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Financial Statements
McFadden (Civils) Limited
For the financial year ended 31 May 2024
Registered number: NI026618
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McFadden (Civils) Limited
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Company Information
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Grant Thornton Business Advisory Services Limited
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McFadden (Civils) Limited
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Contents
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Directors' Responsibilities Statement
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Statement of Income and Retained Earnings
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Notes to the Financial Statements
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McFadden (Civils) Limited
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Directors' Report
For the financial year ended 31 May 2024
The directors present their report and the financial statements for the financial year ended 31 May 2024.
The profit for the financial year, after taxation, amounted to £845,423 (2023 - £416,875).
The directors recommended payment of a final dividend amounting to £54,000 (2023 - £99,000).
The directors who served during the financial year were:
Post balance sheet events
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There have been no significant events affecting the company since the year end.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Desmond McFadden
Director
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Shane McFadden
Director
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Page 1
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McFadden (Civils) Limited
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Directors' Responsibilities Statement
For the financial year ended 31 May 2024
The directors are responsible for preparing 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 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies 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 company 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 to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
............................................. ..................................................
Desmond McFadden Emmet Mcfadden
Director Director
Date: Date:
Page 2
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Independent Accountant's Report to the directors of the unaudited financial statements of McFadden (Civils) Limited for the financial year ended 31 May 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of McFadden (Civils) Limited for the financial year ended 31 May 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of McFadden (Civils) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of McFadden (Civils) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McFadden (Civils) Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the financial year ended 31 May 2024 and you have acknowledged on the Balance Sheet as at 31 May 2024 your duty to ensure that McFadden (Civils) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that McFadden (Civils) Limited is exempt from the statutory audit requirement for the financial year ended 31 May 2024.
We have not been instructed to carry out an audit or review the financial statements of McFadden (Civils) 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.
Grant Thornton Business Advisory Services Limited
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Chartered Accountants
13 - 18 City Quay
Dublin 2
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Date: 26 May 2025
Page 3
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McFadden (Civils) Limited
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Statement of Income and Retained Earnings
For the financial year ended 31 May 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Retained earnings at the beginning of the financial year
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Profit for the financial year
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Dividends declared and paid
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Retained earnings at the end of the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Income and Retained Earnings.
All amounts relate to continuing operations.
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The notes on pages 7 to 16 form part of these financial statements.
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Page 4
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McFadden (Civils) Limited
Registered number:NI026618
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Balance Sheet
As at 31 May 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 5
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McFadden (Civils) Limited
Registered number:NI026618
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Balance Sheet (continued)
As at 31 May 2024
The directors consider that the company is entitled to exemption from the requirement to have an audit under the
provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an
audit for the financial year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and for preparing financial statements which give a true and fair view of the stateof affairs of the company as at 31 May 2024 and of its profit for the year in accordance with the requirements ofsections 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A – Small Entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Desmond McFadden
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Shane McFadden
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The notes on pages 7 to 16 form part of these financial statements.
Page 6
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
The company is a private company limited by shares, registered in Northern Ireland. The address of the
registered office is McFadden (Civils) Ltd, 225 Killyclogher Road, Omagh, Co Tyrone, BT79 7PW. The principal activity of the company is building construction.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Section 1A of 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 management to exercise judgment in applying the company's
accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 7
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;
∙the company 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 company 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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Finance costs are charged to the Statement of Income and Retained Earnings 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.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the financial year in which they are incurred.
Page 8
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.
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 operates and generates income.
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Page 9
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 the Statement of Income and Retained Earnings.
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.
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.
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Cash and cash equivalents
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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.
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.
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Page 10
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
2.Accounting policies (continued)
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.
All expenses are recognised in the Statement of Income and Retained Earnings on the accruals basis.
Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of ordinary
shares and share options are recognised as a deduction from equity, net of any tax effects.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements that affect the
reported amounts of assets and liabilities at the date of financial statements and the reported amount of
income and expenses during the reporting period. Management evaluates its judgements on an ongoing basis.
Management bases its judgements on historical experience on various other factors that are believed to be
reasonable under the circumstances. Actual results may differ from these estimates under different
assumption or conditions.
The following judgement is considered important to the portrayal of the company’s financial condition:
Useful lives of depreciable assets
The directors estimate the useful lives of the tangible fixed assets to be the period over which the assets are
expected to be available for use.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Company contributions to defined contribution pension schemes
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Other than the amounts disclosed above, any further required disclosures under section 305 and 306 of the Companies Act 2014 were €nil for both the current and preceding financial years.
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Page 11
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
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Charge for the financial year on owned assets
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Page 12
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
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Trade debtors and work in progress
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Amounts owed by group undertakings (note 15)
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Other debtors includes directors loan of €12,540 (2023 - €12,625) see note 15 for details.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Bank loans and overdrafts
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Amounts owed to group undertakings (note 15)
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Taxation and social insurance
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Obligations under finance lease and hire purchase contracts
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Page 13
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
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Creditors: Amounts falling due after more than one year
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Obligations under finance lease and hire purchase contracts
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 14
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
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Transactions with directors
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The maximum balance on directors loans during the financial year were €12,540 (2023 - €12,625) which
represented 0.59% (2023 - 0.59%) of the company's net assets.
The above loans are unsecured, interest free and repayable on demand.
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Page 15
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McFadden (Civils) Limited
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Notes to the Financial Statements
For the financial year ended 31 May 2024
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Related party transactions
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Included in debtors the company had the following related party transactions:
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The above loans are unsecured, interest free and repayable on demand.
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Included in creditors the company had the following related party transactions:
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McFadden Plant Hire Limited
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The above loan was unsecured, interest free and repayable on demand.
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Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
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Post balance sheet events
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There have been no significant events affecting the company since the financial year end and the directors
does not envisage any substantial changes to the nature of the business in the foreseeable future.
The company is ultimately controlled by the directors.
Page 16
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McFadden (Civils) Limited
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Detailed profit and loss account
For the financial year ended 31 May 2024
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Profit for the financial year
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McFadden (Civils) Limited
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Schedule to the Detailed Accounts
For the financial year ended 31 May 2024
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Hire of plant and machinery
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Plant and machinery expenses
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McFadden (Civils) Limited
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Schedule to the Detailed Accounts
For the financial year ended 31 May 2024
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Travelling and entertainment
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Advertising and promotion
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Difference on foreign exchange
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Profit on sale of tangible assets
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McFadden (Civils) Limited
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Schedule to the Detailed Accounts
For the financial year ended 31 May 2024
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Other interest - on overdue tax
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