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REGISTERED NUMBER: NI007251 (Northern Ireland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 April 2024

for

B.McCaffrey & Sons Limited

B.McCaffrey & Sons Limited (Registered number: NI007251)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


B.McCaffrey & Sons Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: P McCaffrey
S McCaffrey





SECRETARY: P McCaffrey





REGISTERED OFFICE: 49 Knockninney Road
Derrylin
Enniskillen
Co. Fermanagh
BT92 9JT





REGISTERED NUMBER: NI007251 (Northern Ireland)





AUDITORS: Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

B.McCaffrey & Sons Limited (Registered number: NI007251)

Group Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
Turnover has increased by 0.25% to £13.95m (2023:£13.91m). Overall, a net profit before tax of £1.19m was achieved for the year ended 30 April 2024 (2023:£1.11m). The group's asset base remains strong with net assets of £9.7m at 30 April 2024 (2023: £9.0m). The directors are satisfied with the group's performance in the year. The group operates in a competitive marketplace and the directors anticipate that current levels of performance will be maintained or improved upon going forward.

The group's key performance indicators are as follows:

2024 2023
Sales £13.95m £13.91m
Shareholders' funds £9.7m £9.0m

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks
The market for the group's products and services remains competitive. New markets and customers are continually being developed which serves to spread risk. The risks to the group are mainly credit risk, liquidity risk and interest rate risk.

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring customer payment patterns.

Liquidity risk
The group takes a proactive approach to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Continuity of funding is ensured by matching the source of funding to the purpose of those funds. The group maintains a high level of cash reserves.

Interest rate risk
The group finances its operations through a mixture of retained earnings, loans and hire purchase agreements. The group's exposure is minimised as all finance is tied into fixed interest contracts. Interest rate risk can be managed through the ongoing review of potential borrowing requirements.

ON BEHALF OF THE BOARD:





P McCaffrey - Director


30 January 2025

B.McCaffrey & Sons Limited (Registered number: NI007251)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was the sale and manufacture of quarry products, supply of tarmac, concrete blocks and precast concrete products.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £30.03 per share.

The total distribution of dividends for the year ended 30 April 2024 will be £ 50,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

P McCaffrey
S McCaffrey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Dundas Gallagher, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P McCaffrey - Director


30 January 2025

Report of the Independent Auditors to the Members of
B.McCaffrey & Sons Limited

Opinion
We have audited the financial statements of B.McCaffrey & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 April 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 Auditors' 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.

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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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.

Report of the Independent Auditors to the Members of
B.McCaffrey & Sons Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

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 officers 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 officers.

We communicated identified laws and regulations throughout our 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 bias; 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 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
B.McCaffrey & Sons Limited


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 a Report of the Auditors 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.




Ruairi Dundas (Senior Statutory Auditor)
for and on behalf of Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

30 January 2025

B.McCaffrey & Sons Limited (Registered number: NI007251)

Consolidated Income Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 4 13,951,665 13,916,903

Cost of sales 7,763,419 7,756,896
GROSS PROFIT 6,188,246 6,160,007

Distribution costs 2,153,158 2,248,455
Administrative expenses 2,810,178 2,742,025
4,963,336 4,990,480
1,224,910 1,169,527

Other operating income 32,010 265
OPERATING PROFIT 6 1,256,920 1,169,792


Interest payable and similar expenses 8 63,208 59,609
PROFIT BEFORE TAXATION 1,193,712 1,110,183

Tax on profit 9 445,803 150,452
PROFIT FOR THE FINANCIAL YEAR 747,909 959,731
Profit attributable to:
Owners of the parent 747,909 959,731

B.McCaffrey & Sons Limited (Registered number: NI007251)

Consolidated Other Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 747,909 959,731


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

747,909

959,731

Total comprehensive income attributable to:
Owners of the parent 747,909 959,731

B.McCaffrey & Sons Limited (Registered number: NI007251)

Consolidated Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 10,000 15,000
Tangible assets 13 5,211,092 5,319,161
5,221,092 5,334,161

CURRENT ASSETS
Stocks 14 1,093,531 907,222
Debtors 15 3,668,606 3,359,223
Cash at bank 3,591,454 3,354,859
8,353,591 7,621,304
CREDITORS
Amounts falling due within one year 16 2,517,348 2,503,444
NET CURRENT ASSETS 5,836,243 5,117,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,057,335

