Acorah Software Products - Accounts Production 16.3.350 false true 31 July 2023 1 August 2022 false false 16 April 2025 true true 1 August 2023 31 July 2024 31 July 2024 NI627058 Mr Daniel McIlroy Mr Franklin McIlroy Mr Samuel McIlroy Mr David McIlroy Mr Alan Sproule 31 July 2024 true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI627058 2023-07-31 NI627058 2024-07-31 NI627058 2023-08-01 2024-07-31 NI627058 frs-core:CurrentFinancialInstruments 2024-07-31 NI627058 frs-core:Non-currentFinancialInstruments 2024-07-31 NI627058 frs-core:BetweenOneFiveYears 2024-07-31 NI627058 frs-core:ComputerEquipment 2024-07-31 NI627058 frs-core:ComputerEquipment 2023-08-01 2024-07-31 NI627058 frs-core:ComputerEquipment 2023-07-31 NI627058 frs-core:FurnitureFittings 2024-07-31 NI627058 frs-core:FurnitureFittings 2023-08-01 2024-07-31 NI627058 frs-core:FurnitureFittings 2023-07-31 NI627058 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-07-31 NI627058 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2023-07-31 NI627058 1 frs-bus:Consolidated 2022-08-01 2023-07-31
Registered number: NI627058
RTU Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Company Statement of Cash Flows 15
Notes to the Company Statement of Cash Flows 16
Notes to the Financial Statements 17—28
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 July 2024.
Review of the Business
The directors are please to report that the company had another successful trading year. The results for the year are set out int he Statement of Comprehensive income and showing a profit after tax of £1,452,695.
The concrete industry continues to be extremely price competitive.  The directors consider that the year-end financial position was satisfactory and that the company is well placed to develop its activities in the foreseeable future.
Principal Risks and Uncertainties
Key Performance Indicators
The Company directors use the Key performance indicators as set out in the table below to monitor the company performance;
2024
2023
£
£
Revenue
18,635,365
16,234,778
Gross Profit
4,788,634
3,983,363
Profit before taxation
1,994,595
1,932,105
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Financial risk management objectives and policies
The company's operations expose it to financial risks that include the effects of changes in market prices, credit risk and liquidity risk. The company has in place a risk management programme to monitor its exposure to financial risk. The directors have the responsibility of monitoring financial risk and the policies set by the directors are implemented by the company's finance department.
Price Risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing the exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reviewed regularly by the directors and the credit controllers.
On behalf of the board
Mr Franklin McIlroy
Director
16 April 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Principal Activity
The group's principal activity continues to be that of manufacturing and distribution of ready mixed concrete and construction products.
Dividends
The value of dividends paid amounted to £176,750 .
Directors
The directors who held office during the year were as follows:
Mr Daniel McIlroy
Mr Franklin McIlroy
Mr Samuel McIlroy
Mr David McIlroy
Mr Alan Sproule
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, KGA Accountants LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Franklin McIlroy
Director
16 April 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of RTU Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 2024 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 5
Page 6
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with the provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We tailored our response to those identified risks to include enquiring of management concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.
Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above to detect material misstatements in respect of irregularities, including Fraud. We design and perform audit procedures responsive to those risks including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with Laws and Regulations, we considered the following :
-The nature of the industry and sector, control environment and business performance including the groups remuneration policies, and performance targets.
Results of our enquiries of management and other key persons about the groups own identification and assessment of the risks of irregularities , including those that may occur a as result of fraud and error, and matters we identified from the groups policies and procedures and internal controls and the matters discussed among the audit team regarding potential indicators of fraud and where it might occur in the financial statements.
