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REGISTERED NUMBER: NI646679 (Northern Ireland)















OL MCH LTD

Financial Statements for the Year Ended 30 June 2024






OL MCH LTD (REGISTERED NUMBER: NI646679)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


OL MCH LTD

Company Information
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Brian Macklin
Mary Macklin



REGISTERED OFFICE: 26 Wellington Park
Belfast
Co. Antrim
BT9 6DL



REGISTERED NUMBER: NI646679 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Bank of Ireland
364 Lisburn Road
Belfast
Co. Antrim
BT9 6GL



SOLICITORS: O'Hare Solicitors
St. George's Building
37-41 High Street
Belfast
Co.Antrim
BT1 2AB

OL MCH LTD (REGISTERED NUMBER: NI646679)

Statement of Financial Position
30 JUNE 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 240,000 320,000
Property, plant and equipment 6 2,778,401 2,573,257
3,018,401 2,893,257

CURRENT ASSETS
Inventories 7 3,850 3,850
Receivables 8 757,687 562,281
Cash at bank and in hand 618,778 311,903
1,380,315 878,034
PAYABLES
Amounts falling due within one year 9 (823,097 ) (679,027 )
NET CURRENT ASSETS 557,218 199,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,575,619

3,092,264

PAYABLES
Amounts falling due after more than
one year

10

(4,160,057

)

(4,420,476

)
NET LIABILITIES (584,438 ) (1,328,212 )

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings (584,440 ) (1,328,214 )
SHAREHOLDERS' FUNDS (584,438 ) (1,328,212 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Brian Macklin - Director


OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

OL MCH Ltd is a private company, limited by shares, domiciled in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. The financial statements are presented in sterling which is the functional currency of the company.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Provision of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Buildings freehold2% Straight line
Fixtures, fittings and equipment 25% Reducing balance
Computer equipment 25% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories 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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.


OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

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

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Government grants
Government grants are credited to the income statement in the year to which they relate.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Going concern
The directors have considered the results in the period in relation to the company's ability to continue as a going concern. At the year end the company was in a net liability position of £584,438 (2023: £1,328,212) but made a profit after tax of £743,774.

The directors are of the opinion that with this renewed performance and continued support from fellow group companies and financial institutions, it is appropriate for the financial statements to be prepared on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 159 (2023 - 138 ) .

OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 July 2023
and 30 June 2024 800,000
AMORTISATION
At 1 July 2023 480,000
Amortisation for year 80,000
At 30 June 2024 560,000
NET BOOK VALUE
At 30 June 2024 240,000
At 30 June 2023 320,000

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Computer
property fittings equipment Totals
£ £ £ £
COST
At 1 July 2023 2,338,693 2,035,464 938 4,375,095
Additions 301,707 89,542 - 391,249
At 30 June 2024 2,640,400 2,125,006 938 4,766,344
DEPRECIATION
At 1 July 2023 252,519 1,548,548 771 1,801,838
Charge for year 50,041 136,038 26 186,105
At 30 June 2024 302,560 1,684,586 797 1,987,943
NET BOOK VALUE
At 30 June 2024 2,337,840 440,420 141 2,778,401
At 30 June 2023 2,086,174 486,916 167 2,573,257

7. INVENTORIES
2024 2023
£ £
Finished goods 3,850 3,850

8. RECEIVABLES
2024 2023
£ £
Trade receivables 325,080 149,559
Amounts owed by group undertakings 330,943 299,162
Deferred tax asset 56,949 88,127
Prepayments and accrued income 44,715 25,433
757,687 562,281

Amounts owed by group companies are unsecured, interest free and repayable on demand.

OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. PAYABLES: AMOUNTS FALLING DUE
WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 284,400 284,400
Trade payables 142,370 49,668
Tax 95,832 65,379
Social security and other taxes 90,877 68,976
Other payables 23,860 20,531
Accruals and deferred income 185,758 190,073
823,097 679,027

Amounts owed to group companies classified as less than one year are unsecured and payable on demand.

10. PAYABLES: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 284,400 284,400
Bank loans - 2-5 years 1,574,191 1,697,363
Amounts owed to group undertakings 1,845,213 1,962,167
Other creditors 456,253 476,546
4,160,057 4,420,476

The bank loan noted above is repaid quarterly and accrues interest at a rate of Libor + 2%. This loan is secured by a debenture with fixed and floating charge over the assets of the company and a mortgage over the property of the company. There is an unlimited inter-company cross guarantee with Malone Lodge Hotel Limited, BMGC Ltd, Macklin Care Homes Limited and MCHFB Ltd.

Amounts owed to group undertakings classified as falling due in more than one year are not considered to be repayable on demand as agreed with the Board of the relevant group company and are unsecured.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

OL MCH LTD (REGISTERED NUMBER: NI646679)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. RELATED PARTY DISCLOSURES

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 transactions with group companies.

The following transactions occurred with related parties:
2024 2023
Amounts due to related parties: £    £   

Gemin Construction Limited 456,253 476,546
456,253 476,546

The above company is deemed to be a related party given the thresholds of the entity. In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.

14. POST BALANCE SHEET EVENTS

There have been no material events occuring after the accounting period that affect these accounts.

15. ULTIMATE PARENT COMPANY

OL MCH Ltd is a wholly owned subsidiary of BMGC Limited, a company incorporated in Northern Ireland. The results of OL MCH Ltd are incorporated into the consolidated financial statements of BMGC Ltd. BMGC Ltd has its registered office address at 26 Wellington Park, Belfast, Co. Antrim, BT9 6DL.