10,452,021

CREDITORS
Amounts falling due after more than one year 17 (617,808 ) (896,862 )

PROVISIONS FOR LIABILITIES 21 (737,353 ) (550,894 )
NET ASSETS 9,702,174 9,004,265

CAPITAL AND RESERVES
Called up share capital 22 1,665 1,665
Retained earnings 23 9,700,509 9,002,600
SHAREHOLDERS' FUNDS 9,702,174 9,004,265

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:




P McCaffrey - Director



S McCaffrey - Director


B.McCaffrey & Sons Limited (Registered number: NI007251)

Company Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 3,251,160 3,551,708
3,251,160 3,551,708

CURRENT ASSETS
Stocks 14 891,560 743,840
Debtors 15 4,755,269 4,497,450
Cash at bank 1,296,349 1,201,051
6,943,178 6,442,341
CREDITORS
Amounts falling due within one year 16 2,182,963 2,175,944
NET CURRENT ASSETS 4,760,215 4,266,397
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,011,375

7,818,105

CREDITORS
Amounts falling due after more than one year 17 (480,422 ) (779,184 )

PROVISIONS FOR LIABILITIES 21 (459,880 ) (400,286 )
NET ASSETS 7,071,073 6,638,635

CAPITAL AND RESERVES
Called up share capital 22 1,665 1,665
Retained earnings 23 7,069,408 6,636,970
SHAREHOLDERS' FUNDS 7,071,073 6,638,635

Company's profit for the financial year 482,438 592,388

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:




P McCaffrey - Director



S McCaffrey - Director


B.McCaffrey & Sons Limited (Registered number: NI007251)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,665 8,082,869 8,084,534

Changes in equity
Dividends - (40,000 ) (40,000 )
Total comprehensive income - 959,731 959,731
Balance at 30 April 2023 1,665 9,002,600 9,004,265

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 747,909 747,909
Balance at 30 April 2024 1,665 9,700,509 9,702,174

B.McCaffrey & Sons Limited (Registered number: NI007251)

Company Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,665 6,084,582 6,086,247

Changes in equity
Dividends - (40,000 ) (40,000 )
Total comprehensive income - 592,388 592,388
Balance at 30 April 2023 1,665 6,636,970 6,638,635

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 482,438 482,438
Balance at 30 April 2024 1,665 7,069,408 7,071,073

B.McCaffrey & Sons Limited (Registered number: NI007251)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,222,239 1,439,537
Interest paid (44,834 ) (37,522 )
Interest element of hire purchase payments paid (18,374 ) (22,087 )
Tax paid (50,090 ) (200,269 )
Net cash from operating activities 1,108,941 1,179,659

Cash flows from investing activities
Purchase of tangible fixed assets (561,418 ) (604,676 )
Sale of tangible fixed assets 53,997 52,000
Net cash from investing activities (507,421 ) (552,676 )

Cash flows from financing activities
Loan repayments in year (208,991 ) (218,241 )
Capital repayments in year (104,432 ) 115,041
Amount introduced by directors 315 -
Amount withdrawn by directors (1,817 ) (18,106 )
Equity dividends paid (50,000 ) (40,000 )
Net cash from financing activities (364,925 ) (161,306 )

Increase in cash and cash equivalents 236,595 465,677
Cash and cash equivalents at beginning of year 2 3,354,859 2,889,182

Cash and cash equivalents at end of year 2 3,591,454 3,354,859

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
Profit before taxation 1,193,712 1,110,183
Depreciation charges 630,058 619,863
Profit on disposal of fixed assets (9,568 ) (28,928 )
Finance costs 63,208 59,609
1,877,410 1,760,727
Increase in stocks (186,309 ) (44,074 )
(Increase)/decrease in trade and other debtors (309,383 ) 138,982
Decrease in trade and other creditors (159,479 ) (416,098 )
Cash generated from operations 1,222,239 1,439,537

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 3,591,454 3,354,859
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 3,354,859 3,089,283
Bank overdrafts - (200,101 )
3,354,859 2,889,182


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 3,354,859 236,595 3,591,454
3,354,859 236,595 3,591,454
Debt
Finance leases (479,895 ) 104,432 (375,463 )
Debts falling due within 1 year (212,556 ) (7,431 ) (219,987 )
Debts falling due after 1 year (638,204 ) 216,422 (421,782 )
(1,330,655 ) 313,423 (1,017,232 )
Total 2,024,204 550,018 2,574,222

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

B.McCaffrey & Sons Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis.

