REGISTERED NUMBER: |
MCKELVEY ASBESTOS REMOVAL LIMITED |
Directors' Report and |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
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: |
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. |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
MCKELVEY ASBESTOS REMOVAL LIMITED (REGISTERED NUMBER: NI043682) |
Income Statement |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
£ | £ |
REVENUE |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,247 | 40,942 |
Other operating income |
OPERATING PROFIT |
Finance income |
3,967 | 41,757 |
Finance costs | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
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 |
CURRENT ASSETS |
Inventories | 6 |
Receivables: amounts falling due within one year |
7 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Work-in-progress |
7. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade receivables |
Other receivables | 38,350 | 53,350 |
Amounts owed by group undertakings |
Directors' current accounts | 236,000 | 118,000 |
Prepayments and accrued income |
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 |
Hire purchase contracts |
Trade payables |
Amounts owed to group undertakings |
Taxation and social security |
Other payables |
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 |
Hire purchase contracts |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 32,715 | 42,788 |
Deferred tax |
£ |
Balance at 1 August 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 July 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | 1 | 4 | 4 |
12. | ULTIMATE CONTROLLING PARTY |
At the year end the ultimate controlling parties were Robert and Darren McKelvey. |