

Trade and other receivables

14

3,414,138

3,792,439

Current assets

 

Stocks

13

1,469,865

888,275

Debtors

14

2,113,588

2,414,380

Cash at bank and in hand

 

108,714

336,832

 

3,692,167

3,639,487

Creditors: Amounts falling due within one year

16

(5,087,147)

(5,635,635)

Net current liabilities

 

(1,394,980)

(1,996,148)

Total assets less current liabilities

 

19,306,128

18,896,732

Creditors: Amounts falling due after more than one year

16

(9,200,830)

(9,254,554)

Provisions for liabilities

(23,222)

(23,222)

Net assets

 

10,082,076

9,618,956

Capital and reserves

 

Called up share capital

18

7,600

7,600

Retained earnings

10,074,476

9,611,356

Equity attributable to owners of the company

 

10,082,076

9,618,956

Shareholders' funds

 

10,082,076

9,618,956

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

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

 

McCausland (Holdings) Limited

(Registration number: NI003648)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

11

336,090

124,223

Investments

12

1

1

 

336,091

124,224

Non-current assets

 

Trade and other receivables

14

10,919,138

11,297,439

Current assets

 

Stocks

13

1,468,710

886,700

Debtors

14

2,079,344

2,389,752

Cash at bank and in hand

 

-

84,796

 

3,548,054

3,361,248

Creditors: Amounts falling due within one year

16

(4,172,715)

(4,693,151)

Net current liabilities

 

(624,661)

(1,331,903)

Total assets less current liabilities

 

10,630,568

10,089,760

Creditors: Amounts falling due after more than one year

16

(1,687,732)

(1,227,044)

Provisions for liabilities

(23,222)

(23,222)

Net assets

 

8,919,614

8,839,494

Capital and reserves

 

Called up share capital

18

7,600

7,600

Retained earnings

8,912,014

8,831,894

Shareholders' funds

 

8,919,614

8,839,494

The company made a profit after tax for the financial year of £80,120 (2023 - profit of £271,889).

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

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

 

McCausland (Holdings) Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

7,600

9,611,356

9,618,956

Profit for the year

-

463,120

463,120

At 30 June 2024

7,600

10,074,476

10,082,076

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

7,600

8,713,247

8,720,847

8,720,847

Profit for the year

-

898,109

898,109

898,109

At 30 June 2023

7,600

9,611,356

9,618,956

9,618,956

 

McCausland (Holdings) Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

7,600

8,831,894

8,839,494

Profit for the year

-

80,120

80,120

At 30 June 2024

7,600

8,912,014

8,919,614

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

7,600

8,560,005

8,567,605

Profit for the year

-

271,889

271,889

At 30 June 2023

7,600

8,831,894

8,839,494

 

McCausland (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

463,120

898,109

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

168,439

36,504

Finance costs

972,398

756,731

 

1,603,957

1,691,344

Working capital adjustments

 

Increase in stocks

13

(581,590)

(526,193)

Decrease/(increase) in trade debtors

14

679,094

(774,248)

Decrease in trade creditors

16

(548,488)

(320,173)

Increase in provisions

-

16,533

Cash generated from operations

 

1,152,973

87,263

Income taxes paid

10

(49,113)

(31,807)

Net cash flow from operating activities

 

1,103,860

55,456

Cash flows from investing activities

 

Acquisitions of tangible assets

(330,541)

(149,553)

Cash flows from financing activities

 

Interest paid

(972,398)

(756,731)

Proceeds from bank borrowing draw downs

 

-

694,359

Repayment of bank borrowing

 

(210,062)

-

Net cash flows from financing activities

 

(1,182,460)

(62,372)

Net decrease in cash and cash equivalents

 

(409,141)

(156,469)

Cash and cash equivalents at 1 July

 

336,832

493,301

Cash and cash equivalents at 30 June

 

(72,309)

336,832

 

McCausland (Holdings) Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

80,120

271,889

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

58,380

26,250

Finance costs

333,527

202,995

Income tax expense

10

-

69,633

 

472,027

570,767

Working capital adjustments

 

Increase in stocks

13

(582,010)

(524,618)

Decrease/(increase) in trade debtors

14

310,408

(884,218)

(Decrease)/increase in trade creditors

16

(406,581)

704,785

Increase in provisions

-

16,533

Cash generated from operations

 

(206,156)

(116,751)

Income taxes paid

10

(49,113)

(31,807)

Net cash flow from operating activities

 

(255,269)

(148,558)

Cash flows from investing activities

 

Acquisition of intangible assets

(245,821)

(119,147)

Cash flows from financing activities

 

Interest paid

(333,527)

(202,995)

Proceeds from bank borrowing draw downs

 

568,798

765,896

Net cash flows from financing activities

 

235,271

562,901

Net (decrease)/increase in cash and cash equivalents

 

(265,819)

295,196

Cash and cash equivalents at 1 July

 

84,796

(210,400)

Cash and cash equivalents at 30 June

 

(181,023)

84,796

 

McCausland (Holdings) Limited

Notes to the 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 31 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

 

McCausland (Holdings) Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024. These financial statements represent the first year of consolidation for McCausland (Holdings) Limited and its subsidiaries.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

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

Judgements

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.

 

McCausland (Holdings) Limited

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

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:

Fixed assets
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Taxation
Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Tax

The tax expense for the period comprises 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 group operates and generates taxable income.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

10% straight line

 

McCausland (Holdings) Limited

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group 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 group 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.

