BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company continues to be building and joinery work. 26 February 2025 13 13 NI034835 2024-05-31 NI034835 2023-05-31 NI034835 2022-05-31 NI034835 2023-06-01 2024-05-31 NI034835 2022-06-01 2023-05-31 NI034835 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI034835 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI034835 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI034835 uk-bus:FullAccounts 2023-06-01 2024-05-31 NI034835 uk-bus:Director1 2023-06-01 2024-05-31 NI034835 uk-bus:CompanySecretary1 2023-06-01 2024-05-31 NI034835 uk-bus:RegisteredOffice 2023-06-01 2024-05-31 NI034835 uk-bus:Agent1 2023-06-01 2024-05-31 NI034835 uk-core:ShareCapital 2024-05-31 NI034835 uk-core:ShareCapital 2023-05-31 NI034835 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI034835 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI034835 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI034835 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI034835 uk-bus:FRS102 2023-06-01 2024-05-31 NI034835 uk-core:Land 2023-06-01 2024-05-31 NI034835 uk-core:PlantMachinery 2023-06-01 2024-05-31 NI034835 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI034835 uk-core:MotorVehicles 2023-06-01 2024-05-31 NI034835 uk-core:CurrentFinancialInstruments 2024-05-31 NI034835 uk-core:CurrentFinancialInstruments 2023-05-31 NI034835 uk-core:WithinOneYear 2024-05-31 NI034835 uk-core:WithinOneYear 2023-05-31 NI034835 uk-core:WithinOneYear 2024-05-31 NI034835 uk-core:WithinOneYear 2023-05-31 NI034835 uk-core:EmployeeBenefits 2023-05-31 NI034835 uk-core:EmployeeBenefits 2023-06-01 2024-05-31 NI034835 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 NI034835 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-05-31 NI034835 uk-core:OtherDeferredTax 2024-05-31 NI034835 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-05-31 NI034835 uk-core:EmployeeBenefits 2024-05-31 NI034835 2023-06-01 2024-05-31 NI034835 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI034835
 
 
Joseph McClune & Son Limited
 
Director's Report and Unaudited Financial Statements
 
for the financial year ended 31 May 2024
Joseph McClune & Son Limited
DIRECTOR AND OTHER INFORMATION

 
Director David McClune
 
 
Company Secretary Olivia McClune
 
 
Company Registration Number NI034835
 
 
Registered Office and Business Address 205 Main Street
Dundrum
Down
BT33 0LY
Northern Ireland
 
 
Accountants Muldoon & Co Ltd
Chartered Accountants Ireland & Registered Auditors
16 Mount Charles
Belfast
BT7 1NZ
United Kingdom



Joseph McClune & Son Limited
DIRECTOR'S REPORT
for the financial year ended 31 May 2024

 
The director presents his report and the unaudited financial statements for the financial year ended 31 May 2024.
     
Director
The director who served during the financial year is as follows:
     
David McClune
   
There were no changes in shareholdings between 31 May 2024 and the date of signing the financial statements.
     
Statement of Director's Responsibilities
     
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:
- select suitable accounting policies and 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
David McClune
Director
     
26 February 2025



Joseph McClune & Son Limited
Company Registration Number: NI034835
BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 208,251 161,094
───────── ─────────
 
Current Assets
Stocks 5 90,000 359,940
Debtors 6 406,248 275,639
Cash and cash equivalents 3,602,337 3,032,822
───────── ─────────
4,098,585 3,668,401
───────── ─────────
Creditors: amounts falling due within one year 7 (657,866) (658,690)
───────── ─────────
Net Current Assets 3,440,719 3,009,711
───────── ─────────
Total Assets less Current Liabilities 3,648,970 3,170,805
 
Provisions for liabilities 9 (30,938) (40,273)
───────── ─────────
Net Assets 3,618,032 3,130,532
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 3,618,030 3,130,530
───────── ─────────
Equity attributable to owners of the company 3,618,032 3,130,532
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.
           
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 26 February 2025
           
           
________________________________          
David McClune          
Director          
           



Joseph McClune & Son Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
Joseph McClune & Son Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI034835. The registered office of the company is 205 Main Street, Dundrum, Down, BT33 0LY, Northern Ireland which is also the principal place of business of the company. The principal activity of the company continues to be building and joinery work. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 2% Straight line
  Plant and machinery - 20% Reducing balance
  Fixtures, fittings and equipment - 20% Reducing balance
  Motor vehicles - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
  2024 2023
  Number Number
 
Employees 13 13
  ═════════ ═════════
             
4. Tangible assets
  Long Plant and Fixtures, Motor Total
  leasehold machinery fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost
At 1 June 2023 7,000 435,121 9,805 148,647 600,573
Additions - 81,056 - - 81,056
  ───────── ───────── ───────── ───────── ─────────
At 31 May 2024 7,000 516,177 9,805 148,647 681,629
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 June 2023 2,067 304,723 7,576 125,113 439,479
Charge for the financial year 140 27,431 445 5,883 33,899
  ───────── ───────── ───────── ───────── ─────────
At 31 May 2024 2,207 332,154 8,021 130,996 473,378
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 May 2024 4,793 184,023 1,784 17,651 208,251
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 May 2023 4,933 130,398 2,229 23,534 161,094
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Stock 90,000 359,940
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 345,373 28,511
Other debtors - 240,000
Prepayments and accrued income 60,875 7,128
  ───────── ─────────
  406,248 275,639
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 1,215 1,503
Trade creditors 81,700 102,440
Taxation  (Note 8) 242,865 152,609
Director's current account 261,617 313,338
Accruals 70,469 88,800
  ───────── ─────────
  657,866 658,690
  ═════════ ═════════
       
8. Taxation 2024 2023
  £ £
 
Creditors:
VAT 58,506 47,793
Corporation tax 168,095 92,229
PAYE / NI 16,264 12,587
  ───────── ─────────
  242,865 152,609
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 40,273 40,273 15,818
Charged to profit and loss (9,335) (9,335) 24,455
  ───────── ───────── ─────────
At financial year end 30,938 30,938 40,273
  ═════════ ═════════ ═════════