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REGISTERED NUMBER: NI043682 (Northern Ireland)















MCKELVEY ASBESTOS REMOVAL LIMITED

Directors' Report and

Unaudited Financial Statements for the Year Ended 31 July 2024






MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Directors' Report 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


MCKELVEY ASBESTOS REMOVAL LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: R McKelvey
D McKelvey





REGISTERED OFFICE: 8 - 10 The Diamond
Castlederg
Co. Tyrone
BT81 7AR





REGISTERED NUMBER: NI043682 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Directors' Report
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report with the financial statements of the Company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of contracting, consulting and advising in all aspects of the removal and handling of asbestos waste and other hazardous materials.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

R McKelvey
D McKelvey

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





R McKelvey - Director


25 February 2025

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
McKelvey Asbestos Removal Limited



In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Company for the year ended 31 July 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position as at 31 July 2024 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP


25 February 2025

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Income Statement
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
£ £

REVENUE 561,975 663,782

Cost of sales (372,638 ) (493,852 )
GROSS PROFIT 189,337 169,930

Administrative expenses (188,090 ) (128,988 )
1,247 40,942

Other operating income 1,363 300
OPERATING PROFIT 2,610 41,242

Finance income 1,357 515
3,967 41,757

Finance costs (2,592 ) (2,548 )
PROFIT BEFORE TAXATION 1,375 39,209

Tax on profit 10,073 (11,366 )
PROFIT FOR THE FINANCIAL YEAR 11,448 27,843

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Statement of Financial Position
31 JULY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 158,615 225,199

CURRENT ASSETS
Inventories 6 91,869 190,490
Receivables: amounts falling due within
one year

7

292,658

257,396
Cash at bank 406,457 285,999
790,984 733,885
PAYABLES
Amounts falling due within one year 8 (85,517 ) (66,381 )
NET CURRENT ASSETS 705,467 667,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

864,082

892,703

PAYABLES
Amounts falling due after more than
one year

9

(19,414

)

(49,410

)

PROVISIONS FOR LIABILITIES 10 (32,715 ) (42,788 )
NET ASSETS 811,953 800,505

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 811,949 800,501
SHAREHOLDERS' FUNDS 811,953 800,505

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 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.

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Statement of Financial Position - continued
31 JULY 2024


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

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:




R McKelvey - Director



D McKelvey - Director


MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 4 772,658 772,662

Changes in equity
Total comprehensive income - 27,843 27,843
Balance at 31 July 2023 4 800,501 800,505

Changes in equity
Total comprehensive income - 11,448 11,448
Balance at 31 July 2024 4 811,949 811,953

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

McKelvey Asbestos Removal Limited 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.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 20% reducing balance

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.

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

3. ACCOUNTING POLICIES - continued

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 to group and related parties and 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 occuring 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 profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to group and related parties 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 at 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 loss. 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 expired.

(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 an net basis or to realise the asset and settle the liability simultaneously.


MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

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

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.

Hire purchase and leasing commitments
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.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 17 ) .

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 August 2023 262,516 2,246 166,174 430,936
Disposals (42,100 ) - (2,450 ) (44,550 )
At 31 July 2024 220,416 2,246 163,724 386,386
DEPRECIATION
At 1 August 2023 154,323 689 50,725 205,737
Charge for year 17,923 311 23,089 41,323
Eliminated on disposal (17,353 ) - (1,936 ) (19,289 )
At 31 July 2024 154,893 1,000 71,878 227,771
NET BOOK VALUE
At 31 July 2024 65,523 1,246 91,846 158,615
At 31 July 2023 108,193 1,557 115,449 225,199

6. INVENTORIES
2024 2023
£ £
Work-in-progress 91,869 190,490

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 6,196 792
Other receivables 38,350 53,350
Amounts owed by group undertakings - 72,167
Directors' current accounts 236,000 118,000
Prepayments and accrued income 12,112 13,087
292,658 257,396

The amounts owed by group undertakings are unsecured, interest free and payable on demand.

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 9,997 9,997
Hire purchase contracts 19,996 27,146
Trade payables 17,164 15,787
Amounts owed to group undertakings 32,833 -
Taxation and social security 3,027 12,151
Other payables 2,500 1,300
85,517 66,381

The amounts owed to group undertakings are unsecured, interest free and payable on demand.

MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 9,095 19,095
Hire purchase contracts 10,319 30,315
19,414 49,410

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 32,715 42,788

Deferred tax
£
Balance at 1 August 2023 42,788
Credit to Income Statement during year (10,073 )
Balance at 31 July 2024 32,715

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4 Ordinary Shares 1 4 4

12. ULTIMATE CONTROLLING PARTY

At the year end the ultimate controlling parties were Robert and Darren McKelvey.