Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truefalsetruetrue262true275false2024-01-01falsetrue NI008491 2024-01-01 2024-12-31 NI008491 2023-01-01 2023-12-31 NI008491 2024-12-31 NI008491 2023-12-31 NI008491 2023-01-01 NI008491 1 2024-01-01 2024-12-31 NI008491 1 2023-01-01 2023-12-31 NI008491 2 2024-01-01 2024-12-31 NI008491 2 2023-01-01 2023-12-31 NI008491 d:CompanySecretary1 2024-01-01 2024-12-31 NI008491 d:Director1 2024-01-01 2024-12-31 NI008491 d:Director1 2024-12-31 NI008491 d:Director2 2024-01-01 2024-12-31 NI008491 d:Director3 2024-01-01 2024-12-31 NI008491 d:Director4 2024-01-01 2024-12-31 NI008491 d:Director5 2024-01-01 2024-12-31 NI008491 d:RegisteredOffice 2024-01-01 2024-12-31 NI008491 d:Agent1 2024-01-01 2024-12-31 NI008491 d:Agent2 2024-01-01 2024-12-31 NI008491 e:Buildings 2024-01-01 2024-12-31 NI008491 e:PlantMachinery 2024-01-01 2024-12-31 NI008491 e:MotorVehicles 2024-01-01 2024-12-31 NI008491 e:FurnitureFittings 2024-01-01 2024-12-31 NI008491 e:Goodwill 2024-01-01 2024-12-31 NI008491 e:Goodwill 2024-12-31 NI008491 e:Goodwill 2023-12-31 NI008491 e:CurrentFinancialInstruments 2024-12-31 NI008491 e:CurrentFinancialInstruments 2023-12-31 NI008491 e:CurrentFinancialInstruments 1 2024-12-31 NI008491 e:CurrentFinancialInstruments 1 2023-12-31 NI008491 e:Non-currentFinancialInstruments 2024-12-31 NI008491 e:Non-currentFinancialInstruments 2023-12-31 NI008491 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 NI008491 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 NI008491 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 NI008491 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 NI008491 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 NI008491 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 NI008491 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-12-31 NI008491 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-12-31 NI008491 e:UKTax 2024-01-01 2024-12-31 NI008491 e:UKTax 2023-01-01 2023-12-31 NI008491 e:ShareCapital 2024-01-01 2024-12-31 NI008491 e:ShareCapital 2024-12-31 NI008491 e:ShareCapital 2023-01-01 2023-12-31 NI008491 e:ShareCapital 2023-12-31 NI008491 e:ShareCapital 2023-01-01 NI008491 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI008491 e:RetainedEarningsAccumulatedLosses 2024-12-31 NI008491 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI008491 e:RetainedEarningsAccumulatedLosses 2023-12-31 NI008491 e:RetainedEarningsAccumulatedLosses 2023-01-01 NI008491 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 NI008491 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI008491 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 NI008491 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI008491 d:OrdinaryShareClass1 2024-01-01 2024-12-31 NI008491 d:OrdinaryShareClass1 2023-12-31 NI008491 d:OrdinaryShareClass2 2024-01-01 2024-12-31 NI008491 d:OrdinaryShareClass2 2024-12-31 NI008491 d:OrdinaryShareClass2 2023-12-31 NI008491 d:OrdinaryShareClass3 2024-01-01 2024-12-31 NI008491 d:OrdinaryShareClass3 2024-12-31 NI008491 d:OrdinaryShareClass3 2023-12-31 NI008491 d:OrdinaryShareClass4 2024-01-01 2024-12-31 NI008491 d:OrdinaryShareClass4 2024-12-31 NI008491 d:OrdinaryShareClass4 2023-12-31 NI008491 d:FRS102 2024-01-01 2024-12-31 NI008491 d:Audited 2024-01-01 2024-12-31 NI008491 d:FullAccounts 2024-01-01 2024-12-31 NI008491 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI008491 e:WithinOneYear 2024-12-31 NI008491 e:WithinOneYear 2023-12-31 NI008491 e:BetweenOneFiveYears 2024-12-31 NI008491 e:BetweenOneFiveYears 2023-12-31 NI008491 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 NI008491 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 NI008491 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 NI008491 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 NI008491 2 2024-01-01 2024-12-31 NI008491 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI008491










