199
01/12/2023
30/11/2024
2024-11-30
false
false
false
false
true
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2023-12-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI043577
2023-12-01
2024-11-30
NI043577
2024-11-30
NI043577
2023-11-30
NI043577
2022-12-01
2023-11-30
NI043577
2023-11-30
NI043577
2022-11-30
NI043577
core:NetGoodwill
2023-12-01
2024-11-30
NI043577
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-01
2024-11-30
NI043577
core:PlantMachinery
2023-12-01
2024-11-30
NI043577
core:FurnitureFittingsToolsEquipment
2023-12-01
2024-11-30
NI043577
core:MotorVehicles
2023-12-01
2024-11-30
NI043577
bus:RegisteredOffice
2023-12-01
2024-11-30
NI043577
bus:OrdinaryShareClass1
2023-12-01
2024-11-30
NI043577
bus:LeadAgentIfApplicable
2023-12-01
2024-11-30
NI043577
bus:Director1
2023-12-01
2024-11-30
NI043577
bus:Director2
2023-12-01
2024-11-30
NI043577
bus:Director3
2023-12-01
2024-11-30
NI043577
bus:Director4
2023-12-01
2024-11-30
NI043577
bus:CompanySecretary1
2023-12-01
2024-11-30
NI043577
core:WithinOneYear
2024-11-30
NI043577
core:WithinOneYear
2023-11-30
NI043577
core:NetGoodwill
2024-11-30
NI043577
core:LandBuildings
core:LongLeaseholdAssets
2023-11-30
NI043577
core:PlantMachinery
2023-11-30
NI043577
core:FurnitureFittingsToolsEquipment
2023-11-30
NI043577
core:MotorVehicles
2023-11-30
NI043577
core:LandBuildings
core:LongLeaseholdAssets
2024-11-30
NI043577
core:PlantMachinery
2024-11-30
NI043577
core:FurnitureFittingsToolsEquipment
2024-11-30
NI043577
core:MotorVehicles
2024-11-30
NI043577
core:LandBuildings
core:LongLeaseholdAssets
2023-12-01
2024-11-30
NI043577
core:AfterOneYear
2024-11-30
NI043577
core:AfterOneYear
2023-11-30
NI043577
core:UKTax
2022-12-01
2023-11-30
NI043577
bus:AllOrdinaryShares
2023-12-01
2024-11-30
NI043577
bus:AllOrdinaryShares
2022-12-01
2023-11-30
NI043577
core:RetainedEarningsAccumulatedLosses
2023-11-30
NI043577
core:RetainedEarningsAccumulatedLosses
2022-11-30
NI043577
core:RetainedEarningsAccumulatedLosses
2024-11-30
NI043577
core:RetainedEarningsAccumulatedLosses
2023-11-30
NI043577
core:ShareCapital
2024-11-30
NI043577
core:ShareCapital
2023-11-30
NI043577
core:CapitalRedemptionReserve
2024-11-30
NI043577
core:CapitalRedemptionReserve
2023-11-30
NI043577
bus:OrdinaryShareClass1
core:ShareCapital
2024-11-30
NI043577
bus:OrdinaryShareClass1
core:ShareCapital
2023-11-30
NI043577
core:BetweenOneFiveYears
2024-11-30
NI043577
core:BetweenOneFiveYears
2023-11-30
NI043577
core:DeferredTaxation
2023-12-01
2024-11-30
NI043577
core:NetGoodwill
2023-11-30
NI043577
core:AcceleratedTaxDepreciationDeferredTax
2024-11-30
NI043577
core:AcceleratedTaxDepreciationDeferredTax
2023-11-30
NI043577
core:TaxLossesCarry-forwardsDeferredTax
2024-11-30
NI043577
core:LandBuildings
core:LongLeaseholdAssets
2023-11-30
NI043577
core:PlantMachinery
2023-11-30
NI043577
core:FurnitureFittingsToolsEquipment
2023-11-30
NI043577
core:MotorVehicles
2023-11-30
NI043577
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2024-11-30
NI043577
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2024-11-30
NI043577
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-11-30
NI043577
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2023-11-30
NI043577
core:DeferredTaxation
2023-11-30
NI043577
core:DeferredTaxation
2024-11-30
NI043577
bus:MediumEntities
2023-12-01
2024-11-30
NI043577
bus:Audited
2023-12-01
2024-11-30
NI043577
bus:Medium-sizedCompaniesRegimeForAccounts
2023-12-01
2024-11-30
NI043577
bus:PrivateLimitedCompanyLtd
2023-12-01
2024-11-30
NI043577
bus:FullAccounts
2023-12-01
2024-11-30
NI043577
countries:UnitedKingdom
2023-12-01
2024-11-30
NI043577
countries:UnitedKingdom
2022-12-01
2023-11-30
NI043577
countries:Europe
2023-12-01
2024-11-30
NI043577
countries:Europe
2022-12-01
2023-11-30
NI043577
core:WithinOneYear
2023-12-01
2024-11-30
NI043577
1
2023-12-01
2024-11-30
Company registration number:
