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Company registration number: NI667837
McL Fabrications & Access Ltd
Unaudited filleted financial statements
29 February 2024
McL Fabrications & Access Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
McL Fabrications & Access Ltd
Directors and other information
Director Mrs Jennifer McLarnon
Company number NI667837
Registered office 85 Deerfin Road
Ballymena
Northern Ireland
BT42 4HR
Business address 85 Deerfin Road
Ballymena
Northern Ireland
BT42 4HR
Accountants Mooney Matthews
Suites XO Formation Works
2 Edenaveys Industrial Estate
Armagh
BT60 1NF
Bankers AIB NI
78 Wellington Street
Ballymena
Antrim
BT43 6AF
McL Fabrications & Access Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of McL Fabrications & Access Ltd
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McL Fabrications & Access Ltd for the year ended 29 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
Our work has been undertaken in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie.
Mooney Matthews
Chartered Accountants & Registered Auditors
Suites XO Formation Works
2 Edenaveys Industrial Estate
Armagh
BT60 1NF
29 November 2024
McL Fabrications & Access Ltd
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 521,361 762,502
_______ _______
521,361 762,502
Current assets
Debtors 6 323,845 131,727
Cash at bank and in hand 49,327 61,502
_______ _______
373,172 193,229
Creditors: amounts falling due
within one year 7 ( 705,440) ( 461,515)
_______ _______
Net current liabilities ( 332,268) ( 268,286)
_______ _______
Total assets less current liabilities 189,093 494,216
Creditors: amounts falling due
after more than one year 8 ( 141,758) ( 352,207)
Provisions for liabilities ( 99,059) -
_______ _______
Net (liabilities)/assets ( 51,724) 142,009
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 51,725) 142,008
_______ _______
Shareholder (deficit)/funds ( 51,724) 142,009
_______ _______
For the year ending 29 February 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mrs Jennifer McLarnon
Director
Company registration number: NI667837
McL Fabrications & Access Ltd
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 1 211,390 211,391
Loss for the year ( 69,382) ( 69,382)
_______ _______ _______
Total comprehensive income for the year - ( 69,382) ( 69,382)
_______ _______ _______
At 28 February 2023 and 1 March 2023 1 142,008 142,009
Loss for the year ( 193,733) ( 193,733)
_______ _______ _______
Total comprehensive income for the year - ( 193,733) ( 193,733)
_______ _______ _______
At 29 February 2024 1 ( 51,725) ( 51,724)
_______ _______ _______
McL Fabrications & Access Ltd
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 85 Deerfin Road, Ballymena, Northern Ireland, BT42 4HR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 13 (2023: 14 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 360,783 238,609
Social security costs 30,267 18,669
Other pension costs 10,955 8,748
_______ _______
402,005 266,026
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2023 39,572 1,270,968 16,945 74,822 1,402,307
Additions 33,960 81,495 665 6,628 122,748
_______ _______ _______ _______ _______
At 29 February 2024 73,532 1,352,463 17,610 81,450 1,525,055
_______ _______ _______ _______ _______
Depreciation
At 1 March 2023 - 578,217 10,738 50,850 639,805
Charge for the year - 338,116 5,410 20,363 363,889
_______ _______ _______ _______ _______
At 29 February 2024 - 916,333 16,148 71,213 1,003,694
_______ _______ _______ _______ _______
Carrying amount
At 29 February 2024 73,532 436,130 1,462 10,237 521,361
_______ _______ _______ _______ _______
At 28 February 2023 39,572 692,751 6,207 23,972 762,502
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 323,844 131,726
Other debtors 1 1
_______ _______
323,845 131,727
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 170,857 79,650
Trade creditors 352,732 225,875
Social security and other taxes 35,506 20,240
Other creditors 146,345 135,750
_______ _______
705,440 461,515
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 141,758 352,207
_______ _______