| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| J McCann & Co Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| J McCann & Co Limited |
| J McCann & Co Limited (Registered number: 08326109) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 8 |
| Report of the Independent Auditors | 10 |
| Statement of Comprehensive Income | 13 |
| Balance Sheet | 14 |
| Statement of Changes in Equity | 15 |
| Notes to the Financial Statements | 16 |
| J McCann & Co Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors and |
| Chartered Accountants |
| Cawley House |
| 149-155 Canal Street |
| Nottingham |
| Nottinghamshire |
| NG1 7HR |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| IMPACT OF RANSOMWARE ATTACK ON J MCCANN & CO LTD |
| 1. Impact of the Ransomware Attack |
| Since the previous year-end, J McCann & Co Ltd experienced a significant ransomware attack on our central servers, leading to the loss of critical accounting and payroll data. This created substantial challenges in maintaining financial reporting and day-to-day operational efficiency. Despite proactive security measures, the attack resulted in the need for extensive data reconstruction, which placed additional strain on internal resources. |
| Following the swift notification and action of our IT support systems, the impact was minimised to the Servers but to prevent any latent malware being activated, a wholesale review and upgrade to storage and operating systems was undertaken immediately to enable all of our remote sites to remain operational. |
| Due to the professionalism and commitment of our Finance Department Team, we were able to maintain supplier payments and Payroll throughout the period. |
| Ultimately, we were able to recover all of the data that had been encrypted, without recourse to the attackers, which ultimately provides testament to the existing processes that were in place at the time. |
| We have now fully recovered from the event and have emerged with a new fully operational system that has recently been accredited to an industry recognised standard. |
| 2. Response and Recovery Efforts |
| In response to the attack, the company took was able to mitigate the impact by: |
| - Data Reconstruction: |
| We have been able to fully recover all encrypted date and restore this to new financial and payroll systems that were upgraded at the time. This was done by leveraging available backups, historical records, and external verification sources where necessary. |
| - IT and Cybersecurity Expertise : |
| We engaged cybersecurity specialists to assess the breach, advise on security modifications and restore date to more secure environments, along with additional security measures prevent further incidents. |
| - Operational Adjustments: |
| Temporary measures were put in place to ensure that payroll processing and financial reporting continued, uninterrupted. This ensured that minimal financial disruption was experienced by staff, suppliers and stakeholders both during and after the event. |
| 3. Risk Management and Future Mitigation |
| Recognising the severity of cybersecurity threats, the company is implementing robust measures to prevent similar incidents in the future, including: |
| - Enhanced Cybersecurity Infrastructure: |
| Strengthening IT security protocols, increasing system monitoring, and implementing advanced threat detection software. |
| - Data Backup and Redundancy: |
| Establishing more frequent and secure backup procedures, ensuring critical data is stored in multiple locations. |
| - Employee Training and Awareness: |
| Conducting regular cybersecurity training for employees to recognise and prevent potential threats. |
| - Strategic Investment in IT Security: |
| Allocating resources to enhance data protection and business continuity planning. |
| Despite these challenges, J McCann & Co Ltd remains committed to financial transparency and operational resilience. By addressing the vulnerabilities exposed by this incident, the Company is now stronger and better prepared for future risks. |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| REVIEW OF BUSINESS |
| This review is intended to be consistent with the size and nature of our business. We aim to present a balanced and comprehensive review of the development and performance of the company during the year to 31st December 2024, its position at year end and an update of events after the balance sheet date, to enable a better understanding by the readers of the accounts, of the company's financial position |
| The company has consolidated its core business, returning profits of £1,678,765, before tax, on a turnover of £82,894,375. This was achieved by concentrating on our highways maintenance and infrastructure skills and ensuring that projects obtained and delivered certainty and a healthy margin. Due to increased return, cash flow and profitability have been restored with healthy cash balances being reported at year end. |
| The company will continue to maintain its focus on working capital and cash management in the future and continue to leverage our specialist expertise whilst seeking new opportunities, within our sector, for increased margin generation. |
| Since the Year end, we have continued to maintain strong growth within our chosen sectors with the recent award of several notable projects: - |
