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Registration number: NI605247

MMG Contracts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

MMG Contracts Ltd

(Registration number: NI605247)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

584,333

571,570

Investment property

5

127,354

64,943

 

711,687

636,513

Current assets

 

Stocks

6

139,228

106,719

Debtors

7

1,680,047

2,235,844

Cash at bank and in hand

 

2,504,726

1,545,725

 

4,324,001

3,888,288

Creditors: Amounts falling due within one year

8

(846,900)

(905,531)

Net current assets

 

3,477,101

2,982,757

Total assets less current liabilities

 

4,188,788

3,619,270

Creditors: Amounts falling due after more than one year

8

(133,182)

(243,233)

Provisions for liabilities

(92,619)

(89,428)

Net assets

 

3,962,987

3,286,609

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,962,887

3,286,509

Shareholders' funds

 

3,962,987

3,286,609

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

MMG Contracts Ltd

(Registration number: NI605247)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 16 June 2025
 

.........................................
Mr Martin McGrogan
Director

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Site 10, Enkalon Industrial Estate, Randalstown Road, Antrim, BT41 4LD.

These financial statements were authorised for issue by the director on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20 % reducing balance

Office equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 24).

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 October 2023

213,858

12,977

407,435

300,753

935,023

Additions

-

-

68,375

49,550

117,925

Disposals

-

-

-

(19,600)

(19,600)

At 30 September 2024

213,858

12,977

475,810

330,703

1,033,348

Depreciation

At 1 October 2023

-

6,408

186,213

170,832

363,453

Charge for the year

-

1,314

57,918

33,386

92,618

Eliminated on disposal

-

-

-

(7,056)

(7,056)

At 30 September 2024

-

7,722

244,131

197,162

449,015

Carrying amount

At 30 September 2024

213,858

5,255

231,679

133,541

584,333

At 30 September 2023

213,858

6,569

221,222

129,921

571,570

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investment properties

2024
£

At 1 October

64,943

Additions

62,411

At 30 September

127,354

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

139,228

106,719

7

Debtors

Current

2024
£

2023
£

Trade debtors

769,180

1,268,564

Prepayments

22,978

26,543

Other debtors

887,889

940,737

 

1,680,047

2,235,844

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

115,855

118,090

Trade creditors

 

417,509

605,074

Taxation and social security

 

286,261

139,355

Accruals and deferred income

 

19,951

18,771

Other creditors

 

7,324

24,241

 

846,900

905,531

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

133,182

243,233

 

MMG Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Related party transactions

The following amount included in other debtors was owed from the director at the year end:

2024
 £

2023
 £

Directors current account

164,020

159,035

Other related party transactions

Included in other debtors is a loan of £712,199 (2023 £430,433) to a Joint Venture Company in which Mr Martin McGrogan is a 50% shareholder.