NI043577
Moore Concrete Products Limited
Financial statements
30 November 2024
Moore Concrete Products Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Profit and loss account
Balance sheet
Statement of cash flows
Notes to the financial statements
Moore Concrete Products Limited
Directors and other information
|
|
|
|
Directors |
Mr Wilbert Moore |
|
|
Mrs Florence Moore |
|
|
Mrs Roslyn McMillan |
|
|
Mr Neil Robert Moore |
|
|
|
|
|
|
|
Secretary |
Mrs Florence Moore |
|
|
|
|
|
|
|
Company number |
NI043577 |
|
|
|
|
|
|
|
Registered office |
Caherty House |
|
|
41 Woodside Road |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 4QH |
|
|
|
|
|
|
|
Business address |
Caherty House |
|
|
41 Woodside Road |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 4QH |
|
|
|
|
|
|
|
Auditor |
Potter Finnegan Limited |
|
|
Unit 25 The Courtyard Business Park |
|
|
190 Galgorm Road |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 1HL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Danske Bank |
|
|
1 Broadway |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT43 6EA |
|
|
|
Moore Concrete Products Limited
Strategic report
Year ended 30 November 2024
Review of the business
The principal activity of the company is the manufacture and retail of concrete products.
The directors are satisfied with the results for the year.
The company remained profitable during the year, with the decline in profitability attributable primarily to project delays on a large contract. The company invested heavily during 2024, with the successful completion of three new factories and investment in the company's IT infrastructure.
The directors continue to strive towards the company vision to become a World Class manufacturing facility and to grow the business profitably to become the best supplier of concrete products in the UK and Ireland through a policy of identifying the needs of our customers and providing a first-class precast quality service.
Principal risks and uncertainties
The company is exposed to the usual risks associated with trading in this business sector such as:-
Credit risk - The company employs strict credit control procedures to manage credit risk.
Raw material volatility - Long term supply contracts are used to mitigate exposure to price variations.
Construction market cycles - Demand is tied to government infrastructure spending and agricultural sector activity, both of which are cyclical.
Labour shortages - Skilled labour remains tight across the industry, potentially affecting production and delivery times.
Risk associated with interest rate fluctuations relating to financial instruments is considered low.
Results and key financial performance indicators
The profit for the period before taxation amounted to £697,205 as shown in the profit and loss account on page 8. After provision for tax of £164,758 and dividends of £150,000, the balance of £711,963 has been transferred to reserves. Key financial performance indicators are summarised as follows: -
2024 2023
Turnover 20,916,867 19,329,432
Net profit before tax 697,205 1,316,924
Net current assets/(liabilities) (1,241,562) 1,387,055
Shareholder's funds 6,860,028 6,148,065
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
Mrs Roslyn McMillan
Director
Moore Concrete Products Limited
Directors report
Year ended 30 November 2024
The directors present their report and the financial statements of the company for the year ended 30 November 2024.
Directors
The directors who served the company during the year were as follows:
|
|
Mr Wilbert Moore |
|
Mrs Florence Moore |
|
Mrs Roslyn McMillan |
|
Mr Neil Robert Moore |
|
Dividends
The results for the year are set out on page 6.
The directors have paid interim dividends of £150,000 and they do not recommend payment of a final dividend.
Future developments
There are no future developments to disclose in this report.