In addressing the risk of fraud through management override of controls we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
Page 7
Eunan Kerlin (Senior Statutory Auditor)
for and on behalf of KGA Accountants LLP , Statutory Auditor
16 April 2025
KGA Accountants LLP
Building 2 The Sidings
Antrim Road
Lisburn
BT28 3AJ
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 18,635,365 16,234,778
Cost of sales (13,846,731 ) (12,251,116 )
GROSS PROFIT 4,788,634 3,983,662
Distribution costs (1,089,981 ) (989,698 )
Administrative expenses (1,704,349 ) (1,072,207 )
Other operating income - 2,185
OPERATING PROFIT 4 1,994,304 1,923,942
Income from other current asset investments - 25,400
Profit on disposal of current asset investments 56,130 -
Other interest receivable and similar income 9 5,005 21,148
Interest payable and similar charges 10 (60,844 ) (38,385 )
PROFIT BEFORE TAXATION 1,994,595 1,932,105
Tax on Profit 11 (541,900 ) (377,733 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,452,695 1,554,372
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,452,695 1,554,372
The notes on pages 14 to 28 form part of these financial statements.
Page 8
Page 9
Consolidated Balance Sheet
Registered number: NI627058
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 2,492,232 -
Tangible Assets 13 4,418,793 3,328,674
Investments 14 170,000 -
7,081,025 3,328,674
CURRENT ASSETS
Stocks 15 575,593 387,326
Debtors 16 3,937,605 3,352,383
Cash at bank and in hand 1,382,705 2,981,171
5,895,903 6,720,880
Creditors: Amounts Falling Due Within One Year 17 (4,679,889 ) (3,860,459 )
NET CURRENT ASSETS (LIABILITIES) 1,216,014 2,860,421
TOTAL ASSETS LESS CURRENT LIABILITIES 8,297,039 6,189,095
Creditors: Amounts Falling Due After More Than One Year 18 (2,316,264 ) (1,704,672 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (696,523 ) (476,116 )
NET ASSETS 5,284,252 4,008,307
CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Profit and Loss Account 5,283,252 4,007,307
SHAREHOLDERS' FUNDS 5,284,252 4,008,307
On behalf of the board
Mr Franklin McIlroy
Director
Mr Alan Sproule
Director
16 April 2025
The notes on pages 14 to 28 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
Registered number: NI627058
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 3,805,975 3,328,675
Investments 14 4,858,734 1,100
8,664,709 3,329,775
CURRENT ASSETS
Stocks 15 218,779 257,326
Debtors 16 3,412,418 3,389,466
Cash at bank and in hand 1,144,493 2,981,071
4,775,690 6,627,863
Creditors: Amounts Falling Due Within One Year 17 (3,810,586 ) (3,854,683 )
NET CURRENT ASSETS (LIABILITIES) 965,104 2,773,180
TOTAL ASSETS LESS CURRENT LIABILITIES 9,629,813 6,102,955
Creditors: Amounts Falling Due After More Than One Year 18 (3,953,502 ) (1,705,672 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (548,734 ) (476,116 )
NET ASSETS 5,127,577 3,921,167
CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Profit and Loss Account 5,126,577 3,920,167
SHAREHOLDERS' FUNDS 5,127,577 3,921,167
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,383,160 (2023: £ 1,534,088 profit).
The financial statements were approved by the board of directors on 16 April 2025 and were signed on its behalf by:
Mr Franklin McIlroy
Director
Mr Alan Sproule
Director
16 April 2025
The notes on pages 14 to 28 form part of these financial statements.