JOHN MACKLE (MOY) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
JOHN MACKLE (MOY) LIMITED
 

COMPANY INFORMATION


Directors
Mrs Veronica Mackle (resigned 24 March 2025)
Mr John Mackle 
Mr Stephen Jordan 
Mr Philip Hamilton 
Mrs Elaine Hall 




Company secretary
Mrs Charlotte Mackle



Registered number
NI008491



Registered office
Keenaghan

Dungannon

Co. Tyrone

BT71 6SL




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
Bank of Ireland
11 Upper English Street

Armagh

BT61 7BH





Ulster Bank

7 Upper English Street

Armagh

BT61 7BL




Solicitors
RM Cullen & Son
16-22 Edward Street

Craigavon

BT62 3NA





 
JOHN MACKLE (MOY) LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 33

 
JOHN MACKLE (MOY) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The principal activity of the company is the manufacture of pet food. 
There were no significant changes in the business activities during the year.
Turnover has increased by 2.7% to £64.2m (2023: £62.6m). Overall, a net profit before tax of £3.05m was achieved for the year ended 31 December 2024 compared to a net profit before tax of £2.95m reported for the year ended 31 December 2023. The company asset base remains strong, with net assets of £12.2m at 31 December 2024 (2023: £10.5m). The company's directors are satisfied with the company's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow. 

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the Company are controlling raw material costs and maintaining sales levels. The Company's management endeavours to mitigate these risks by implementing regular strategic and operational reviews.
The Company's operations expose it to a variety of financial risk that are analysed under separate subheadings below. 
Currency Risk
The company's principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does note demand that these exposures be hedged in order to fix the cost in sterling. 
Finance and interest rate risk
The  company'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 company'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 company'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
Customers  who  wish  to  trade  on  credit  terms  are  subject  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 company has seen the impact of this through rising costs. The company have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.

Page 1

 
JOHN MACKLE (MOY) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The financial key performance indicators used by the company are turnover level, gross profit margins on sales and probit before tax margins.

As restated
2024
2023
        £
        £
Revenue (£)

64,219,399

62,558,775
 
Revenue growth (%)

2.7%

22.4%
 
Gross profit (£)

17,501,025

14,637,588
 
Gross profit margin (%)

27.3%

23.4%
 
Profit before tax (£)

3,051,615

2,946,440
 
Profit before tax margin (%)

4.8%

4.7%
 

Other key performance indicators
 
Environment
The company recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whenever possible.
Human resources
The company's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical.
Health and safety
The company is committed to achieving the highest practicable standards in health and safety management and strives to make its offices safe environments for employees and customers alike.

Page 2

 
JOHN MACKLE (MOY) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The  Directors  of  John Mackle (Moy) Limited  must  act  in  accordance  with  their  duties  under  the  Companies Act 2006. These include a fundamental duty to promote the success of the company for the benefit of its members as a whole. This duty has been central to the board’s decision-making processes and outcomes for many years and will continue to play a significant part in the decision making. The information which follows below describes how, in performing their duties during the year, the Directors’ have had regard to the matters set out in Section 172 (1) (a) to (f) of the Act and constitutes the Board’s section 172 statement for 2023.
The company's key stakeholders are considered to be:
   - Employees
   - Customers
   - Suppliers
   - Community and environment
Employees
The employees of John Mackle (Moy) Limited are at the heart of the everything the company does. The board have established and continue to promote a strong family culture in the company to ensure the employees feel valued and part of a stable working environment. During the year, a number of events where held which promoted awareness of mental health and the benefits of exercise. A comprehensive staff survey was performed, and for the first time, the Company held a Staff Engagement Day to which all staff were invited. In addition to attractive financial benefits, we provide comprehensive healthcare coverage and wellbeing programs. The Board promote health and safety within the company and ensure a safe working environment exists through regular training, risk assessments, method statements, and compliance with industry standards. 

