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Registration number: NI644054

Martin McGrath Contracts Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Martin McGrath Contracts Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Martin McGrath Contracts Ltd

Company Information

Director

Mr Martin McGrath

Registered office

42B Carn Road
Killeter
Castlederg
Tyrone
BT81 7UR

Bankers

Bank of Ireland
Omagh
25 Campsie Road
Omagh
Tyrone
BT78 0AE

Accountants

M P Kearney & Co
Chartered Certified Accountants
1 Tamlaght Road
Omagh
Tyrone
BT78 5AW

 

Martin McGrath Contracts Ltd

(Registration number: NI644054)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,939

72,218

Current assets

 

Stocks

5

36,475

-

Debtors

6

4,964

55,474

Cash at bank and in hand

 

101,502

102,128

 

142,941

157,602

Creditors: Amounts falling due within one year

(118,296)

(119,873)

Net current assets

 

24,645

37,729

Total assets less current liabilities

 

88,584

109,947

Creditors: Amounts falling due after more than one year

(10,735)

(19,060)

Provisions for liabilities

(10,000)

(11,000)

Accruals and deferred income

 

(2,197)

(1,246)

Net assets

 

65,652

78,641

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

65,651

78,640

Shareholders' funds

 

65,652

78,641

For the financial year 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

Approved and authorised by the director on 23 December 2024
 

 

Martin McGrath Contracts Ltd

(Registration number: NI644054)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr Martin McGrath
Director

 

Martin McGrath Contracts Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in North of Ireland.

The address of its registered office is:
42B Carn Road
Killeter
Castlederg
Tyrone
BT81 7UR

The principal place of business is:
42B Carn Road
Killeter
Castlederg
Tyrone
BT81 7UR

These financial statements were authorised for issue by the director on 23 December 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 abridged 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 abridged 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.

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 sales/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.

 

Martin McGrath Contracts Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 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

Plant and Machinery

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Buildings

2% Straight Line

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 company 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.

 

Martin McGrath Contracts Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 company 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.

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 year, was 3 (2023 - 2).

 

Martin McGrath Contracts Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

12,221

96,242

-

25,629

Additions

940

3,680

185

-

At 31 March 2024

13,161

99,922

185

25,629

Depreciation

At 1 April 2023

244

48,713

-

12,917

Charge for the year

263

10,242

37

2,542

At 31 March 2024

507

58,955

37

15,459

Carrying amount

At 31 March 2024

12,654

40,967

148

10,170

At 31 March 2023

11,977

47,529

-

12,712

Total
£

Cost or valuation

At 1 April 2023

134,092

Additions

4,805

At 31 March 2024

138,897

Depreciation

At 1 April 2023

61,874

Charge for the year

13,084

At 31 March 2024

74,958

Carrying amount

At 31 March 2024

63,939

At 31 March 2023

72,218

Included within the net book value of land and buildings above is £12,654 (2023 - £11,977) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

36,475

-

 

Martin McGrath Contracts Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £30,000.00 per each Ordinary Shares

30,000

30,000