Page 10
Page 11
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 1,000 2,527,185 2,528,185
Profit for the year and total comprehensive income - 1,554,372 1,554,372
Dividends paid - (74,250) (74,250)
As at 31 July 2023 and 1 August 2023 1,000 4,007,307 4,008,307
Profit for the year and total comprehensive income - 1,452,695 1,452,695
Dividends paid - (176,750) (176,750)
As at 31 July 2024 1,000 5,283,252 5,284,252
Page 11
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 1,000 2,460,329 2,461,329
Profit for the year and total comprehensive income - 1,534,088 1,534,088
Dividends paid - (74,250) (74,250)
As at 31 July 2023 and 1 August 2023 1,000 3,920,167 3,921,167
Profit for the year and total comprehensive income - 1,383,160 1,383,160
Dividends paid - (176,750) (176,750)
As at 31 July 2024 1,000 5,126,577 5,127,577
Page 12
Page 13
Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,619,472 3,011,482
Interest paid (60,844 ) (38,285 )
Tax paid (258,298 ) (270,283 )
Net cash generated from operating activities 2,300,330 2,702,914
Cash flows from investing activities
Purchase of intangible assets (3,444,923 ) -
Purchase of tangible assets (1,082,356 ) (1,059,868 )
Proceeds from disposal of tangible assets 32,430 40,000
Proceeds from disposal of investment in subsidiary undertaking (1,000 ) -
Purchase of other fixed asset investments (170,000 ) -
Proceeds from disposal of current asset investments 56,130 -
Interest received 5,005 46,548
Net cash used in investing activities (4,604,714 ) (973,320 )
Cash flows from financing activities
Purchase/redemption of own shares (72,000 ) (322,000 )
Equity dividends paid (176,750 ) (74,250 )
Repayment of finance leases 905,409 (283,968 )
Amount introduced by directors 49,259 42,127
Net cash generated from/(used in) financing activities 705,918 (638,091 )
(Decrease)/increase in cash and cash equivalents (1,598,466 ) 1,091,503
Cash and cash equivalents at beginning of year 2 2,981,171 1,889,668
Cash and cash equivalents at end of year 2 1,382,705 2,981,171
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,452,695 1,554,372
Adjustments for:
Tax on profit 541,900 377,733
Interest expense 60,844 38,385
Interest income (5,005 ) (21,148 )
Income from investments - (25,400)
Amortisation of intangible assets 178,016 -
Depreciation of tangible assets 624,737 489,049
Profit on disposal of tangible assets (6,136) (40,000)
Profit on disposal of current asset investments (56,130) -
Grant income - (2,185)
Foreign exchange losses 1,979 -
Movements in working capital:
Decrease in stocks 115,331 283,246
Decrease/(increase) in trade and other debtors 76,017 (167,550 )
(Decrease)/increase in trade and other creditors (364,776 ) 524,980
Net cash generated from operations 2,619,472 3,011,482
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,382,705 2,981,171
3. Analysis of changes in net funds
As at 1 August 2023 Cash flows As at 31 July 2024
£ £ £
Cash at bank and in hand 2,981,171 (1,598,466) 1,382,705
Finance leases (454,234) (905,409) (1,359,643)
2,526,937 (2,503,875) 23,062
Page 14
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 3,550,741 3,034,696
Interest paid (60,844 ) (38,384 )
Tax paid (253,272 ) (268,098 )
Net cash generated from operating activities 3,236,625 2,728,214
Cash flows from investing activities
Purchase of tangible assets (1,082,355 ) (1,059,868 )
Proceeds from disposal of tangible assets 29,000 40,000
Purchase of investment in subsidiary undertaking (4,688,634 ) -
Proceeds from disposal of investment in subsidiary undertaking 1,000 -
Purchase of other fixed asset investments (170,000 ) -
Proceeds from disposal of current asset investments 56,130 -
Interest received 3,738 21,148
Net cash used in investing activities (5,851,121 ) (998,720 )
Cash flows from financing activities
Purchase/redemption of own shares - (322,000 )
Equity dividends paid (176,750 ) (74,250 )
Repayment of finance leases 905,409 (283,968 )
Amount introduced by directors 49,259 42,127
Net cash generated from/(used in) financing activities 777,918 (638,091 )
(Decrease)/increase in cash and cash equivalents (1,836,578 ) 1,091,403
Cash and cash equivalents at beginning of year 2 2,981,071 1,889,668
Cash and cash equivalents at end of year 2 1,144,493 2,981,071
Page 15
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,383,160 1,534,088
Adjustments for:
Tax on profit 461,054 372,707
Interest expense 60,844 38,385
Interest income (3,738 ) (21,148 )
Depreciation of tangible assets 582,191 489,048
Profit on disposal of tangible assets (6,136) (40,000)
Profit on disposal of current asset investments (56,130) -
Grant income - (2,185)
Movements in working capital:
Decrease in stocks 38,547 33,990
(Increase)/decrease in trade and other debtors (70,851 ) 105,581
Increase in trade and other creditors 1,161,800 524,230
Net cash generated from operations 3,550,741 3,034,696
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,144,493 2,981,071
3. Analysis of changes in net funds/(debt)
As at 1 August 2023 Cash flows As at 31 July 2024
£ £ £
Cash at bank and in hand 2,981,071 (1,836,578) 1,144,493
Finance leases (454,234) (905,409) (1,359,643)
2,526,837 (2,741,987) (215,150)
Page 16
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Notes to the Financial Statements
1. General Information
RTU Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI627058 . The registered office is Cloughfern Avenue, Newtownabbey, Co. Antrim, BT37 0UZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. 