Suppliers
The board recognises the key role suppliers play in ensuring the company delivers a quality product to customers. John Mackle (Moy) Limited believe in building long-term relationships with our supply chain, ensuring mutual trust and understanding. The directors maintain strong communication with their supply chain partners by having regular meetings as well as obtaining key information from routine business updates and presentations. We adopt fair practices and recognise the importance of prompt payments, enabling them to sustain their operations, invest in growth, and maintain a stable supply chain.
Customers
The directors maintain strong communication with its customers by having regular update meetings both on and off site. These meetings facilitate a detailed review of their contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business. By  consistently delivering on our promises and exceeding expectations, we establish ourselves as a reliable and dependable partner.
Community and environment
John Mackle (Moy) Limited value local communities and the environment, especially in the two locations where we operate. We are committed to making a positive impact in these areas.  We believe in sustainable growth that benefits not only our business but also the communities in which we operate. One way we demonstrate our commitment is through our apprenticeship and trainee manager programmes. By offering opportunities for skill development and employment, we invest in the future of the local workforce and contribute to the overall prosperity of the community.
We actively engage with local charities by making regular donations and supporting their initiatives.  These contributions help address pressing social issues and improve the lives of individuals and families in our community.
The company is also involved with local schools (by undertaking mock interview sessions, and by providing factory tours and company presentations) and with sports clubs by way of sponsorship and prize donations.
Furthermore, our company takes proactive measures to reduce our carbon footprint. We implement sustainable practices, such as recycling, using energy-efficient technologies, and responsible waste management, to ensure that we operate in an environmentally sustainable manner.

Page 3

 
JOHN MACKLE (MOY) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 18 June 2025 and signed on its behalf.



Mr John Mackle
Director
Page 4

 
JOHN MACKLE (MOY) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity of the company is the manufacture of pet food. 

Results and dividends

The profit for the year, after taxation, amounted to £2,101,272 (2023 - £2,946,440).

Ordinary dividends were declared amounting to £400,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs Veronica Mackle (resigned 24 March 2025)
Mr John Mackle 
Mr Stephen Jordan 
Mr Philip Hamilton 
Mrs Elaine Hall 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, 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 for the Company'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 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 2006They 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.

Future developments

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

Page 5

 
JOHN MACKLE (MOY) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with employees

The company's policy is to consult and discuss with employees where appropriate matters likely to affect employees' interests.

Engagement with suppliers, customers and others

See section 172(1) Statement within the Stragetic Report.

Greenhouse gas emissions, energy consumption and energy efficiency action

Quantification and reporting methodology:
We have followed the 2019 HM Government Environmental Reporting Guidelines.  We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.  
The table below summarises the GHG emissions for the reporting year: 1 January 2024 to 31 December 2024.
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Intensity measurement:
The chosen intensity measurements are the total gross emissions in metric tonnes CO2e:
• per Full Time Equivalent employees (FTE)
• per quantity of tonne produced

Measurements taken to improve efficiency:
We have continued to embed a culture of energy efficiency within the business, with energy reductions measured and compared in quarters.  Rewards are given to employees when energy reduction targets are met, which has seen great results.  Continued maintenance of plant and machinery to ensure they are running in an efficient manner.  Innovation is a core value to Mackle Petfoods, with investment in 2024 in replacing the canning production line with new equipment.  Whilst not an efficiency improvement, from July 2024 we have switched to Renewable Electricity to reduce our carbon emissions.  

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'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's auditors are aware of that information.

Page 6

 
JOHN MACKLE (MOY) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

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

Auditors

AAB Group Accountants Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

This report was approved by the board on 18 June 2025 and signed on its behalf.
 





Mr John Mackle
Director
Page 7

 
JOHN MACKLE (MOY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN MACKLE (MOY) LIMITED
 

Opinion


We have audited the financial statements of John Mackle (Moy) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the 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 Company's affairs as at 31 December 2024 and of its 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 Company 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 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 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.


Page 8

 
JOHN MACKLE (MOY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN MACKLE (MOY) LIMITED (CONTINUED)


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 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 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 Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
JOHN MACKLE (MOY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN MACKLE (MOY) LIMITED (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 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 toher adjustments for appropriateness, and evaluating the business rationale of significant transactions outsdie the normal course of business.


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.
Page 10

 
JOHN MACKLE (MOY) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN MACKLE (MOY) LIMITED (CONTINUED)




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.





