IRIS Accounts Production v24.3.2.46 NI046505 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0465052023-03-31NI0465052024-03-31NI0465052023-04-012024-03-31NI0465052022-03-31NI0465052022-04-012023-03-31NI0465052023-03-31NI046505ns15:NorthernIreland2023-04-012024-03-31NI046505ns14:PoundSterling2023-04-012024-03-31NI046505ns10:Director12023-04-012024-03-31NI046505ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI046505ns10:SmallEntities2023-04-012024-03-31NI046505ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31NI046505ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI046505ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI046505ns10:FullAccounts2023-04-012024-03-31NI046505ns10:OrdinaryShareClass12023-04-012024-03-31NI046505ns10:Director22023-04-012024-03-31NI046505ns10:RegisteredOffice2023-04-012024-03-31NI046505ns5:CurrentFinancialInstruments2024-03-31NI046505ns5:CurrentFinancialInstruments2023-03-31NI046505ns5:Non-currentFinancialInstruments2024-03-31NI046505ns5:Non-currentFinancialInstruments2023-03-31NI046505ns5:ShareCapital2024-03-31NI046505ns5:ShareCapital2023-03-31NI046505ns5:RetainedEarningsAccumulatedLosses2024-03-31NI046505ns5:RetainedEarningsAccumulatedLosses2023-03-31NI046505ns5:PlantMachinery2023-04-012024-03-31NI046505ns5:MotorVehicles2023-04-012024-03-31NI046505ns5:LandBuildings2023-03-31NI046505ns5:PlantMachinery2023-03-31NI046505ns5:MotorVehicles2023-03-31NI046505ns5:ComputerEquipment2023-03-31NI046505ns5:LandBuildings2023-04-012024-03-31NI046505ns5:ComputerEquipment2023-04-012024-03-31NI046505ns5:LandBuildings2024-03-31NI046505ns5:PlantMachinery2024-03-31NI046505ns5:MotorVehicles2024-03-31NI046505ns5:ComputerEquipment2024-03-31NI046505ns5:LandBuildings2023-03-31NI046505ns5:PlantMachinery2023-03-31NI046505ns5:MotorVehicles2023-03-31NI046505ns5:ComputerEquipment2023-03-31NI046505ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-31NI046505ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-31NI046505ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-31NI046505ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-31NI046505ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI046505ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31NI046505ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-31NI046505ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-31NI046505ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31NI046505ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31NI046505ns5:Secured2024-03-31NI046505ns5:Secured2023-03-31NI046505ns5:AcceleratedTaxDepreciationDeferredTax2024-03-31NI046505ns5:AcceleratedTaxDepreciationDeferredTax2023-03-31NI046505ns5:DeferredTaxation2023-03-31NI046505ns5:DeferredTaxation2023-04-012024-03-31NI046505ns5:DeferredTaxation2024-03-31NI046505ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: NI046505 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Neil McMullan Ltd

Neil McMullan Ltd (Registered number: NI046505)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


Neil McMullan Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: N McMullan
W McMullan





REGISTERED OFFICE: 3 Meadow Road
Moira
Craigavon
BT67 0HH





REGISTERED NUMBER: NI046505 (Northern Ireland)





ACCOUNTANTS: Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE

Neil McMullan Ltd (Registered number: NI046505)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 748,517 704,785

CURRENT ASSETS
Stocks 27,293 130,808
Debtors 6 2,223,610 2,746,547
Cash at bank and in hand 12,180 7,553
2,263,083 2,884,908
CREDITORS
Amounts falling due within one year 7 1,657,271 2,291,253
NET CURRENT ASSETS 605,812 593,655
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,354,329

1,298,440

CREDITORS
Amounts falling due after more than one
year

8

(115,443

)

(101,016

)

PROVISIONS FOR LIABILITIES 10 (31,588 ) (19,751 )
NET ASSETS 1,207,298 1,177,673

CAPITAL AND RESERVES
Called up share capital 11 3 3
Retained earnings 1,207,295 1,177,670
SHAREHOLDERS' FUNDS 1,207,298 1,177,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

Neil McMullan Ltd (Registered number: NI046505)

Balance Sheet - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





N McMullan - Director


Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Neil McMullan Ltd 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 Company Information page.

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


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 preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
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.
Plant and machinery - 25% on Reducing Balance
Vehicle fleet - 25% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.


Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

5. TANGIBLE FIXED ASSETS
Land and Plant and Vehicle Computer
buildings machinery fleet equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 494,252 331,598 489,887 1,310 1,317,047
Additions - 30,640 82,900 550 114,090
Disposals - - (24,000 ) - (24,000 )
At 31 March 2024 494,252 362,238 548,787 1,860 1,407,137
DEPRECIATION
At 1 April 2023 - 299,712 311,859 691 612,262
Charge for year - 8,774 52,651 201 61,626
Eliminated on disposal - - (15,268 ) - (15,268 )
At 31 March 2024 - 308,486 349,242 892 658,620
NET BOOK VALUE
At 31 March 2024 494,252 53,752 199,545 968 748,517
At 31 March 2023 494,252 31,886 178,028 619 704,785

Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Vehicle
fleet
£   
COST
At 1 April 2023 157,442
Additions 82,900
Transfer to ownership (64,000 )
At 31 March 2024 176,342
DEPRECIATION
At 1 April 2023 42,724
Charge for year 34,698
Transfer to ownership (40,777 )
At 31 March 2024 36,645
NET BOOK VALUE
At 31 March 2024 139,697
At 31 March 2023 114,718

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 804,353 1,365,402
Gatewood Developments Ltd 629,402 633,899
Jebco Foods Ltd 644,736 323,521
Directors' current accounts 86,670 371,939
VAT 13,288 24,316
Prepayments 45,161 27,470
2,223,610 2,746,547

Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 549,293 541,923
Hire purchase contracts 40,091 25,000
Trade creditors 1,018,006 1,675,017
Tax 29,879 37,108
Social security and other taxes 2,374 (2,621 )
Pension liability 348 154
Other creditors 864 2,071
Accrued expenses 16,416 12,601
1,657,271 2,291,253

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 7,462 16,423
Hire purchase contracts 97,981 74,593
115,443 101,016

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 539,293 531,923
Bank loans 27,462 36,423
Hire purchase contracts 138,072 99,593
704,827 667,939

Amounts owed to Danske Bank are secured by way of a charge over land and buildings at 3 Meadow Road, Moira.

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 31,588 19,751

Neil McMullan Ltd (Registered number: NI046505)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 19,751
Charge to Statement of Income and Retained Earnings during year 11,837
Balance at 31 March 2024 31,588

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
3 Ordinary £1 3 3

12. RELATED PARTY DISCLOSURES

At the balance sheet date the company has advanced funds to two companies that have a common shareholder and common director. The total amounts advanced at 31 March 2024 are £1,274,138 (2023: £957,420). Interest is not being charged on these amounts.