The Financial statements are prepared in sterling which is the functional currency of the group and rounded to hte nearest pound.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 July 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Significant judgements and estimations
The preparation for financial statements under FRS 102 requires estimates and assumptions to be made that affect both the value at which certain assets and liabilities are held at the balance sheet date and the amounts of revenue and expenditure recorded in the period. The directors believe the accounting policies chosen are appropriate to the particular circumstances and that the estimates, judgements and assumptions involved in the preparation of the financial statements are reasonable.
Accounting estimates made by management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations. The estimates forwhich there is a significant risk of material adjustment to the financial statements are as follows:
Depreciation
The directors exercise judgement of the useful economic lives and residual values of all classes of fixed assets.Theses assets are then depreciated over their useful economic lives to their residual values.
Provision for doubtful debt
The directors review the recovery of trade debtors on a continuous basis for any indications of impairment. If such conditions are apparent and it is unlikely, due to deteriorated creditworthiness that the debt will be paid whether wholly or in part, a provision will be made.
Amortisation of Goodwill
The Directos excerised careful judgement on the life of goodwill. The goodwill is amoritised over its useful economic life.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% on cost
Plant & Machinery At varying rates 10 - 25% on cost
Motor Vehicles At varying rates on cost 16% - 50%
Fixtures & Fittings At varying rates 10 - 25% on cost
Computer Equipment 33% on cost
2.8. Investments
2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.10. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.14. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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2.15. Debtors and creditors (Receivables / Payables) within one year
Debtors and creditors with no stated interest rate are receivable or payable within one year are recorded at transactional price. Any losses arising from the impairment are recognised in the profit and loss account in other administrative expenses.
3. Other Operating Income
2024 2023
£ £
Grant income - 2,185
- 2,185
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 48,760 (7,625)
Depreciation of tangible fixed assets 624,737 489,049
Amortisation of intangible fixed assets 178,016 -
Profit on disposal of tangible fixed assets (6,136 ) (40,000 )
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 10,000 7,500
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 2,368,845 1,889,722 2,141,371 1,889,722
Social security costs 228,145 175,415 203,830 175,415
Other pension costs 258,610 252,936 250,513 252,936
2,855,600 2,318,073 2,595,714 2,318,073
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 78 (2023: 61)
Company
Average number of employees, including directors, during the year was: 62 (2023: 61)
78 61
62 61
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8. Directors' remuneration
2024 2023
£ £
Emoluments 315,390 205,962
Company contributions to money purchase pension schemes 112,735 119,512
428,125 325,474
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 140,418 67,148
Company contributions to money purchase pension schemes 15,504 7,752
155,922 74,900
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 3,976 -
Deposit account interest 1,029 21,148
Interest from other current asset investments - listed - 25,400
5,005 46,548
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 2,463 1,932
Finance charges payable under finance leases and hire purchase contracts 43,062 17,456
45,525 19,388
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 21.0% 480,428 257,617
Deferred Tax
Deferred taxation 61,472 120,116
Total tax charge for the period 541,900 377,733
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
Page 21
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2024 2023
£ £
Profit before tax 1,994,595 1,932,105
Tax on profit at 25% (UK standard rate) 649,478 405,935
Expenses not deductible for tax purposes 450 -
Capital allowances (168,959 ) (144,089 )
Short term timing differences 61,472 120,116
Overseas tax suffered/expensed (541 ) (4,229 )
Total tax charge for the period 541,900 377,733
12. Intangible Assets
Group
Goodwill
£
Cost
As at 1 August 2023 -
Additions 2,670,248
As at 31 July 2024 2,670,248
Amortisation
As at 1 August 2023 -
Provided during the period 178,016
As at 31 July 2024 178,016
Net Book Value
As at 31 July 2024 2,492,232
As at 1 August 2023 -
Company
The company had no intangible fixed assets as at 31 July 2024 or 31 July 2023.
13. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 1,009,211 2,837,652 3,416,393 149,748
Additions - 82,726 947,829 24,900
Disposals - (35,394 ) (131,654 ) -
Transfers - 511,826 139,386 -
As at 31 July 2024 1,009,211 3,396,810 4,371,954 174,648
...CONTINUED
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Depreciation
As at 1 August 2023 158,888 1,764,970 2,094,911 98,897
Provided during the period 7,425 188,970 403,448 7,495
Disposals - (31,964 ) (108,790 ) -
As at 31 July 2024 166,313 1,921,976 2,389,569 106,392
Net Book Value
As at 31 July 2024 842,898 1,474,834 1,982,385 68,256
As at 1 August 2023 850,323 1,072,682 1,321,482 50,851
Computer Equipment Total
£ £
Cost
As at 1 August 2023 138,498 7,551,502
Additions 26,901 1,082,356
Disposals (25,771 ) (192,819 )
Transfers 7,582 658,794
As at 31 July 2024 147,210 9,099,833
Depreciation
As at 1 August 2023 105,162 4,222,828
Provided during the period 17,399 624,737
Disposals (25,771 ) (166,525 )
As at 31 July 2024 96,790 4,681,040
Net Book Value
As at 31 July 2024 50,420 4,418,793
As at 1 August 2023 33,336 3,328,674
Company
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 1,009,211 2,837,652 3,416,393 149,748
Additions - 82,726 947,829 24,900
Disposals - (31,964 ) (131,654 ) -
As at 31 July 2024 1,009,211 2,888,414 4,232,568 174,648
Depreciation
As at 1 August 2023 158,888 1,764,969 2,094,911 98,897
Provided during the period 7,426 160,516 390,575 7,495
Disposals - (31,964 ) (108,790 ) -
As at 31 July 2024 166,314 1,893,521 2,376,696 106,392
...CONTINUED
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Net Book Value
As at 31 July 2024 842,897 994,893 1,855,872 68,256
As at 1 August 2023 850,323 1,072,683 1,321,482 50,851
Computer Equipment Total
£ £
Cost
As at 1 August 2023 138,498 7,551,502
Additions 26,900 1,082,355
Disposals (25,771 ) (189,389 )
As at 31 July 2024 139,627 8,444,468
Depreciation
As at 1 August 2023 105,162 4,222,827
Provided during the period 16,179 582,191
Disposals (25,771 ) (166,525 )
As at 31 July 2024 95,570 4,638,493
Net Book Value
As at 31 July 2024 44,057 3,805,975
As at 1 August 2023 33,336 3,328,675
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 649,322 663,200
Motor Vehicles 1,192,973 294,476
1,842,295 957,676
14. Investments
Group
Other
£
Cost
As at 1 August 2023 -
Additions 170,000
As at 31 July 2024 170,000
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 170,000
As at 1 August 2023 -
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Company
Subsidiaries Other Total
£ £ £
Cost
As at 1 August 2023 1,100 - 1,100
Additions 4,688,634 170,000 4,858,634
Disposals (1,000 ) - (1,000 )
As at 31 July 2024 4,688,734 170,000 4,858,734
Provision
As at 1 August 2023 - - -
As at 31 July 2024 - - -
Net Book Value
As at 31 July 2024 4,688,734 170,000 4,858,734
As at 1 August 2023 1,100 - 1,100
Subsidiaries
Details of the company's subsidiaries as at 31 July 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
RTU Developments Limited Cloughfern Avenue,BT37 0UZ Ordinary 100.00% -
Colinwell Masonry Products Holdings Limited 37 Colinglen Road BT17 0LP Ordinary 100.00% -
Colinwell Masonry Products Limited 37 Colinglen Road BT17 0LP Ordinary 100.00% -
15. Stocks
Group Company
2024 2023 2024 2023
£ £ £ £
Stock 575,593 387,326 218,779 257,326
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 2,937,380 2,365,280 2,467,986 2,365,280
Prepayments and accrued income 116,923 49,141 61,130 49,141
Other debtors (6,576 ) 185 (6,576 ) 185
Directors' loan accounts 641,281 690,834 641,281 690,834
3,689,008 3,105,440 3,163,821 3,105,440
...CONTINUED