 

McCausland (Holdings) Limited

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

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

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

Share capital

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

Dividends

Dividend distribution to the group’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 group 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

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

10,194,056

9,522,161

Car parking sales

1,396,876

1,195,564

Car hire

41,558

-

Commissions received

1,116

-

11,633,606

10,717,725

 

McCausland (Holdings) Limited

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

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

127,500

150,000

Miscellaneous other operating income

525,019

456,330

652,519

606,330

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

168,439

36,504

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

697,764

612,331

Other interest charged

274,634

144,400

972,398

756,731

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

241,200

210,638

Social security costs

10,896

10,355

Pension costs, defined contribution scheme

2,739

1,900

254,835

222,893

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Operational

6

6

Directors

6

5

12

11

 

McCausland (Holdings) Limited

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

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

88,060

82,050

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

9,800

-

Audit of the financial statements of subsidiaries

3,050

-

12,850

-


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

69,633

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

463,120

967,742

Corporation tax at standard rate

115,780

241,936

Tax decrease from effect of capital allowances and depreciation

(121,527)

(172,303)

Tax increase from effect of unrelieved tax losses carried forward

112,191

-

Tax decrease arising from group relief

(106,444)

-

Total tax charge

-

69,633

 

McCausland (Holdings) Limited

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

11

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

16,943,366

141,792

258,778

107,489

Additions

46,250

12,000

47,564

224,727

At 30 June 2024

16,989,616

153,792

306,342

332,216

Depreciation

At 1 July 2023

-

127,927

211,919

11,138

Charge for the year

89,499

5,764

26,214

22,535

At 30 June 2024

89,499

133,691

238,133

33,673

Carrying amount

At 30 June 2024

16,900,117

20,101

68,209

298,543

At 30 June 2023

16,943,366

13,865

46,859

96,351

Total
£

Cost or valuation

At 1 July 2023

17,451,425

Additions

330,541

At 30 June 2024

17,781,966

Depreciation

At 1 July 2023

350,984

Charge for the year

144,012

At 30 June 2024

494,996

Carrying amount

At 30 June 2024

17,286,970

At 30 June 2023

17,100,441

Included within the net book value of land and buildings above is £16,900,117 (2023 - £16,943,366) in respect of freehold land and buildings.
 

 

McCausland (Holdings) Limited

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

Company

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

135,512

217,525

107,489

460,526

Additions

12,000

9,094

224,727

245,821

At 30 June 2024

147,512

226,619

332,216

706,347

Depreciation

At 1 July 2023

126,350

198,815

11,138

336,303

Charge for the year

3,817

7,602

22,535

33,954

At 30 June 2024

130,167

206,417

33,673

370,257

Carrying amount

At 30 June 2024

17,345

20,202

298,543

336,090

At 30 June 2023

9,162

18,710

96,351

124,223

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 July 2023

1

Carrying amount

At 30 June 2024

1

At 30 June 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Value Car Parks Ltd.

33-35 Grosvenor Road
Belfast
BT12 4GN

Northern Ireland

Ordinary

100%

100%

 

McCausland (Holdings) Limited

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

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

1,469,865

888,275

1,468,710

886,700

14

Debtors

   

Group

Company

Current

Note

2024
£

(As restated)

2023
£

2024
£

(As restated)

2023
£

Trade debtors

 

34,331

27,013

32,154

25,463

Amounts owed by related parties

-

90,000

-

90,000

Other debtors

 

2,039,468

2,261,149

2,035,483

2,261,024

Prepayments

 

39,789

36,218

11,707

13,265

   

2,113,588

2,414,380

2,079,344

2,389,752



 

   

Group

Company

Non-current

Note

2024
£

(As restated)

2023
£

2024
£

(As restated)

2023
£

Amounts owed by related parties

-

-

7,505,000

7,505,000

Other debtors

 

3,414,138

3,792,439

3,414,138

3,792,439

   

3,414,138

3,792,439

10,919,138

11,297,439

 

McCausland (Holdings) Limited

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

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

108,714

336,832

-

84,796

Bank overdrafts

(181,023)

-

(181,023)

-

Cash and cash equivalents in statement of cash flows

(72,309)

336,832

(181,023)

84,796

16

Creditors

   

Group

Company

Note

2024
£

(As restated)

2023
£

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

19

223,355

252,732

223,355

252,732

Trade creditors

 

20,349

15,315

10,562

11,195

Taxation and social security

 

44,556

75,552

-

35,365

Other payables

 

4,704,457

5,158,106

3,926,135

4,330,616

Accruals and deferred income

 

90,133

80,520

8,366

9,833

Income tax liability

10

4,297

53,410

4,297

53,410

 

5,087,147

5,635,635

4,172,715

4,693,151

Due after one year

 

Loans and borrowings

19

7,754,150

441,627

241,051

441,627

Other non-current financial liabilities

 

1,446,680

8,812,927

1,446,681

785,417

 

9,200,830

9,254,554

1,687,732

1,227,044

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £2,739 (2023 - £1,900).

 

McCausland (Holdings) Limited

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

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

7,600

7,600

7,600

7,600

       

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

(As restated)

2023
£

2024
£

(As restated)

2023
£

Bank borrowings

7,754,150

441,627

241,051

441,627

Current loans and borrowings

 

Group

Company

2024
£

(As restated)

2023
£

2024
£

(As restated)

2023
£

Bank borrowings

42,332

252,732

42,332

252,732

Bank overdrafts

181,023

-

181,023

-

223,355

252,732

223,355

252,732

Bank loans are secured by a floating charge over the assets and undertakings of the company and a fixed charge over the book debts of the company.

20

Controlling party

The ultimate controlling party is considered to be Mr C McCausland who is the majority shareholder of the issued share capital.

21

Prior Period Adjustment

A prior period adjustment was made in relation to the comparatives for certain debtor and creditor balances. Current and non-current balances were restated to reclassify the maturity of debtors and creditors in the prior period.