McErlean Associates Limited NI058074 false 2023-03-01 2024-03-31 2024-03-31 The principal activity of the company is engineering consultancy and project management Digita Accounts Production Advanced 6.30.9574.0 true true true NI058074 2023-03-01 2024-03-31 NI058074 2024-03-31 NI058074 bus:OrdinaryShareClass1 2024-03-31 NI058074 core:CurrentFinancialInstruments 2024-03-31 NI058074 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI058074 core:Non-currentFinancialInstruments 2024-03-31 NI058074 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI058074 core:FurnitureFittingsToolsEquipment 2024-03-31 NI058074 core:LandBuildings 2024-03-31 NI058074 core:MotorVehicles 2024-03-31 NI058074 core:OtherPropertyPlantEquipment 2024-03-31 NI058074 bus:SmallEntities 2023-03-01 2024-03-31 NI058074 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-03-31 NI058074 bus:FilletedAccounts 2023-03-01 2024-03-31 NI058074 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-03-31 NI058074 bus:RegisteredOffice 2023-03-01 2024-03-31 NI058074 bus:Director1 2023-03-01 2024-03-31 NI058074 bus:OrdinaryShareClass1 2023-03-01 2024-03-31 NI058074 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-03-31 NI058074 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-03-01 2024-03-31 NI058074 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-03-31 NI058074 core:LandBuildings 2023-03-01 2024-03-31 NI058074 core:MotorVehicles 2023-03-01 2024-03-31 NI058074 core:OfficeEquipment 2023-03-01 2024-03-31 NI058074 core:OtherPropertyPlantEquipment 2023-03-01 2024-03-31 NI058074 core:PlantMachinery 2023-03-01 2024-03-31 NI058074 core:AllAssociates 2023-03-01 2024-03-31 NI058074 1 2023-03-01 2024-03-31 NI058074 countries:NorthernIreland 2023-03-01 2024-03-31 NI058074 2023-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2023-02-28 NI058074 core:LandBuildings 2023-02-28 NI058074 core:MotorVehicles 2023-02-28 NI058074 core:OtherPropertyPlantEquipment 2023-02-28 NI058074 2022-03-01 2023-02-28 NI058074 2023-02-28 NI058074 bus:OrdinaryShareClass1 2023-02-28 NI058074 core:CurrentFinancialInstruments 2023-02-28 NI058074 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI058074 core:Non-currentFinancialInstruments 2023-02-28 NI058074 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI058074 core:FurnitureFittingsToolsEquipment 2023-02-28 NI058074 core:LandBuildings 2023-02-28 NI058074 core:MotorVehicles 2023-02-28 NI058074 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI058074

McErlean Associates Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 31 March 2024

 

McErlean Associates Limited

(Registration number: NI058074)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

123,141

148,218

Current assets

 

Stocks

5

9,600

45,750

Debtors

6

110,387

186,864

Cash at bank and in hand

 

112,955

28,738

 

232,942

261,352

Creditors: Amounts falling due within one year

7

(76,869)

(71,520)

Net current assets

 

156,073

189,832

Total assets less current liabilities

 

279,214

338,050

Creditors: Amounts falling due after more than one year

7

(98,084)

(124,283)

Provisions for liabilities

(30,785)

(27,021)

Net assets

 

150,345

186,746

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

150,344

186,745

Shareholders' funds

 

150,345

186,746

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

McErlean Associates Limited

(Registration number: NI058074)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 12 September 2024
 

.........................................
Dr Paul McErlean
Director

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 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: 3 Grange Road, Taylorstown, Toomebridge, Co. Antrim,
BT41 3QE.

These financial statements were authorised for issue by the director on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

15% reducing balance

Plant and machinery

20% reducing balance

Motor Vehicles

25% reducing balance

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in the income
statement in operating expenses.

Stocks and work in progress

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.

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 2024

Share capital

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 10 (2023 - 10).

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

1,828

273,529

58,887

45,519

379,763

Additions

-

8,750

-

3,746

12,496

Disposals

(1,828)

(137,306)

(23,847)

(21,067)

(184,048)

At 31 March 2024

-

144,973

35,040

28,198

208,211

Depreciation

At 1 March 2023

-

168,333

32,201

31,011

231,545

Charge for the period

-

17,989

5,025

5,058

28,072

Eliminated on disposal

-

(118,662)

(17,258)

(16,962)

(152,882)

Revaluation

-

(20,237)

(1,428)

-

(21,665)

At 31 March 2024

-

47,423

18,540

19,107

85,070

Carrying amount

At 31 March 2024

-

97,550

16,500

9,091

123,141

At 28 February 2023

1,828

105,196

26,686

14,508

148,218

Revaluation

The fair value of the company's assets was revalued on 31st March 2024.

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 2024

5

Stocks and work in progress

2024
£

2023
£

Work in progress

9,600

45,750

6

Debtors

2024
£

2023
£

Trade debtors

97,513

99,845

Other debtors

-

80,000

Prepayments

12,874

7,019

110,387

186,864

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

7,506

10,919

Taxation and social security

 

40,196

54,338

Accruals and deferred income

 

29,167

6,263

 

76,869

71,520

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Retained earnings
£

Total
£

Surplus on plant and equipment revaluation

21,665

21,665

 

McErlean Associates Limited

Notes to the Unaudited Financial Statements for the
Period from 1 March 2023 to 31 March 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,900

35,839

HP and finance lease liabilities

663

3,368

Directors loan account

67,521

85,076

98,084

124,283

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,000

5,000

HP and finance lease liabilities

2,506

5,919

7,506

10,919

11

Related party transactions

The following balance was owed to the director at the year end:

31 March 2024
 £

28 February 2023
 £

Directors current account

67,521

85,076

Summary of transactions with associates

Included in other debtors at 28th February 2023 was an amount of £80,000 owed from Sweetwall Ltd (2024 £nil). Sweetwall Ltd is owned and controlled by Dr Paul McErlean and his wife.
 

12

Parent and ultimate parent undertaking

During the year the company became a subsidiary of Ballamilis Holdings Ltd.
Ballamilis Holdings Ltd is incorporated in Northern Ireland and is owned and controlled by Dr Paul McErlean and his wife.