Company registration number 11247716 (England and Wales)
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
COMPANY INFORMATION
Directors
K Sands
J McArdle
C McArdle
C E McArdle
Secretary
C McArdle
Company number
11247716
Registered office
1 - 2 Thames Park
Lester Way
Wallingford
Oxfordshire
OX10 9TA
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 24
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The principal activity during the period was the design and construction of artificial turf pitches.

 

The company is pleased to report a successful trading period, during which turnover decreased to £16,668,594 and profit before taxation decreased to £1,706,912.

 

We remain a partner with Tigerturf on the FF Framework. In addition to this we are continually looking to create new relationships with Main Contractors, Consultants, Independent Schools, Sports Clubs and Local Authorities, while maintaining existing relationships in order to provide the ongoing first-class service and products expected by our clients.

 

We expect trading levels for the forthcoming year to stay consistent compared to the current year.

Principal risks and uncertainties

The principal risks facing the company are those of market conditions and confidence levels, along with general risks associated with operating in the construction industry. Where risks can be identified they have been addressed and actions taken where possible to control them.

Development and performance

We continue to place the highest emphasis on the quality of work throughout our operations, and this ongoing effort is reflected in our ISO14001, ISO9001, ISO45001, CHAS and Construction Line accreditations. We also remain a principal contractor with The Sports and Play Construction Association (SAPCA). We believe our employees are fundamental in our ability to deliver high quality facilities to our clients, and we place great emphasis on developing and retaining employees, as demonstrated through our very low staff turnover.

Key performance indicators

The key performance indicators defined by the company are turnover, trading profit and cash.

Additional information and explanations

None to report.

On behalf of the board

J McArdle
Director
2 June 2025
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of a group holding company. Its subsidiary's principal activities are the design and construction of artificial turf pitches.

Results and dividends

The results for the year are set out on page 7.

 

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Sands
J McArdle
C McArdle
C E McArdle
Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J McArdle
Director
2 June 2025
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
- 4 -
Opinion

We have audited the financial statements of McArdle Sport-Tec Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
- 6 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

Audit procedures performed by engagement team include:

 

 

 

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jolene Upshall FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
3 June 2025
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,668,594
20,794,496
Cost of sales
(13,039,464)
(17,208,238)
Gross profit
3,629,130
3,586,258
Administrative expenses
(2,088,094)
(1,968,963)
Other operating income
-
333
Operating profit
4
1,541,036
1,617,628
Interest receivable and similar income
8
165,876
123,233
Profit before taxation
1,706,912
1,740,861
Tax on profit
9
(451,662)
(411,317)
Profit for the financial year
1,255,250
1,329,544
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
710,727
653,664
Current assets
Debtors
13
2,496,310
3,264,255
Cash at bank and in hand
4,320,042
4,623,232
6,816,352
7,887,487
Creditors: amounts falling due within one year
14
(4,226,344)
(4,540,750)
Net current assets
2,590,008
3,346,737
Total assets less current liabilities
3,300,735
4,000,401
Creditors: amounts falling due after more than one year
15
(64,469)
(19,385)
Net assets
3,236,266
3,981,016
Capital and reserves
Called up share capital
18
10,000
10,000
Profit and loss reserves
3,226,266
3,971,016
Total equity
3,236,266
3,981,016

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
J McArdle
Director
Company registration number 11247716 (England and Wales)
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
100
100
Current assets
Debtors
13
6,480
6,480
Cash at bank and in hand
9,000
9,000
15,480
15,480
Net current assets
15,480
15,480
Net assets
15,580
15,580
Capital and reserves
Called up share capital
18
10,000
10,000
Profit and loss reserves
5,580
5,580
Total equity
15,580
15,580

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,000,000 (2023 - £2,000,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
J McArdle
Director
Company registration number 11247716 (England and Wales)
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10,000
4,641,472
4,651,472
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,329,544
1,329,544
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
10,000
3,971,016
3,981,016
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,255,250
1,255,250
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2024
10,000
3,226,266
3,236,266
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10,000
5,580
15,580
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,000,000
2,000,000
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
10,000
5,580
15,580
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
2,000,000
2,000,000
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2024
10,000
5,580
15,580
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,342,673
1,924,131
Income taxes paid
(687,376)
(97,458)
Net cash inflow from operating activities
1,655,297
1,826,673
Investing activities
Purchase of tangible fixed assets
(140,840)
(88,526)
Proceeds on disposal of tangible fixed assets
16,477
131,750
Interest received
165,876
123,233
Net cash generated from investing activities
41,513
166,457
Financing activities
Dividends paid to equity shareholders
(2,000,000)
(2,000,000)
Net cash used in financing activities
(2,000,000)
(2,000,000)
Net decrease in cash and cash equivalents
(303,190)
(6,870)
Cash and cash equivalents at beginning of year
4,623,232
4,630,102
Cash and cash equivalents at end of year
4,320,042
4,623,232
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

McArdle Sport-Tec Holdings Limited and subsidiary company (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 - 2 Thames Park, Lester Way, Wallingford, Oxon, OX10 9TA.

 

The group consists of McArdle Sport-Tec Holdings Limited and its subsidiary McArdle Sport-Tec Limited.

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.

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, The principal accounting policies adopted are set out below.

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:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of McArdle Sport-Tec Holdings Limited and subsidiary company, McArdle Sport-Tec Limited. The merger accounting method has been applied. The subsidiary results are incorporated for the full current and comparative reporting period of the subsidiary.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiary to bring the accounting policies used into line with those used by the parent company.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The company and group's net current asset position is strong and cash resources are sufficient to cover more than twelve month's overhead in the event of a sudden unexpected delayed downturn in trade. Trading in the post year end period to date of sign off has not shown any material downturn.

