Company Registration No. NI021328 (Northern Ireland)
REGINALD HOGG HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
REGINALD HOGG HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
REGINALD HOGG HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
3
14,001
1,747
Investments
4
1,598
14,001
3,345
Current assets
Debtors
5
390
495
Cash at bank and in hand
1,192
1,092
1,582
1,587
Creditors: amounts falling due within one year
6
(1,595)
(118)
Net current (liabilities)/assets
(13)
1,469
Total assets less current liabilities
13,988
4,814
Provisions for liabilities
(3,352)
(289)
Net assets
10,636
4,525
Capital and reserves
Called up share capital
27
27
Revaluation reserve
7
10,439
1,249
Profit and loss reserves
170
3,249
Total equity
10,636
4,525
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
Hugh McCann
Joan McCann
Director
Director
Company registration number NI021328 (Northern Ireland)
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Reginald Hogg Holdings Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 50 Creagh Road, TOOMEBRIDGE, Co Antrim, BT41 3SE.
1.1
Reporting period
The current financial accounting period has been shortened to 31 December 2024 to align with its parent company.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
During the current financial year there were no material judgements or sources of estimation uncertainty requiring specific disclosure in the financial statements.
3
Tangible fixed assets
Land and buildings
£'000
Cost or valuation
At 1 April 2024
1,747
Revaluation
12,254
At 31 December 2024
14,001
Depreciation and impairment
At 1 April 2024 and 31 December 2024
Carrying amount
At 31 December 2024
14,001
At 31 March 2024
1,747
Land and buildings with a closing carrying amount of £14,001k were revalued during the year ended 31 December 2024 by Andrew Dixon and Company, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings
31/12/24
31/03/24
£'000
£'000
Cost
288
288
4
Fixed asset investments
31/12/24
31/03/24
£'000
£'000
Shares in group undertakings and participating interests
1,598
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 April 2024
1,598
Disposals
(1,598)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 March 2024
1,598
At 20 December 2024 the shares in Macrete Ireland Limited and R Hogg & Sons Limited were sold to FPM Quarries Limited.
5
Debtors
31/12/24
31/03/24
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
495
Other debtors
390
390
495
6
Creditors: amounts falling due within one year
31/12/24
31/03/24
£'000
£'000
Corporation tax
40
26
Other creditors
1,555
92
1,595
118
7
Revaluation reserve
31/12/24
31/03/24
£'000
£'000
At the beginning of the period
1,249
1,249
Revaluation surplus arising in the period
9,190
At the end of the period
10,439
1,249
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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.
Senior Statutory Auditor:
Mrs Alison Wallace
Statutory Auditor:
IDS Chartered Accountants LLP
Date of audit report:
7 March 2025
9
Related party transactions
31/12/24
31/03/24
Amounts due to related parties
£'000
£'000
Other related parties
1,256
-
The following amounts were outstanding at the reporting end date:
31/12/24
31/03/24
Amounts due from related parties
£'000
£'000
Other related parties
390
-
Other information
The company has taken advantage of the exemption granted by paragraph 33.1A of FRS102, Related Party Disclosures from disclosing transactions with 100% owned subsidiaries that are part of the FP McCann Group Limited group of companies.
10
Parent company
Reginald Hogg Holdings Limited is a wholly owned subsidiary of FP McCann Group Limited, registered office address of Knockloughrim Quarry, 3 Drumard Road, Knockloughrim, Magherafelt, Co Londonderry, BT45 8QA.
On 20 December 2024 Reginald Hogg Holdings Limited became a wholly owned subsidiary of FP McCann Group Limited, having previously been a wholly owned subsidiary of FPM Quarries Limited between 17 October 2024 to 20 December 2024. Prior to this the Hogg Family owned the company.
As of 20 December 2024 FP McCann Group Limited and subsequently Reginald Hogg Holdings Limited is controlled by the McCann family.
REGINALD HOGG HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Parent company
(Continued)
- 8 -
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
FP McCann Group Limited
Smallest group
FP McCann Group Limited
The consolidated financial statements of FP McCann Group Limited are publicly available at Knockloughrim Quarry, 3 Drumard Road, Knockloughrim, Magherafelt, Co Londonderry, BT45 8QA and these financial statements can be obtained upon request.