| - Liverpool City Council Street Lighting Term Maintenance (3 plus 2x 1 years) |
| - Gull Wing Bridge Term Maintenance (5 Years) |
| - Nottingham Footbridge |
| - A52 QMC to Priory Signs and Streetlighting |
| - Humber Bridge Free Flow Tolling System Civils Infrastructure |
| We believe that this success demonstrates the resilience of the business and the ongoing demand for our services. However, we remain mindful of the challenges that lie ahead in the coming year and the impact of the current economic and geo-political climate. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Government spending decisions |
| We recognise that the majority of our income is from National and Local government sources and can be affected by changes in government policy. |
| Economic uncertainty |
| There is ongoing uncertainty due to the risk of recession, further inflationary and interest rate increases along with possible changes in Government policy. |
| Geopolitical disruptions |
| The current uncertain state of world politics, including Ukraine, Yemen and the Middle East can all have an impact on local economic conditions. |
| Tariffs (USA) |
| We do not trade with the USA directly and most of our imported goods are manufactured within Europe. We therefore do not consider this to be a significant risk to the business at this time. |
| Financial risk |
| The company has a broad range of customers including both private companies and public sector bodies. |
| The risk that the company will suffer from significant levels of bad debts is managed by the diversified portfolio and well established credit control procedures across the company. The company is funded through a combination of hire purchase funding and a credit facility with the company's bankers who have remained supportive throughout this period and beyond. |
| The Directors continue to monitor these impacts and react as necessary. |
| The above risks are typical of the current UK economy and we are confident that they do not represent an undue risk to the success of the business. Our current portfolio of Government backed long term contracts, will continue to provide a significant buffer to these uncertainties. This is recognised in the Company improving its cash position since the year end and continues to work with positive cash balances, as it expects to continue to do so through 2025. |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| SECTION 172(1) STATEMENT |
| The Directors of J McCann & Co Ltd acknowledge their duty under section 172(1) of the Companies Act 2006 to act in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In making decisions during the financial year, the Directors have had regard to the following key factors: |
| Stakeholder Engagement and Key Considerations |
| During this period, our response to the Ransomware attack typified how we have continued to maintain our consideration for the likely consequences of our decisions for the long term, the need to act fairly between members of the company, and the company's wider relationships. Examples of these decisions are given below: |
| - Employees |
| The well-being and development of our employees remain a priority. We have continued to invest in training, well-being initiatives and professional development opportunities. We continue to review our Policies and have recently introduced an enhanced Parental Policies covering Maternity, Paternity and Adoption Leave which provides up to 26weeks at full pay prior to reverting to statutory amounts. |
| - Customers |
| Our commitment to delivering high-quality services remains paramount. The Directors have actively engaged with key customers to maintain strong relationships, particularly in light of operational challenges caused by the cyberattack. Measures were taken to ensure minimal service disruption and |
| uphold customer confidence. |
| - Suppliers |
| We value our supplier partnerships and strive for mutually beneficial relationships. Despite the operational impact of the ransomware incident, we maintained transparent communication with our suppliers, ensuring timely payments and ongoing collaboration to support business continuity. |
| - Shareholders |
| The Directors have kept shareholders informed of business developments, including the financial impact of the ransomware attack. Steps have been taken to mitigate risks and strengthen the company's resilience to future cyber threats. |
| - Community and Environment |
| We remain committed to acting responsibly towards the environment and the communities in which we operate. During the year, we continued our initiatives aimed at sustainability and corporate social responsibility, ensuring our business operations align with our long-term environmental goals. |
| - Regulatory and Governance Considerations |
| Compliance with legal and regulatory obligations is integral to our decision-making process. Following the cyberattack, we reviewed and enhanced our cybersecurity framework to strengthen data protection and regulatory compliance. |
| - Decision-Making and Long-Term Impact |
| The Directors have made strategic decisions that support the long-term sustainability and growth of J McCann & Co Ltd. These include strengthening cybersecurity measures, investing in employee well-being, and reinforcing business resilience to protect stakeholders' interests. |
