Company registration number NI653037 (Northern Ireland)
MCGIMPSEY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MCGIMPSEY GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MCGIMPSEY GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
3,462,867
3,462,867
Current assets
Debtors
5
644
176
Cash at bank and in hand
194,716
227,121
195,360
227,297
Creditors: amounts falling due within one year
6
(638,718)
(307,519)
Net current liabilities
(443,358)
(80,222)
Total assets less current liabilities
3,019,509
3,382,645
Creditors: amounts falling due after more than one year
7
(1,215,551)
(1,738,402)
Net assets
1,803,958
1,644,243
Capital and reserves
Called up share capital
200
200
Share premium account
379,976
379,976
Profit and loss reserves
1,423,782
1,264,067
Total equity
1,803,958
1,644,243
MCGIMPSEY GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 May 2025 and are signed on its behalf by:
Mrs M J Gibbons
Director
Company registration number NI653037 (Northern Ireland)
MCGIMPSEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

McGimpsey Group Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is International Relocation Centre, Greenway Enterprise Park, Bangor, Down, BT23 7SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

MCGIMPSEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MCGIMPSEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
6
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
3,462,867
3,462,867

During the year, the company held 100% share holding in McGimpsey Brothers Removals Limited.

 

Upon review of the subsidiary projected cashflows for the coming years, the directors are satisfied that the carrying value of the investment as at 31 March 2025 is a true and fair reflection of value and that no impairment is required.

 

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Unpaid share capital
-
0
176
Prepayments and accrued income
644
-
0
644
176
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
138,718
138,717
Amounts owed to group undertakings
500,000
-
0
Accruals and deferred income
-
0
168,802
638,718
307,519
MCGIMPSEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Creditors: amounts falling due within one year
(Continued)
- 6 -

Bank loan facilities have been secured on a variable interest rate of 2.65% per annum, above the Bank of

England base rate. At 31 March 2025 the base rate was 4.50% (2024 - 5.25%).

 

The bank loans are secured by;

- A fixed and floating charge over all the property or undertaking of the company.

- A fixed charge over the shareholding in McGimpsey Brothers Removals Limited

- A Freehold 1st Legal Charge over:

- International Relocation Centre, Greenway, Enterprise Park, Bangor and its associated assets

- 6 Warehouse units known as McGimpsey Business Park, Bangor and its associated assets.

7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
1,215,551
1,245,402
Other borrowings
-
0
493,000
1,215,551
1,738,402

Included in Other Borrowings are loan notes issued at an annual fixed rate of interest of 4%. The loan notes were repaid in full during the year.

8
Related party transactions

The following have been identified as related parties under paragraph 33.1A of the provisions of FRS 102;

 

McGimpsey Brothers Removals Limited is a wholly owned subsidiary of the company. The company is taking advantage of the exemption to disclose related party transactions with wholly owned subsidiaries on the basis it is a small group.

9
Parent company

Melven Group Limited, a company incorporated in Northern Ireland, is the immediate and ultimate parent company.

 

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