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Company registration number: NI069987
Trade Mark Masons Limited
Unaudited filleted financial statements
31 August 2024
Trade Mark Masons Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Trade Mark Masons Limited
Directors and other information
Directors Mr Trevor McKibbin
Mrs Kirsty McKibbin
Secretary Kirsty McKibbin
Company number NI069987
Registered office 43 Manse Road
Ballyward
Castlewellan
Co Down
BT31 9QQ
Business address 43 Manse Road
Ballyward
Castlewellan
Co Down
BT31 9QQ
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers AIB
30 Greencastle Road
Kilkeel
Co Down
BT34 4BH
Trade Mark Masons Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Trade Mark Masons Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trade Mark Masons Limited for the year ended 31 August 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Trade Mark Masons Limited, as a body, in accordance with the terms of our engagement letter dated 24 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Trade Mark Masons Limited and state those matters that we have agreed to state to the board of directors of Trade Mark Masons Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trade Mark Masons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Trade Mark Masons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trade Mark Masons Limited. You consider that Trade Mark Masons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Trade Mark Masons Limited. 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 statutory financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
27 May 2025
Trade Mark Masons Limited
Balance sheet
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,024,621 1,183,752
_______ _______
1,024,621 1,183,752
Current assets
Stocks 312,942 371,449
Debtors 6 4,370,758 4,182,076
Cash at bank and in hand 109,388 328,545
_______ _______
4,793,088 4,882,070
Creditors: amounts falling due
within one year 7 ( 310,151) ( 476,025)
_______ _______
Net current assets 4,482,937 4,406,045
_______ _______
Total assets less current liabilities 5,507,558 5,589,797
Creditors: amounts falling due
after more than one year 8 ( 67,851) ( 99,160)
Provisions for liabilities 9 ( 60,415) ( 62,562)
_______ _______
Net assets 5,379,292 5,428,075
_______ _______
Capital and reserves
Called up share capital 11 2 2
Profit and loss account 5,379,290 5,428,073
_______ _______
Shareholders funds 5,379,292 5,428,075
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Mr Trevor McKibbin
Director
Company registration number: NI069987
Trade Mark Masons Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Trade Mark Masons Limited, 43 Manse Road, Ballyward, Castlewellan, Co Down, BT31 9QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 21 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2023 900,012 1,440,283 176,339 300,184 2,816,818
Additions - 10,003 8,640 40,385 59,028
Disposals - - - ( 39,380) ( 39,380)
_______ _______ _______ _______ _______
At 31 August 2024 900,012 1,450,286 184,979 301,189 2,836,466
_______ _______ _______ _______ _______
Depreciation
At 1 September 2023 189,977 1,059,383 150,755 232,951 1,633,066
Charge for the year 50,130 110,837 12,222 34,364 207,553
Disposals - - - ( 28,774) ( 28,774)
_______ _______ _______ _______ _______
At 31 August 2024 240,107 1,170,220 162,977 238,541 1,811,845
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2024 659,905 280,066 22,002 62,648 1,024,621
_______ _______ _______ _______ _______
At 31 August 2023 710,035 380,900 25,584 67,233 1,183,752
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 293,734 472,220
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,076,173 3,709,005
Other debtors 851 851
_______ _______
4,370,758 4,182,076
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,934 23,099
Trade creditors 142,022 191,523
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,345 4,425
Corporation tax 42,333 48,876
Social security and other taxes 40,098 95,461
Other creditors 60,419 112,641
_______ _______
310,151 476,025
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 67,851 99,160
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 September 2023 62,562 62,562
Charges against provisions ( 2,147) ( 2,147)
_______ _______
At 31 August 2024 60,415 60,415
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 9) 60,415 62,562
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 60,415 62,562
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1 each 2 2 2 2
_______ _______ _______ _______
12. Contingent assets and liabilities
Under the terms of certain government grant agreements, a liability may arise to repay in whole or in part, capital or revenue grants received if certain conditions in the grant agreements are not complied with. In the director's opinion, the terms of all letters of offer have been complied with and a liability is not expected to arise.
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Carnpark Farms Limited 1,920 38,188 ( 6,345) ( 4,425)
_______ _______ _______ _______
14. Controlling party
The company is a wholly owned subsidiary of Trade Mark Masons Holdings Limited and is considered to be the ultimate controlling party. Trade Mark Masons Holdings Limited is exempt from the obligation to prepare group accounts under Section 398 of the Companies Act 2006.