| The Board remains committed to reviewing and refining its stakeholder engagement strategies to ensure that the company continues to operate successfully and responsibly in the years ahead. |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| STREAMLINED ENERGY AND CARBON REPORTING |
| This inventory has been prepared in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and ISO 14064-1:2018 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals. Where relevant, the inventory is aligned with industry or sector best practice for emissions measurement and reporting |
| GHG emissions and energy use for period 01 January 2024 to 31 December 2024 |
| Current reporting year 01 January 2024 to 31 December 2024 |
| Energy consumption used to calculate emissions (kWh) | 12,533,220.77 |
| Gas (kWh) | 186,431.11 |
| Electricity (kWh) | 296,133.26 |
| Transport fuels (kWh) | 12,050,656.40 |
| Other energy sources (Scope 1 & 2) kWh | 0.00 |
| Transport fuels (Scope 3) kWh | N/A |
| Emissions from combustion of gas tCO2e (Scope 1) | 34.10 |
| Emissions from combustion of fuel for transport purposes tCO2e (Scope 1) | 3,042.20 |
| Emissions from business travel in rental cars or employee-owned vehicles |
| where company is responsible for purchasing of the fuel tCO2e (Scope 3) | N/A |
| Emissions from purchased electricity tCO2e (Scope 2, location-based) | 61.31 |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| STRATEGY |
| J McCann & Co Ltd’s strategy is focused on sustainable growth, operational resilience, and delivering long-term value to all stakeholders. Our approach in 2024 has been shaped by both opportunities and challenges, particularly the need to recover from the ransomware attack that impacted our financial and payroll systems. |
| 1. Strengthening Business Resilience |
| In response to the cyberattack, the company has taken decisive actions to improve its cybersecurity framework and operational continuity: |
| - Cybersecurity Enhancements - Investing in advanced security measures, including stronger data encryption, improved system monitoring, and enhanced employee cybersecurity training. |
| - Data Recovery & Risk Management - Successfully recreating lost financial and payroll data while implementing new backup and recovery protocols to mitigate future risks. |
| - Regulatory Compliance - Ensuring compliance with data protection laws and governance best practices to safeguard business integrity. |
| 2. Driving Sustainable Growth |
| Despite the operational setbacks, J McCann & Co Ltd remains focused on growth and expansion in key markets: |
| - Market Diversification - Identifying new opportunities in adjacent markets to reduce dependence on single revenue streams. |
| - Customer-Centric Approach - Strengthening client relationships through improved service delivery, transparency, and digital transformation. |
| - Operational Efficiency - Streamlining processes to enhance productivity and cost-effectiveness, with a focus on leveraging technology for improved efficiency. |
| 3. Investing in People & Culture |
| Employees are the backbone of our success, and we remain committed to attracting, developing, and retaining top talent: |
| - Workforce Development |
| Continued investment in training, career progression, and employee well-being. |
| - Employee Support |
| Ensuring all staff were supported during the data recovery process, particularly in payroll and HR matters. We continue to provide a Company specific benefit package to all employees, including high street discounts, access to support services and the like through a integrated employee support system. |
| - Enhancing Workplace Culture |
| Promoting a collaborative, innovative, and inclusive work environment. |
| - Attracting and Maintaining Employees |
| We offer an exciting package for all employees and tailor individual offers for each employee to take reconcile the business needs with those of the employee. |
| 4. ESG & Sustainability Commitment |
| J McCann & Co Ltd remains dedicated to sustainability and responsible business practices: |
| - Environmental Initiatives |
| Reducing our carbon footprint through energy efficiency measures and sustainable sourcing. |
| - Community Engagement |
| Strengthening corporate social responsibility efforts to support local communities and industry partnerships. |
| - Governance & Ethics |
| Upholding the highest standards of corporate governance to build trust and accountability. |
| J McCann & Co Limited (Registered number: 08326109) |
| Strategic Report |
| for the year ended 31 December 2024 |
| BUSINESS ENVIRONMENT |
| J Mccann & Co Ltd are based in Nottingham and with strategically based regional offices we are best placed to delivery of a first rate, comprehensive service, throughout the country. With a large, highly skilled, directly employed workforce, supported by an extensive specialised plant fleet we can take on and deliver the most demanding of projects to programme and budget. |
| We provide our clients with integrated infrastructure solutions that meet business needs and exceeds expectations each and every time. We are a key player in creating and maintaining essential elements of the country's infrastructure and by doing so efficiently, offer a first-class service to all our clients. |