Basis of consolidation
In the financial statements of the parent company, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the twelve months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of B.McCaffrey & Sons Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are originally stated at cost (or deemed cost) and subsequently carried at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Land and buildings- 2% straight line
Plant and machinery- 10% on reducing balance
Motor vehicles- 20% on reducing balance
Fixtures and fittings- 20% straight line
Computer equipment- 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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 entity after deducting all of it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The group returned a net profit of £1.19m for the year to 30 April 2024. The group continues to demonstrate growth in net asset position and continuing profitability.

The owners have expressed their satisfaction with the performance of the business and confirmed their support for the group going forward.

Based on the above, it is deemed appropriate for the company and the group to be regarded as a going concern.

Impairment of assets
At each reporting year end date, the directors review the carrying amount of the tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which it belongs

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period.

The following judgement has had the most significant effect on amounts recognised in the financial statements:

Tangible and intangible assets

Long life assets comprising of property, plant and machinery and intangible assets represent a significant portion of total assets. The annual depreciation and amortisation charges depend primarily on the estimated lives of each type of asset and in certain circumstances, estimated residual value. The directors regularly review these useful lives and change them if necessary to reflect current conditions. The directors do not believe that there is any impairment in the current year.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.4.24 30.4.23
£    £   
United Kingdom 11,582,382 11,953,784
Europe 2,369,283 1,963,119
13,951,665 13,916,903

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

5. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 2,432,926 2,468,978
Other pension costs 34,528 36,047
2,467,454 2,505,025

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management and administration 19 19
Production 61 70
80 89

The average number of employees by undertakings that were proportionately consolidated during the year was 22 (2023 - 23 ) .

30.4.24 30.4.23
£    £   
Directors' remuneration 25,140 25,140

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Hire of plant and machinery 87,556 133,272
Depreciation - owned assets 625,058 614,863
Profit on disposal of fixed assets (9,568 ) (28,928 )
Goodwill amortisation 5,000 5,000
Foreign exchange differences 35,305 (67,534 )

7. AUDITORS' REMUNERATION
30.4.24 30.4.23
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

14,880

17,447

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest 44,834 37,522
Hire purchase 18,374 22,087
63,208 59,609

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 259,344 88,759

Deferred tax 186,459 61,693
Tax on profit 445,803 150,452

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Profit before tax 1,193,712 1,110,183
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19.490 %)

298,428

216,375

Effects of:
Capital allowances in excess of depreciation (22,601 ) (65,894 )
Research and development - (51,226 )
Deferred tax 186,459 61,693
Non trade capital allowances (16,483 ) (10,496 )
Total tax charge 445,803 150,452

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Final 50,000 40,000

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 299,995
AMORTISATION
At 1 May 2023 284,995
Amortisation for year 5,000
At 30 April 2024 289,995
NET BOOK VALUE
At 30 April 2024 10,000
At 30 April 2023 15,000

Company
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 249,995
AMORTISATION
At 1 May 2023
and 30 April 2024 249,995
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 2,125,042 7,428,560 64,108
Additions - 78,475 -
Disposals - (17,400 ) -
At 30 April 2024 2,125,042 7,489,635 64,108
DEPRECIATION
At 1 May 2023 502,151 4,886,742 61,108
Charge for year 42,146 262,225 1,000
Eliminated on disposal - (9,078 ) -
At 30 April 2024 544,297 5,139,889 62,108
NET BOOK VALUE
At 30 April 2024 1,580,745 2,349,746 2,000
At 30 April 2023 1,622,891 2,541,818 3,000

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

13. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 3,690,065 25,703 13,333,478
Additions 482,943 - 561,418
Disposals (98,400 ) - (115,800 )
At 30 April 2024 4,074,608 25,703 13,779,096
DEPRECIATION
At 1 May 2023 2,539,175 25,141 8,014,317
Charge for year 319,546 141 625,058
Eliminated on disposal (62,293 ) - (71,371 )
At 30 April 2024 2,796,428 25,282 8,568,004
NET BOOK VALUE
At 30 April 2024 1,278,180 421 5,211,092
At 30 April 2023 1,150,890 562 5,319,161