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

18 June 2025
Page 11

 
JOHN MACKLE (MOY) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
64,219,399
62,558,775

Cost of sales
  
(46,718,374)
(47,921,187)

Gross profit
  
17,501,025
14,637,588

Distribution costs
  
(4,395,607)
(3,135,030)

Administrative expenses
  
(8,826,598)
(7,698,804)

Other operating income
 5 
216,803
136,103

Operating profit
  
4,495,623
3,939,857

Interest receivable and similar income
 10 
579
338

Interest payable and similar expenses
 11 
(1,444,587)
(993,755)

Profit before tax
  
3,051,615
2,946,440

Tax on profit
 12 
(950,343)
(708,106)

Profit for the financial year
  
2,101,272
2,238,334

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

The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
JOHN MACKLE (MOY) LIMITED
REGISTERED NUMBER: NI008491

BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
24,472,301
23,677,627

  
24,472,301
23,677,627

Current assets
  

Stocks
 16 
6,427,536
7,968,300

Debtors: amounts falling due within one year
 17 
9,285,573
11,310,888

Cash at bank and in hand
 18 
318,129
2,468,470

  
16,031,238
21,747,658

Creditors: amounts falling due within one year
 19 
(18,427,431)
(25,794,699)

Net current liabilities
  
 
 
(2,396,193)
 
 
(4,047,041)

Total assets less current liabilities
  
22,076,108
19,630,586

Creditors: amounts falling due after more than one year
 20 
(7,441,366)
(7,718,358)

Provisions for liabilities
  

Deferred tax
 23 
(2,462,454)
(1,441,212)

  
 
 
(2,462,454)
 
 
(1,441,212)

Net assets
  
12,172,288
10,471,016


Capital and reserves
  

Called up share capital 
 24 
860,000
860,000

Profit and loss account
  
11,312,288
9,611,016

  
12,172,288
10,471,016


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 June 2025.




Mr John Mackle
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
JOHN MACKLE (MOY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
860,000
7,808,682
8,668,682


Comprehensive income for the year

Profit for the year
-
2,238,334
2,238,334
Total comprehensive income for the year
-
2,238,334
2,238,334


Contributions by and distributions to owners

Dividends: Equity capital
-
(436,000)
(436,000)


Total transactions with owners
-
(436,000)
(436,000)



At 1 January 2024
860,000
9,611,016
10,471,016


Comprehensive income for the year

Profit for the year
-
2,101,272
2,101,272
Total comprehensive income for the year
-
2,101,272
2,101,272


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


Total transactions with owners
-
(400,000)
(400,000)


At 31 December 2024
860,000
11,312,288
12,172,288


The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

John Mackle (Moy) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Keenaghan, Dungannon, Co Tyrone, BT71 6SL.
The principal activity of the company is the manufacture of pet food.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of J&H Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

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.

Page 15

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

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.

Page 16

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Brand names
-
10%
Straight line

 
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 17

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Plant and machinery
-
8.5%/12.5% straight line
Motor vehicles
-
33.33% straight line
Fixtures and fittings
-
33.33% straight line

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

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 weighted average 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 18

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

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

The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of 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
Page 19

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are
Page 20

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

discharged or cancelled.

 
2.18

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.


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, on in the period of the revision and future periods where the revision affects both current and future periods.


4.


Turnover

The whole of the turnover is attributable to the production of pet food.

No analysis of revenue by geographical area has been provided as, in the opinion of the directors such disclosure would be seriously prejudicial to the interests of the Company.


5.


Other operating income

2024
2023
£
£

Government grants receivable
216,803
136,103

216,803
136,103



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Government grants
216,803
136,103

Exchange differences
68,426
57,843

Depreciation charged on owned tangible fixed assets
2,860,620
2,567,208

Depreciation charged on leased tangible fixed assets
39,258
39,258

Page 21

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
17,500
14,900

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


2024
2023
£
£

Wages and salaries
9,488,708
7,829,289

Social security costs
841,818
697,095

Cost of defined contribution scheme
228,583
230,437

10,559,109
8,756,821


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


        2024
        2023
            No.
            No.







