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Company registration number: NI010578
M.McG Roadmarks Ltd
Trading as MMcG Roadmarks Ltd
Unaudited filleted financial statements
31 December 2024
M.McG Roadmarks Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
M.McG Roadmarks Ltd
Directors and other information
Director Mr Ronan McGovern
Company number NI010578
Registered office Ballinacraig
Moorhill Road
Newry
Down
BT34 2QJ
Business address Ballinacraig
Moorhill Road
Newry
Down
BT34 2QJ
Accountant Fitzmaurice McConville & Co Ltd
3 Melrose Grove
Lurgan
Armagh
BT67 9BH
Bankers Bank of Ireland
Trevor Hill
Newry
Down
AIB (Dundalk)
Dundalk
Louth
M.McG Roadmarks Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of M.McG Roadmarks Ltd
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of M.McG Roadmarks Ltd for the year ended 31 December 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 me.
As a practising member of Chartered Accountants Ireland , I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of M.McG Roadmarks Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of M.McG Roadmarks Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than M.McG Roadmarks Ltd and its director as a body for my work or for this report.
It is your duty to ensure that M.McG Roadmarks Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M.McG Roadmarks Ltd. You consider that M.McG Roadmarks Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of M.McG Roadmarks Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Fitzmaurice McConville & Co Ltd
Chartered Accountant
3 Melrose Grove
Lurgan
Armagh
BT67 9BH
17 February 2025
M.McG Roadmarks Ltd
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 250,626 311,443
_______ _______
250,626 311,443
Current assets
Stocks 13,150 16,237
Debtors 6 219,110 159,100
Cash at bank and in hand 91,795 107,867
_______ _______
324,055 283,204
Creditors: amounts falling due
within one year 7 ( 71,719) ( 30,195)
_______ _______
Net current assets 252,336 253,009
_______ _______
Total assets less current liabilities 502,962 564,452
Provisions for liabilities ( 32,838) ( 42,896)
_______ _______
Net assets 470,124 521,556
_______ _______
Capital and reserves
Called up share capital 5,525 5,525
Profit and loss account 464,599 516,031
_______ _______
Shareholder funds 470,124 521,556
_______ _______
For the year ending 31 December 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 17 February 2025 , and are signed on behalf of the board by:
Mr Ronan McGovern
Director
Company registration number: NI010578
M.McG Roadmarks Ltd
Statement of changes in equity
Year ended 31 December 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2023 5,525 562,721 568,246
Profit for the year 14,085 14,085
_______ _______ _______
Total comprehensive income for the year - 14,085 14,085
Dividends paid and payable ( 60,775) ( 60,775)
_______ _______ _______
Total investments by and distributions to owners - ( 60,775) ( 60,775)
_______ _______ _______
At 31 December 2023 and 1 January 2024 5,525 516,031 521,556
Profit for the year 36,968 36,968
_______ _______ _______
Total comprehensive income for the year - 36,968 36,968
Dividends paid and payable ( 88,400) ( 88,400)
_______ _______ _______
Total investments by and distributions to owners - ( 88,400) ( 88,400)
_______ _______ _______
At 31 December 2024 5,525 464,599 470,124
_______ _______ _______
M.McG Roadmarks Ltd
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in N.Ireland. The address of the registered office is MMcG Roadmarks Ltd, Ballinacraig, Moorhill Road, Newry, Down, BT34 2QJ.
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:
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 6 (2023: 6 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 32,976 31,992
Social security costs 2,150 2,137
Other pension costs 58,456 68,815
_______ _______
93,582 102,944
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2024 45,253 459,010 6,430 571,115 1,081,808
Additions - 12,500 - - 12,500
_______ _______ _______ _______ _______
At 31 December 2024 45,253 471,510 6,430 571,115 1,094,308
_______ _______ _______ _______ _______
Depreciation
At 1 January 2024 - 352,901 5,481 411,983 770,365
Charge for the year - 34,713 95 38,509 73,317
_______ _______ _______ _______ _______
At 31 December 2024 - 387,614 5,576 450,492 843,682
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2024 45,253 83,896 854 120,623 250,626
_______ _______ _______ _______ _______
At 31 December 2023 45,253 106,109 949 159,132 311,443
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 190,504 148,509
Other debtors 28,606 10,591
_______ _______
219,110 159,100
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 3,233
Trade creditors 39,766 9,089
Corporation tax 25,138 13,042
Social security and other taxes 4,376 2,992
Other creditors 2,439 1,839
_______ _______
71,719 30,195
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Ronan McGovern ( 1,839) ( 89,000) 88,400 ( 2,439)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Ronan McGovern ( 1,239) ( 61,375) 60,775 ( 1,839)
_______ _______ _______ _______