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 1,725,042 4,918,637 34,108 3,257,335 9,935,122
Additions - 13,600 - 66,500 80,100
Disposals - (17,400 ) - - (17,400 )
At 30 April 2024 1,725,042 4,914,837 34,108 3,323,835 9,997,822
DEPRECIATION
At 1 May 2023 446,151 3,606,238 34,108 2,296,917 6,383,414
Charge for year 34,146 132,796 - 205,384 372,326
Eliminated on disposal - (9,078 ) - - (9,078 )
At 30 April 2024 480,297 3,729,956 34,108 2,502,301 6,746,662
NET BOOK VALUE
At 30 April 2024 1,244,745 1,184,881 - 821,534 3,251,160
At 30 April 2023 1,278,891 1,312,399 - 960,418 3,551,708

14. STOCKS

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Stocks 1,093,531 907,222 891,560 743,840

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 3,598,248 3,343,882 2,963,872 2,729,528
Amounts owed by group undertakings - - 1,733,640 1,752,680
Other debtors 27,843 15,341 15,242 15,242
Prepayments and accrued income 42,515 - 42,515 -
3,668,606 3,359,223 4,755,269 4,497,450

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 219,987 212,556 167,187 159,756
Hire purchase contracts (see note 19) 179,437 221,237 137,822 194,455
Trade creditors 1,564,060 1,648,508 1,189,937 1,432,132
Tax 259,366 50,112 236,622 (36,749 )
Social security and other taxes (37,735 ) 8,476 36,330 36,516
VAT 70,424 73,396 179,112 136,095
Other creditors 40,860 40,960 26,339 24,509
Directors' current accounts 7,802 9,304 7,802 9,304
Accrued expenses 213,147 238,895 201,812 219,926
2,517,348 2,503,444 2,182,963 2,175,944

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans (see note 18) 421,782 638,204 345,908 520,526
Hire purchase contracts (see note 19) 196,026 258,658 134,514 258,658
617,808 896,862 480,422 779,184

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 219,987 212,556 167,187 159,756
Amounts falling due between one and two years:
Bank loans - 1-2 years 421,782 638,204 345,908 520,526

The long-term loans are secured by a floating charge with Bank of Ireland over the group assets. There is a separate fixed charge over the land and buildings held by Bank of Ireland.

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.4.24 30.4.23
£    £   
Gross obligations repayable:
Within one year 192,014 238,549
Between one and five years 213,178 288,387
405,192 526,936

Finance charges repayable:
Within one year 12,577 17,312
Between one and five years 17,152 29,729
29,729 47,041

Net obligations repayable:
Within one year 179,437 221,237
Between one and five years 196,026 258,658
375,463 479,895

Company
Hire purchase contracts
30.4.24 30.4.23
£    £   
Gross obligations repayable:
Within one year 150,399 209,979
Between one and five years 151,666 288,387
302,065 498,366

Finance charges repayable:
Within one year 12,577 15,524
Between one and five years 17,152 29,729
29,729 45,253

Net obligations repayable:
Within one year 137,822 194,455
Between one and five years 134,514 258,658
272,336 453,113

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.4.24 30.4.23
£    £   
Hire purchase contracts 375,463 479,895

B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

21. PROVISIONS FOR LIABILITIES

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Deferred tax 737,353 550,894 459,880 400,286

Group
Deferred
tax
£   
Balance at 1 May 2023 550,894
Provided during year 186,459
Balance at 30 April 2024 737,353

Company
Deferred
tax
£   
Balance at 1 May 2023 400,286
Provided during year 59,594
Balance at 30 April 2024 459,880

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1,665 Ordinary £1 1,665 1,665

23. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 9,002,600
Profit for the year 747,909
Dividends (50,000 )
At 30 April 2024 9,700,509

Company
Retained
earnings
£   

At 1 May 2023 6,636,970
Profit for the year 482,438
Dividends (50,000 )
At 30 April 2024 7,069,408


B.McCaffrey & Sons Limited (Registered number: NI007251)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
P McCaffrey
Balance outstanding at start of year (2,038 ) (10,508 )
Amounts advanced 1,817 8,470
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (221 ) (2,038 )

S McCaffrey
Balance outstanding at start of year (7,266 ) (16,902 )
Amounts advanced - 9,636
Amounts repaid (315 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,581 ) (7,266 )

25. POST BALANCE SHEET EVENTS

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

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr P McCaffrey and Mr S McCaffrey.