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Due after more than one year
Other debtors 246,943 246,943 246,943 246,943
Corporation tax recoverable assets 1,654 - 1,654 -
Amounts owed by group undertakings - - - 37,083
248,597 246,943 248,597 284,026
3,937,605 3,352,383 3,412,418 3,389,466
17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 417,579 194,762 417,579 194,762
Trade creditors 3,207,736 3,140,901 2,772,025 3,140,902
Other creditors 7,048 79,304 5,674 79,304
Corporation tax 616,413 253,528 385,319 248,501
Taxation and social security 376,165 183,714 223,489 183,714
Accruals and deferred income 54,948 8,250 6,500 7,500
4,679,889 3,860,459 3,810,586 3,854,683
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 942,064 259,472 942,064 259,472
Amounts owed to group undertakings - - 1,637,238 -
Other creditors 1,374,200 1,445,200 1,374,200 1,446,200
2,316,264 1,704,672 3,953,502 1,705,672
The Company has in issue 1,374,200 redeemable preference shares B of £1 each, classified as liabilities (as any redemption is at the behest of the holder). These shares do not carry voting rights. No dividend is payable on the preference shares.
19. Obligations Under Finance Leases and Hire Purchase
Group Company
2024 2023 2024 2023
£ £ £ £
The future minimum finance lease payments are as follows:
Not later than one year 417,579 194,762 417,579 194,762
Later than one year and not later than five years 942,064 259,472 942,064 259,472
1,359,643 454,234 1,359,643 454,234
1,359,643 454,234 1,359,643 454,234
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20. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences 696,523 476,116 548,734 476,116
21. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 August 2023 476,116 476,116
Additions 220,407 220,407
Balance at 31 July 2024 696,523 696,523
Company
Deferred Tax Total
£ £
As at 1 August 2023 476,116 476,116
Deferred taxation 72,618 72,618
Balance at 31 July 2024 548,734 548,734
22. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1,000
23. Business Combinations
Colinwell Masonry Products Holdings Limited
On 28 March 2024 the group acquired 100% of the issued share capital of Colinwell Masonry Products Holdings Limited, which was accounted for using the purchase method.
Net assets acquired
Book Values Adjustments Fair Value
£ £ £
Tangible Assets 658,793 - 658,793
Stocks 303,598 - 303,598
Debtors 1,193,233 - 1,193,233
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Cash at bank and in hand 672,365 - 672,365
Creditors: Amounts falling due within one year (650,668) - (650,668 )
Deferred taxation (158,935) - (158,935 )
Total identifiable net assets 2,018,386 - 2,018,386
Goodwill 2,670,247
Total Consideration 4,688,633
The consideration was satisfied by:
Cash consideration paid 4,640,080
Costs directly attributable to the business combination 48,553
Total Consideration 4,688,633
24. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £258,610 (2023: £252,936).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
25. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Daniel McIlroy 156,463 2,061 - - 159,064
Mr Franklin McIlroy 5,537 - 3,028 - 2,508
Mr Samuel McIlroy - 1,257 - - 1,257
Mr David McIlroy 528,834 - 50,384 - 478,449
The above loan is unsecured, interest free and repayable on demand.
26. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 51,750 74,250
Final dividend paid 125,000 -
176,750 74,250
27. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group. Transactions between group entiites have ben eliminated on consolidation are not disclosed in the finanacial statements.
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