| We have developed a wide range of specialist contracting services to support the successful delivery of major infrastructure projects throughout the UK. As a leading supplier and installer of street lighting, traffic signs, signals, communication systems and associated civil engineering we can also play a key role in the development of project design and buildability whilst working comfortably within a wide range of contractual arrangements. |
| OUTLOOK FOR 2025 AND BEYOND |
| Looking ahead, J McCann & Co Ltd is committed to: |
| - Expanding market presence through innovation and strategic partnerships. |
| - Strengthening stakeholder engagement and long-term financial stability. |
| - Despite challenges, the company remains well-positioned for sustainable growth and continued success in the years ahead. |
| ON BEHALF OF THE BOARD: |
| J McCann & Co Limited (Registered number: 08326109) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of civil and electrical engineering operating throughout the UK on major road, rail and airport infrastructure projects for public and private sector clients. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| All donations made during the year were non-political charitable donations. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| J McCann & Co Limited (Registered number: 08326109) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| AUDITORS |
| The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| J McCann & Co Limited |
| Opinion |
| We have audited the financial statements of J McCann & Co Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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: |
| - | 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| J McCann & Co Limited |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, 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 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. |
| 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 a Report of the Auditors 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: |
| - Enquiry of management and those charged with governance around actual and potential litigation and claims; |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
| - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| J McCann & Co Limited |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors and |
| Chartered Accountants |
| Cawley House |
| 149-155 Canal Street |
| Nottingham |
| Nottinghamshire |
| NG1 7HR |
| J McCann & Co Limited (Registered number: 08326109) |
| Statement of Comprehensive |
| Income |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 1,741,769 | 3,467,082 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Income from fixed asset investments |
| Interest receivable and similar income |
| 60,643 | 275 |
| 1,829,578 | 3,597,568 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| J McCann & Co Limited (Registered number: 08326109) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J McCann & Co Limited (Registered number: 08326109) |
| Statement of Changes in Equity |
| for the year ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| J McCann & Co Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared on a going concern basis by the directors. This reflects the improved trading performance, ongoing forecasts for future years and the continued support of the company's bankers and creditors. |
| A positive future order books helps to underpin the confidence with these forecasts and cash position. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered. |
| When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred. |
| Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as deferred income within creditors. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 79 | 76 |
| Production | 191 | 169 |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Equipment Hire |
| Premises hire |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Depreciation in excess of capital allowances |
| Utilisation of tax losses | ( |
) | ( |
) |
| Deferred tax | 202,217 | 868,218 |
| Group relief | (95,456 | ) | - |
| Total tax charge | 555,102 | 868,218 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | (3,597,370 | ) | - | (3,597,370 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | (2,597,796 | ) | - | (2,597,796 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts recoverable on contracts | 6,419,978 | 8,241,979 |
| VAT |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 32,013 | - |
| Other creditors |
| Accrued expenses |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 2,335,629 | 3,152,082 |
| Amounts due under hire purchase agreements are secured on the assets to which they relate. |
| J McCann & Co Limited (Registered number: 08326109) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 786,503 | 584,286 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year |
| Balance at 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| At 31 December 2024 |
| 18. | PENSION COMMITMENTS |
| The company previously operated a defined contribution scheme and contributions were charged in the profit and loss account as they accrue. The charge for the year was £nil (2023 - £1,400). |
| 19. | ULTIMATE PARENT COMPANY |
| McCann Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
| 20. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |