Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-302024-09-30falsefalse2023-10-01The principal activity of the group is that of a holding company and manufacturing engineer control panels, wiring harnesses and remote control systems.00falsefalse NI620336 2023-10-01 2024-09-30 NI620336 2022-10-01 2023-09-30 NI620336 2024-09-30 NI620336 2023-09-30 NI620336 2022-10-01 NI620336 c:Director1 2023-10-01 2024-09-30 NI620336 c:Director2 2023-10-01 2024-09-30 NI620336 c:RegisteredOffice 2023-10-01 2024-09-30 NI620336 c:Agent1 2023-10-01 2024-09-30 NI620336 c:Agent2 2023-10-01 2024-09-30 NI620336 d:Buildings 2023-10-01 2024-09-30 NI620336 d:PlantMachinery 2023-10-01 2024-09-30 NI620336 d:MotorVehicles 2023-10-01 2024-09-30 NI620336 d:FurnitureFittings 2023-10-01 2024-09-30 NI620336 d:CurrentFinancialInstruments 2024-09-30 NI620336 d:CurrentFinancialInstruments 2023-09-30 NI620336 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 NI620336 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 NI620336 d:ShareCapital 2023-10-01 2024-09-30 NI620336 d:ShareCapital 2024-09-30 NI620336 d:ShareCapital 2022-10-01 2023-09-30 NI620336 d:ShareCapital 2023-09-30 NI620336 d:ShareCapital 2022-10-01 NI620336 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI620336 d:RetainedEarningsAccumulatedLosses 2024-09-30 NI620336 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 NI620336 d:RetainedEarningsAccumulatedLosses 2023-09-30 NI620336 d:RetainedEarningsAccumulatedLosses 2022-10-01 NI620336 c:OrdinaryShareClass1 2023-10-01 2024-09-30 NI620336 c:OrdinaryShareClass1 2024-09-30 NI620336 c:OrdinaryShareClass1 2023-09-30 NI620336 c:FRS102 2023-10-01 2024-09-30 NI620336 c:Audited 2023-10-01 2024-09-30 NI620336 c:FullAccounts 2023-10-01 2024-09-30 NI620336 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI620336 d:Subsidiary1 2023-10-01 2024-09-30 NI620336 d:Subsidiary1 1 2023-10-01 2024-09-30 NI620336 c:Consolidated 2024-09-30 NI620336 c:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 NI620336 2 2023-10-01 2024-09-30 NI620336 6 2023-10-01 2024-09-30 NI620336 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI620336










MCGOLDRICK HOLDINGS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MCGOLDRICK HOLDINGS LTD
 

COMPANY INFORMATION


Directors
Mr Joe McGoldrick 
Mrs Moya McGoldrick 




Registered number
NI620336



Registered office
66-68 Derry Rd
Omagh

Tyrone

BT78 5ED




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
AIB
8 High Street

Omagh

Co. Tyrone

BT78 1BH





Bank of Ireland

25 Campsie Road

Omagh

Co. Tyrone

BT79 0AE




Solicitors
A&L Goodbody
42-46 Fountain Street

Belfast

Co. Antrim

BT1 5EF





 
MCGOLDRICK HOLDINGS LTD
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 33


 
MCGOLDRICK HOLDINGS LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 30 September 2024.

Business review
 
The principal activity of the group is that of a holding company and manufacturing of engineer control 
panels, wiring harnesses and remote control systems.
There has been no significant change in these activities during the year ended 30 September 2024.
The group has recorded a 25.9% decrease in turnover as a result of an expected slow down in the market during the year, with gross margin of 26.5% (2023: 26.0%). The group are reporting a profit before tax of £199,371 (2023: £907,056).

Principal risks and uncertainties
 
The group uses financial instruments in its business. The core risks associated with the group's financial instruments are currency risk, finance and interest rate risk, liquidity and cash flow risk,credit risk and inflation risk. 
The board reviews and agrees policies for the prudent management of these risks as follows:
Currency risk
The group's main activities are conducted in the UK. This results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the 
years in which they arise.
Finance and interest rate risk 
The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk 
The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due.
Credit risk
The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms aresubject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Inflation risk 
As a result of the rising rate of inflation, the group has seen the impact of this through rising costs. The group have a policy in place to continually review costs and to minimise the impact of these rising costs where possible.

Research and development
The company has developed and continues to develop new innovative technology to improve efficiency. It is the intention of management to launch a number of new products in the forthcoming year. The company is committed to technological development as they are constantly looking for new innovative ideas to grow develop and protect the company.

Page 1

 
MCGOLDRICK HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Other key performance indicators
 
The directors anticipate that in 2024 the group will continue to increase turnover levels.

2024
2023
Turnover

£8.9m

£12.0m
 
Gross Margin

27%

26%
 
Average Employee No's

114

134
 
Net Assets

£6.1m

£6.0m
 


This report was approved by the board on 26 March 2025 and signed on its behalf.



Mr Joe McGoldrick
Director

Page 2

 
MCGOLDRICK HOLDINGS LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Results and dividends

The profit for the year, after taxation, amounted to £161,335 (2023 - £669,993).

Dividends of £80,000 (2023: £150,000) were declared in the year. The directors do not recommend any 
further dividend.

Directors

The directors who served during the year and up to date of signing the financial statements were:

Mr Joe McGoldrick 
Mrs Moya McGoldrick 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Future developments

The company plans to continue its present activities. Employees are kept as fully informed as practicable 
about developments within the business.

Page 3

 
MCGOLDRICK HOLDINGS LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAAB Group Accountants Limited, formerly FPM Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





Mr Joe McGoldrick
Director

Page 4

 
MCGOLDRICK HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGOLDRICK HOLDINGS LTD
 

Opinion


We have audited the financial statements of MCGOLDRICK HOLDINGS LTD (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


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 30 September 2024 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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's or the parent Company's ability to continue as a going concern for a period of at least twelve 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.


Page 5

 
MCGOLDRICK HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGOLDRICK HOLDINGS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 and 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 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's and the 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 6

 
MCGOLDRICK HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGOLDRICK HOLDINGS LTD (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


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. 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 applicable to the company through 
enquiry of management, industry research and the application of cumulative audit knowledge. We 
identified the following principal laws and regulations relevant to the company - Companies Act 2006 
and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the 
financial statements which may be susceptible to management bias. our understanding was obtained 
through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
Page 7

 
MCGOLDRICK HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCGOLDRICK HOLDINGS LTD (CONTINUED)




We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Feargal McCormack (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Howard House
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

26 March 2025
Page 8

 
MCGOLDRICK HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,897,746
12,000,813

Cost of sales
  
(6,538,768)
(8,883,147)

Gross profit
  
2,358,978
3,117,666

Administrative expenses
  
(2,209,796)
(2,212,684)

Other operating income
 5 
21,023
17,792

Operating profit
 6 
170,205
922,774

Interest receivable and similar income
 9 
36,644
3,399

Interest payable and similar expenses
 10 
(7,478)
(19,117)

Profit before taxation
  
199,371
907,056

Tax on profit
 11 
(38,036)
(237,063)

Profit for the financial year
  
161,335
669,993

Profit for the year attributable to:
  

Owners of the parent Company
  
161,335
669,993

  
161,335
669,993

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
MCGOLDRICK HOLDINGS LTD
REGISTERED NUMBER: NI620336

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,450,995
1,913,840

Investments
 14 
20,000
20,000

  
2,470,995
1,933,840

Current assets
  

Stocks
 15 
1,062,111
1,062,234

Debtors: amounts falling due within one year
 16 
1,875,046
3,440,462

Cash at bank and in hand
 17 
2,648,017
2,323,011

  
5,585,174
6,825,707

Creditors: amounts falling due within one year
 18 
(1,344,460)
(2,372,195)

Net current assets
  
 
 
4,240,714
 
 
4,453,512

Total assets less current liabilities
  
6,711,709
6,387,352

Creditors: amounts falling due after more than one year
 19 
(204,778)
-

Provisions for liabilities
  

Deferred taxation
 21 
(437,274)
(399,030)

  
 
 
(437,274)
 
 
(399,030)

Net assets excluding pension asset
  
6,069,657
5,988,322

Net assets
  
6,069,657
5,988,322


Capital and reserves
  

Called up share capital 
 22 
10,100
10,100

Profit and loss account
  
6,059,557
5,978,222

Equity attributable to owners of the parent Company
  
6,069,657
5,988,322

  
6,069,657
5,988,322


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




Mr Joe McGoldrick
Mrs Moya McGoldrick
Director
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
MCGOLDRICK HOLDINGS LTD
REGISTERED NUMBER: NI620336

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
10,000
10,000

  
10,000
10,000

Current assets
  

Debtors: amounts falling due within one year
 16 
80,100
150,100

  
80,100
150,100

Creditors: amounts falling due within one year
 18 
(80,000)
(150,000)

Net current assets
  
 
 
100
 
 
100

Total assets less current liabilities
  
10,100
10,100

  

  

Net assets excluding pension asset
  
10,100
10,100

Net assets
  
10,100
10,100


Capital and reserves
  

Called up share capital 
 22 
10,100
10,100

Profit for the year
  
80,000
150,000

Other changes in the profit and loss account
  
(80,000)
(150,000)

  
 
 
10,100
 
 
10,100


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.


Mr Joe McGoldrick
Mrs Moya McGoldrick
Director
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
MCGOLDRICK HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
10,100
5,458,229
5,468,329


Comprehensive income for the year

Profit for the year
-
669,993
669,993
Total comprehensive income for the year
-
669,993
669,993


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


Total transactions with owners
-
(150,000)
(150,000)



At 1 October 2023
10,100
5,978,222
5,988,322


Comprehensive income for the year

Profit for the year
-
161,335
161,335
Total comprehensive income for the year
-
161,335
161,335


Contributions by and distributions to owners

Dividends: Equity capital
-
(80,000)
(80,000)


Total transactions with owners
-
(80,000)
(80,000)


At 30 September 2024
10,100
6,059,557
6,069,657


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
MCGOLDRICK HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
10,100
-
10,100


Comprehensive income for the year

Profit for the year
-
150,000
150,000
Total comprehensive income for the year
-
150,000
150,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


Total transactions with owners
-
(150,000)
(150,000)



At 1 October 2023
10,100
-
10,100


Comprehensive income for the year

Profit for the year
-
80,000
80,000
Total comprehensive income for the year
-
80,000
80,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(80,000)
(80,000)


Total transactions with owners
-
(80,000)
(80,000)


At 30 September 2024
10,100
-
10,100


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
MCGOLDRICK HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
161,335
669,993

Adjustments for:

Depreciation of tangible assets
249,461
198,488

Loss on disposal of tangible assets
(10,000)
4,604

Government grants
(16,223)
(12,992)

Interest paid
7,478
19,117

Interest received
(36,644)
(3,399)

Taxation charge
38,036
237,063

Decrease in stocks
123
213,604

Decrease/(increase) in debtors
1,565,416
(676,025)

(Decrease)/increase in creditors
(970,168)
92,695

Corporation tax (paid)
(186,692)
(8,527)

Net cash generated from operating activities

802,122
734,621
Page 14

 
MCGOLDRICK HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£




Cash flows from investing activities

Purchase of tangible fixed assets
(398,616)
(130,309)

Sale of tangible fixed assets
10,000
-

Purchase of unlisted and other investments
-
(20,000)

Government grants received
16,223
12,992

Interest received
36,644
3,399

HP interest paid
(7,478)
-

Net cash from investing activities

(343,227)
(133,918)

Cash flows from financing activities

Repayment of loans
-
(449,977)

Repayment of/new finance leases
(53,889)
-

Dividends paid
(80,000)
(150,000)

Interest paid
-
(19,117)

Net cash used in financing activities
(133,889)
(619,094)

Net increase/(decrease) in cash and cash equivalents
325,006
(18,391)

Cash and cash equivalents at beginning of year
2,323,011
2,341,402

Cash and cash equivalents at the end of year
2,648,017
2,323,011


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,648,017
2,323,011

2,648,017
2,323,011


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
MCGOLDRICK HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024



At 1 October 2023
At 30 September 2024
£

£

Cash at bank and in hand

2,323,011

2,323,011

Debt due within 1 year

(161,337)

(161,337)

Finance leases

-

-


2,161,674
2,161,674

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

McGoldrick Holdings Ltd is a private company limited by shares incorporated in Northern Ireland.
The registered office is 66-68 Derry Road, Omagh, Co. Tyrone, Northern Ireland, BT78 5ED.
The group consists of McGoldrick Holdings Ltd and all of its subsidiaries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: 
• Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; 
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: 
Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; 
• Section 33 'Related Party Disclosures': Compensation for key management personnel. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis for freehold properly and on a reducing balance basis for all other assets.

Depreciation is provided on the following basis:

Freehold property
-
4%
Straight line
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of
Page 21

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are
Page 22

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies 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. 
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes included in these financial statements for the carrying amount of the property, plant and equipment, and for the useful economic lives for each class of assets.
Warranty provision
Costs of warranty include the cost of labour, material and related overheads necessary to repair a product during the warranty period. The warranty period is 18 months. The company accrues for the estimated cost of the warranty on its products shipped in the provision for warranty, based on the actual historical expenses incurred and are updated periodically. Actual warranty costs are charged against the provision for warranty. 
Valuations of WIP and finished goods
Work in progress and finished goods are valued at cost by deducting a specific percentage as estimated by the directors for both labour and related overhead necessary to finish the product. This is based on the company's historical financial performance and sector knowledge of the directors. 


4.


Turnover

An analysis of turnover by class of business and geographical market is not given as, in the opinion 
of the directors, this would be seriously prejudicial to the company's interest. 


5.


Other operating income

2024
2023
£
£

Net rents receivable
4,800
4,800

Government grants receivable
16,223
12,992

21,023
17,792


Page 24

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
64,682
77,890

Other operating lease rentals
84,508
81,941

Share-based payment
36,375
-

Depreciation on owned tangible assets
213,086
198,488

(Profit)/Loss on disposal of tangible assets
(10,000)
4,604

Government grants
(16,223)
(12,992)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
1,995
1,995

Fees payable to the Company's auditors for the audit of the company's subsidiaries
9,075
8,650

Page 25

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,214,575
3,190,244

Social security costs
268,376
274,225

Cost of defined contribution scheme
209,257
192,161

3,692,208
3,656,630


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
71
104



Admin & Management
43
30

114
134

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Interest receivable

2024
2023
£
£


Other interest receivable
36,644
3,399

36,644
3,399


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
19,117

Finance leases and hire purchase contracts
7,478
-

7,478
19,117

Page 26

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
110,805

Adjustments in respect of previous periods
(208)
37,782


(208)
148,587


Total current tax
(208)
148,587

Deferred tax


Origination and reversal of timing differences
38,244
88,476

Total deferred tax
38,244
88,476


38,036
237,063

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
199,371
907,056


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
49,843
199,552

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,934
1,034

Capital allowances for year in excess of depreciation
(133,017)
14,094

Utilisation of tax losses
101,954
-

Adjustments to tax charge in respect of prior periods
(208)
(37,782)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(21,714)
(28,311)

Deferred Tax
38,244
88,476

Total tax charge for the year
38,036
237,063

Page 27

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Dividends

2024
2023
£
£


Dividends paid
80,000
150,000

80,000
150,000


13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
2,056,487
1,308,027
91,268
526,840
3,982,622


Additions
36,386
673,815
-
76,415
786,616


Disposals
-
(26,000)
-
-
(26,000)



At 30 September 2024

2,092,873
1,955,842
91,268
603,255
4,743,238



Depreciation


At 1 October 2023
894,758
712,069
81,082
380,873
2,068,782


Charge for the year on owned assets
76,052
107,065
2,698
27,271
213,086


Charge for the year on financed assets
-
36,375
-
-
36,375


Disposals
-
(26,000)
-
-
(26,000)



At 30 September 2024

970,810
829,509
83,780
408,144
2,292,243



Net book value



At 30 September 2024
1,122,063
1,126,333
7,488
195,111
2,450,995



At 30 September 2023
1,161,729
595,958
10,186
145,967
1,913,840

Page 28

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,122,063
1,161,729

1,122,063
1,161,729


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
448,625
-

448,625
-


14.


Fixed asset investments

Group





Other fixed asset investments

£



Cost or valuation


At 1 October 2023
20,000



At 30 September 2024
20,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

J.M.G. Systems Ltd
Northern Ireland
Ordinary
100%

Page 29

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
872,214
899,551

Work in progress
76,242
118,129

Finished goods and goods for resale
113,655
44,554

1,062,111
1,062,234


Stock is shown net of impairment of £236,528 (2023: £168,626).


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,848,392
3,393,957
-
-

Amounts owed by group undertakings
-
-
80,000
150,000

Other debtors
100
100
100
100

Prepayments and accrued income
26,554
46,405
-
-

1,875,046
3,440,462
80,100
150,100



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
2,648,017
2,323,011

2,648,017
2,323,011


Page 30

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
613,620
1,177,076
-
-

Corporation tax
-
186,900
-
-

Other taxation and social security
194,561
346,345
-
-

Obligations under finance lease and hire purchase contracts
129,333
-
-
-

Other creditors
112,639
185,875
80,000
150,000

Accruals and deferred income
294,307
475,999
-
-

1,344,460
2,372,195
80,000
150,000



19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
204,778
-

204,778
-


Hire purchase and finance leases are secured by the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
129,333
-

Between 1-5 years
204,778
-

334,111
-

Finance  lease  payments  represent  rentals  payable  by  the  company  for  certain  items  of  plant  and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been reentered into for contingent rental payments.

Page 31

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Deferred taxation


Group



2024


£






At beginning of year
(399,030)


Charged to profit or loss
(38,244)



At end of year
(437,274)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(539,228)
(399,030)

Tax losses carried forward
101,954
-

(437,274)
(399,030)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,100 (2023 - 10,100) Ordinary shares of £1.00 each
10,100
10,100



23.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £209,257 (2023 £192,161).

Page 32

 
MCGOLDRICK HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
28,819
12,000

Later than 1 year and not later than 5 years
127,225
123,000

156,044
135,000


25.


Controlling party

The smallest and largest undertakings of which the company is a member, and for which group financial statements are prepared is McGoldrick Holdings Ltd. Group financial statements for this company are prepared and are available to the public from Companies House.
The ultimate controlling parties are Mr Joe & Mrs Moya McGoldrick by virtue of their shareholding.


26.


Limited liability agreement

On 31 January 2023, the directors on behalf of the group entered into a limited liability agreement with the auditors. This has been disclosed in line with company's legislation. 






Page 33