In the event of a reduction in the order book, the directors have prepared detailed forecasts of future expenditure and cash resources and can identify a number of scenarios whereby expenditure could be cut back in order to operate within the constraints of their cash resources and to continue to meet their liabilities as they fall due.

Based on the forecasts and having applied reasonably possible downside scenarios, the directors are confident that the company and group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Turnover represents the value of work undertaken during the year net of value added tax. The value of work completed consists of certified work plus the amount anticipated to be certified, adjusted for over and under measure.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
1% on cost
Plant and machinery
15% on written down value
Fixtures, fittings and equipment
25% on written down value/20% on cost/33% on cost
Motor vehicles
25% on written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
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.

 

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 and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the group 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 group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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 group’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.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year other than in respect of bad and doubtful trade debtor balances recognised in the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition in respect of services

The company uses the percentage of completion method to recognise project revenue for fixed-price contracts. This method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Design and construction of sports facilities
16,668,594
20,794,496
2024
2023
£
£
Other significant revenue
Interest income
165,876
123,233
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(6,235)
(4,969)
Depreciation of owned tangible fixed assets
67,717
50,421
Profit on disposal of tangible fixed assets
(417)
(5,801)
Audit of the financial statements of the company and its subsidiaries
15,600
14,850

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,850
3,700
Audit of the financial statements of the company's subsidiaries
11,750
11,150
15,600
14,850
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
General management
15
14
-
-
Operative labour
5
5
-
-
Administration
2
2
-
-
Total
22
21
-
0
-
0
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,748,856
1,494,116
-
0
-
0
Social security costs
217,438
184,721
-
-
Pension costs
403,550
527,220
-
0
-
0
2,369,844
2,206,057
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
800,078
620,014
Company pension contributions to defined contribution schemes
323,501
479,024
1,123,579
1,099,038

The number of directors and key management personnel for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
213,336
223,588
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
165,876
123,233
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
443,547
486,339
Adjustments in respect of prior periods
-
0
189
Total current tax
443,547
486,528
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
8,115
(75,211)
Total tax charge
451,662
411,317

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,706,912
1,740,861
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
426,728
409,102
Tax effect of expenses that are not deductible in determining taxable profit
3,708
3,732
Change in unrecognised deferred tax assets
19,913
-
0
Adjustments in respect of prior years
-
0
189
Other permanent differences
-
0
(393)
Deferred tax adjustments in respect of prior years
1,313
(1,313)
Taxation charge
451,662
411,317
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Tangible fixed assets
Group
Freehold buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
525,000
107,920
148,902
259,793
1,041,615
Additions
-
0
2,723
4,200
133,917
140,840
Disposals
-
0
-
0
-
0
(77,324)
(77,324)
At 31 December 2024
525,000
110,643
153,102
316,386
1,105,131
Depreciation and impairment
At 1 January 2024
26,250
78,266
131,702
151,733
387,951
Depreciation charged in the year
5,250
4,645
7,732
50,090
67,717
Eliminated in respect of disposals
-
0
-
0
-
0
(61,264)
(61,264)
At 31 December 2024
31,500
82,911
139,434
140,559
394,404
Carrying amount
At 31 December 2024
493,500
27,732
13,668
175,827
710,727
At 31 December 2023
498,750
29,654
17,200
108,060
653,664
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
100
Carrying amount
At 31 December 2024
100
At 31 December 2023
100
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
McArdle Sport-Tec Limited
1-2 Thames Park, Leter Way, Wallingford, Oxon, OX10 9TA
Design, construction and commissioning of sports facilities
Ordinary
100.00
0
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,161,868
2,879,173
-
0
-
0
Amounts owed by group undertakings
-
-
5,580
5,580
Other debtors
900
143,539
900
900
Prepayments and accrued income
112,370
107,802
-
0
-
0
2,275,138
3,130,514
6,480
6,480
Deferred tax asset (note 16)
51,767
59,882
-
0
-
0
2,326,905
3,190,396
6,480
6,480
Amounts falling due after more than one year:
Trade debtors
169,405
73,859
-
0
-
0
Total debtors
2,496,310
3,264,255
6,480
6,480
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,139,286
3,760,804
-
0
-
0
Corporation tax payable
242,350
486,179
-
0
-
0
Other taxation and social security
696,890
242,570
-
-
Accruals and deferred income
147,818
51,197
-
0
-
0
4,226,344
4,540,750
-
0
-
0
MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
64,469
19,385
-
0
-
0
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(38,487)
(29,445)
Tax losses
-
19,913
Short-term timing differences
90,254
69,414
51,767
59,882
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(59,882)
-
Charge to profit or loss
8,115
-
Asset at 31 December 2024
(51,767)
-

The deferred tax asset set out above has arisen due to timing differences and is expected to reverse on final settlement of costs which are not tax deductible until paid.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
403,550
527,220

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

MCARDLE SPORT-TEC HOLDINGS LIMITED AND SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000

 

19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,225,335
1,175,992
20
Controlling party

McArdle Sport-Tec Holdings Limited is controlled by J McArdle, C E McArdle & C M McArdle by virtue of their ownership of McArdle Sport-Tec Holdings Limited.

21
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,255,250
1,329,544
Adjustments for:
Taxation charged
451,662
411,317
Investment income
(165,876)
(123,233)
Gain on disposal of tangible fixed assets
(417)
(5,801)
Depreciation and impairment of tangible fixed assets
67,717
50,421
Movements in working capital:
Decrease in stocks
-
55,450
Decrease/(increase) in debtors
759,830
(1,793,990)
(Decrease)/increase in creditors
(25,493)
2,000,423
Cash generated from operations
2,342,673
1,924,131
22
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,623,232
(303,190)
4,320,042
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