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Registration number: 09895873

McDevitt Electrical & Controls Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 July 2024 to 31 December 2024

 

McDevitt Electrical & Controls Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

McDevitt Electrical & Controls Limited

(Registration number: 09895873)
Balance Sheet as at 31 December 2024

Note

2024
£

2024
£

Fixed assets

 

Intangible assets

4

-

7,428

Tangible assets

5

45,982

51,201

Investments

6

101

101

 

46,083

58,730

Current assets

 

Stocks

7

424,315

213,923

Debtors

8

450,695

459,981

Cash at bank and in hand

 

121,470

9,471

 

996,480

683,375

Creditors: Amounts falling due within one year

9

(961,873)

(774,174)

Net current assets/(liabilities)

 

34,607

(90,799)

Total assets less current liabilities

 

80,690

(32,069)

Creditors: Amounts falling due after more than one year

9

(13,333)

(23,333)

Provisions for liabilities

-

(19,326)

Net assets/(liabilities)

 

67,357

(74,728)

Capital and reserves

 

Called up share capital

20,200

20,200

Retained earnings

47,157

(94,928)

Shareholders' funds/(deficit)

 

67,357

(74,728)

 

McDevitt Electrical & Controls Limited

(Registration number: 09895873)
Balance Sheet as at 31 December 2024

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
SA McDevitt
Director

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 11
Empire Business Park
Liverpool Road
Burnley
Lancashire
BB12 6LT

These financial statements were authorised for issue by the Board on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% reducing balance

Plant & Machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 16 (2024 - 24).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2024

74,267

74,267

At 31 December 2024

74,267

74,267

Amortisation

At 1 July 2024

66,839

66,839

Amortisation charge

7,428

7,428

At 31 December 2024

74,267

74,267

Carrying amount

At 31 December 2024

-

-

At 30 June 2024

7,428

7,428

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2024

15,252

112,275

127,527

Additions

1,232

-

1,232

At 31 December 2024

16,484

112,275

128,759

Depreciation

At 1 July 2024

9,334

66,992

76,326

Charge for the period

791

5,660

6,451

At 31 December 2024

10,125

72,652

82,777

Carrying amount

At 31 December 2024

6,359

39,623

45,982

At 30 June 2024

5,918

45,283

51,201

6

Investments

2024
£

2024
£

Investments in subsidiaries

101

101

Subsidiaries

£

Cost or valuation

At 1 July 2024

101

Provision

Carrying amount

At 31 December 2024

101

At 30 June 2024

101

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2024

Subsidiary undertakings

Thompson Wills Ltd

England

Ordinary

100%

100%

PMC Air Conditioning Ltd

England

Ordinary

100%

100%

7

Stocks

2024
£

2024
£

Work in progress

274,315

47,472

Other inventories

150,000

166,451

424,315

213,923

8

Debtors

Current

Note

2024
£

2024
£

Trade debtors

 

257,695

227,484

Amounts owed by related parties

12

81,212

119,650

Prepayments

 

19,982

4,028

Other debtors

 

91,806

108,819

   

450,695

459,981

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2024
£

Due within one year

 

Loans and borrowings

10

252,500

239,167

Trade creditors

 

457,378

361,733

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

118,248

118,248

Taxation and social security

 

123,106

37,018

Accruals and deferred income

 

7,501

12,224

Other creditors

 

3,140

5,784

 

961,873

774,174


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,000 (2024 - £10,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2024
£

Due after one year

 

Loans and borrowings

10

13,333

23,333


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,167 (2024 - £14,167).

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2024
£

Bank borrowings

4,167

9,167

Hire purchase contracts

9,166

14,166

13,333

23,333

Current loans and borrowings

2024
£

2024
£

Bank borrowings

10,000

10,000

Hire purchase contracts

10,000

10,001

Other borrowings

232,500

219,166

252,500

239,167

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £73,418 (2024 - £70,601).

 

McDevitt Electrical & Controls Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2024 to 31 December 2024

12

Related party transactions

Transactions with directors

2024

At 1 July 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

SA McDevitt

Loan to Director repaid within 9 months

(61,917)

(41,207)

40,000

(63,124)

S Hodson

Loan to director repaid within 9 months

(31,860)

(28,323)

40,000

(20,183)

2024

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

SA McDevitt

Loan to Director repaid within 9 months

1,420

(93,338)

30,000

(61,917)

S Hodson

Loan to director repaid within 9 months

(935)

(60,925)

30,000

(31,860)