Direct
217
208



Administration overheads indirect payroll
39
39



Sales and marketing overheads indirect payroll
19
15

275
262

Page 22

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
510,990
566,123

Company contributions to defined contribution pension schemes
62,000
97,500

572,990
663,623


The highest paid director received remuneration of £159,068 (2023 - £166,271).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
579
338

579
338


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
880,199
919,176

Finance leases and hire purchase contracts
564,388
74,579

1,444,587
993,755

Page 23

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
368,276

Adjustments in respect of previous periods
(70,899)
(6,057)


(70,899)
362,219


Total current tax
(70,899)
362,219

Deferred tax


Origination and reversal of timing differences
1,021,242
345,887

Total deferred tax
1,021,242
345,887


950,343
708,106
Page 24

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
3,051,615
2,946,440


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
762,904
736,610

Effects of:


Expenses not deductible for tax purposes
42,164
173,128

Capital allowances for year in excess of depreciation
(2,358,939)
(228,733)

Utilisation of tax losses
-
(259,393)

Adjustments to tax charge in respect of prior periods
(70,899)
(6,057)

Other timing differences leading to an increase in taxation
-
7

Non-taxable income not deductible for tax purposes
(26,411)
(33,291)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(44,852)
-

Change in tax rate during the period
-
(23,165)

Deferred tax at future rates
1,021,242
345,887

Changes in provisions leading to an increase in the tax charge
3,470
3,113

Unrelieved tax losses carried forward
1,621,664
-

Total tax charge for the year
950,343
708,106


13.


Dividends

2024
2023
£
£


Ordinary £1 "A" Shares
240,698
24,000


Ordinary £1 "B" Shares
59,302
88,904


Ordinary £1 "C" Shares
100,000
323,096

400,000
436,000

Page 25

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Intangible assets




Brand names

£



Cost


At 1 January 2024
51,384



At 31 December 2024

51,384



Amortisation


At 1 January 2024
51,384



At 31 December 2024

51,384



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 26

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024 (as previously stated)
10,315,325
32,577,294
1,205,226
1,074,911
45,172,756


Prior Year Adjustment
-
(2,220,848)
-
-
(2,220,848)


At 1 January 2024 (as restated)
10,315,325
30,356,446
1,205,226
1,074,911
42,951,908


Additions
1,110,344
2,509,181
68,627
11,400
3,699,552


Disposals
(9,257)
(2,005,858)
(318,472)
(289,891)
(2,623,478)



At 31 December 2024

11,416,412
30,859,769
955,381
796,420
44,027,982



Depreciation


At 1 January 2024
3,833,912
13,798,010
923,503
718,856
19,274,281


Charge for the year on owned assets
348,830
2,223,922
137,334
189,792
2,899,878


Disposals
(4,257)
(2,005,858)
(318,472)
(289,891)
(2,618,478)



At 31 December 2024

4,178,485
14,016,074
742,365
618,757
19,555,681



Net book value



At 31 December 2024
7,237,927
16,843,695
213,016
177,663
24,472,301



At 31 December 2023 (as restated)
6,481,413
16,558,436
281,723
356,055
23,677,627




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


2024
2023
£
£

Freehold
7,237,927
6,481,413

7,237,927
6,481,413


Freehold property includes freehold and leasehold land with a carrying value of £3,534,104 (2023: £3,534,104) which has not been depreciated. 
The net book value of plant and equipment include amounts of £384,650 (2023: £136,814) in respect of assets held uner asset purchase agreements.

Page 27

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

2024
2023
£
£

Raw materials and consumables
3,017,630
3,531,168

Work in progress (goods to be sold)
871,714
1,089,053

Finished goods and goods for resale
2,538,192
3,348,079

6,427,536
7,968,300


The carrying value of stocks are stated net of provision totalling £200,503 (2023 - £213,796).


17.


Debtors

2024
2023
£
£


Trade debtors
8,777,171
10,866,466

Amounts owed by related parties
66,609
10,131

Other debtors
4,309
6,633

Prepayments and accrued income
437,484
427,658

9,285,573
11,310,888


Trade debtors are stated after provisions for impairment of £349,913 (2023: £318,084).
Included within other debtors due within one year is a loan to a director, amounting to £4,309 (2023 - £6,453).
Amounts owed by related parties are interest free, repayable on demand and unsecured.


18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
318,129
2,468,470

Less: bank overdrafts
(112,443)
(18,800)

205,686
2,449,670


Page 28

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank overdrafts
112,443
18,800

Bank loans
903,440
736,840

Other loans
7,563,304
3,153,112

Trade creditors
2,219,914
4,422,069

Amounts owed to group undertakings
-
323

Corporation tax
-
368,276

Other taxation and social security
949,309
1,269,347

Obligations under finance lease and hire purchase contracts
13,548
172,177

Proceeds of factored debts
2,529,718
7,270,467

Other creditors
268,532
214,499

Accruals and deferred income
3,867,223
8,168,789

18,427,431
25,794,699


Ulster Bank currently hold the following securities:
1. Debenture incorporating fixed and floating charges relating to the assets of the company;
2. First fixed legal charge over the land and properties of the company known as:
     - Head office and factory premises at 40 Corrigan Hill Road, Moy, Dungannon / 20 Armagh Road, Moy, Dungannon.
     - Moygashel Factory premises at 33 Main Road, Moygashel, Dungannon.
     - Alexander House premises at Main Road, Moygashel, Dungannon;
3. Charge/chattel mortgage over the assets of the new production facility;
4. Legal assignment in favour of RBS Invoice Finance Limited over book debts of the company; and
5. Debenture in favour of RBS Invoice Finance Limited incorporation fixed and floating charges relating to the assets of the company.

Page 29

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,049,714
6,763,160

Net obligations under finance leases and hire purchase contracts
-
457,903

Accruals and deferred income
391,652
497,295

7,441,366
7,718,358


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
3,215,800
3,815,800

3,215,800
3,815,800

Bank loans repayable after more than 5 years bear interest of between 2.7% and 3.25% plus Bank base rate and are repayable on quarterly installments. 


21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
903,440
736,840

Other loans
7,563,304
3,153,112


8,466,744
3,889,952


Amounts falling due 2-5 years

Bank loans
3,833,914
2,947,360


3,833,914
2,947,360

Amounts falling due after more than 5 years

Bank loans
3,215,800
3,815,800

3,215,800
3,815,800

15,516,458
10,653,112


Page 30

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
13,548
172,177

Between 1-5 years
-
457,903

13,548
630,080

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 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Asset finance facilities are secured on the assets concerned.


23.


Deferred taxation




2024


£






At beginning of year
(1,441,212)


Charged to profit or loss
(1,021,242)



At end of year
(2,462,454)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,112,316)
(1,461,127)

Tax losses carried forward
1,649,862
19,915

(2,462,454)
(1,441,212)

Page 31

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 10,000) Deferred ordinary shares of £1.00 each
-
10,000
517,500 (2023 - 283,333) Ordinary A shares of £1.00 each
517,500
283,333
127,500 (2023 - 226,667) Ordinary B shares of £1.00 each
127,500
226,667
215,000 (2023 - 340,000) Ordinary C shares of £1.00 each
215,000
340,000

860,000

860,000



25.


Prior year adjustment

The following prior period adjustments were identified and corrected in the current year:
1) Included in plant and machinery was £2,220,848 of additions which had been accrued in error. This resulted in a prior year restatement of fixed asset additions and accruals in respect of the error.
2) Included in distribution costs was £1,085,785 of sales discounts in error. This resulted in a prior year restatement of distribution costs and sales in respect of the error.
The impact of the above has not had any effect on reported profit for the year ended 31 December 2023 nor on total equity as at 31 December 2023.


26.


Capital commitments

The Company did not have any material capital commitments at 31 December 2024 or at 31 December 2023.


27.


Pension commitments

The company 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 £228,583 (2023: £230,437). Contributions totaling £78,739 (2023: £64,858) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
105,000
1,950

Later than 1 year and not later than 5 years
236,250
-

341,250
1,950

Page 32

 
JOHN MACKLE (MOY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

29.


Related party transactions

The company has taken advantage of the exemption not to disclose related party transactions with other
members of the group under section 33 1A of FRS 102 as it is a wholly owned subsidiary.
During the year the company entered into the following transactions with related parties and the following amounts were outstanding at the reporting end date:
 


2024
2023
£
£

Birch Heights Company Limited
66,609
10,131
66,609
10,131


30.


Controlling party

The immediate and ultimate parent undertaking is J&H Group Ltd, a company incorporated in Northern Ireland, and its registered office is Keenaghan, Corrigan Hill Road, Northern Ireland, BT71 6SL.
The smallest and largest undertaking of which the company is a member, and for which group financial statements are prepared is J&H Group Ltd. Group financial statements for this company are prepared and are available to the public from Companies House. 
The ultimate controlling party is John Mackle by virtue of his shareholding.

Page 33