Financial instruments
Financial risk management policies have been set out in the Strategic Report.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013, the following matters have been included in the Strategic Report -
-
a review of the business and likely future developments
-
risk management policies, including a review of current business risks
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 judgments and accounting estimates that are reasonable and prudent; and
-
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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
29 May 2025
and signed on behalf of the board by:
Mr Neil Robert Moore
Director
Moore Concrete Products Limited
Independent auditor's report to the members of
Moore Concrete Products Limited
Year ended 30 November 2024
Opinion
We have audited the financial statements of Moore Concrete Products Limited (the 'company') for the year ended 30 November 2024 which comprise the Profit and loss account, Balance sheet, statement of cash flows 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 FRS 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 30 November 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 auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 has 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 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 the 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, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 made enquiries of management and those charged with governance regarding their records of any instances of non-compliance with laws and regulations applicable to the company which would have a material impact on the financial statements. - We reviewed professional costs to identify potential advice being undertaken in relation to non-compliance issues. - We enquired with management to ascertain if there had been any instances of actual or suspected fraud within the business and concluded that this has not occurred. The potential for management over-ride of internal control systems was also considered during our risk assessment. - Principal audit risks were identified as the overstatement of income or assets and the understatement of costs and liabilities. Management estimates were critically evaluated for reliability. 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 auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
Steven Potter
(Senior Statutory Auditor)
For and on behalf of
Potter Finnegan Limited
Chartered Accountants and Registered Auditors
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
29 May 2025
Moore Concrete Products Limited
Profit and loss account
Year ended 30 November 2024
|
|
|
|
2024 |
|
2023 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
20,916,867 |
|
19,329,432 |
|
|
|
Cost of sales |
|
|
|
(
16,052,099) |
|
(
14,266,545) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Gross profit |
|
|
|
4,864,768 |
|
5,062,887 |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution costs |
|
|
|
(
2,295,004) |
|
(
2,111,159) |
|
|
|
Administrative expenses |
|
|
|
(
1,880,106) |
|
(
1,592,719) |
|
|
|
Other operating income |
|
5 |
|
231,445 |
|
100,250 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Operating profit |
|
6 |
|
921,103 |
|
1,459,259 |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
9 |
|
8,545 |
|
6,366 |
|
|
|
Interest payable and similar expenses |
|
10 |
|
(
232,443) |
|
(
148,701) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Profit before taxation |
|
|
|
697,205 |
|
1,316,924 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
164,758 |
|
(416,526) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Profit for the financial year and total comprehensive income |
|
|
|
861,963 |
|
900,398 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid or payable during the year |
|
12 |
|
(
150,000) |
|
(
110,000) |
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
4,983,233 |
|
4,192,835 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Retained earnings at the end of the year |
|
|
|
5,695,196 |
|
4,983,233 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Moore Concrete Products Limited
Balance sheet
30 November 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
13 |
- |
|
|
|
- |
|
|
|
Tangible assets |
|
14 |
9,695,953 |
|
|
|
6,396,448 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
9,695,953 |
|
|
|
6,396,448 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Stocks |
|
15 |
3,176,622 |
|
|
|
2,463,283 |
|
|
|
Debtors |
|
16 |
3,440,272 |
|
|
|
3,480,474 |
|
|
|
Cash at bank and in hand |
|
|
810,000 |
|
|
|
1,496,661 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
7,426,894 |
|
|
|
7,440,418 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
18 |
(
8,668,456) |
|
|
|
(
6,053,363) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current (liabilities)/assets |
|
|
|
|
(
1,241,562) |
|
|
|
1,387,055 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
8,454,391 |
|
|
|
7,783,503 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
19 |
|
|
(
1,083,928) |
|
|
|
(
960,245) |
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
21 |
|
|
(
510,435) |
|
|
|
(
675,193) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
6,860,028 |
|
|
|
6,148,065 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
23 |
|
|
35,284 |
|
|
|
35,284 |
|
Capital redemption reserve |
|
24 |
|
|
1,129,548 |
|
|
|
1,129,548 |
|
Profit and loss account |
|
24 |
|
|
5,695,196 |
|
|
|
4,983,233 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
6,860,028 |
|
|
|
6,148,065 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
29 May 2025
, and are signed on behalf of the board by:
Mr Wilbert Moore
Director
Company registration number:
NI043577
Moore Concrete Products Limited
Statement of cash flows
Year ended 30 November 2024
|
|
|
2024 |
|
2023 |
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Profit for the financial year |
|
|
861,963 |
|
900,398 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation of tangible assets |
|
|
916,947 |
|
824,111 |
|
Government grant income |
|
|
(
231,445) |
|
(
100,250) |
|
Other interest receivable and similar income |
|
|
(
8,545) |
|
(
6,366) |
|
Interest payable and similar expenses |
|
|
232,443 |
|
148,701 |
|
Gain/(loss) on disposal of tangible assets |
|
|
(
1,365) |
|
(
10,372) |
|
Tax on profit |
|
|
(
164,758) |
|
416,526
|
|
Accrued expenses/(income) |
|
|
271,237 |
|
(
288,069) |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
|
Stocks |
|
|
(
713,339) |
|
(
959,924) |
|
Trade and other debtors |
|
|
40,202 |
|
(
344,661) |
|
Trade and other creditors |
|
|
159,906 |
|
1,078,025 |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
|
1,363,246 |
|
1,658,119 |
|
|
|
|
|
|
|
Interest paid |
|
|
(
232,443) |
|
(
148,701) |
|
Interest received |
|
|
8,545 |
|
6,366 |
|
Tax paid |
|
|
(
195,977) |
|
(
116,006) |
|
|
|
_______ |
|
_______ |
|
Net cash from operating activities |
|
|
943,371 |
|
1,399,778 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of tangible assets |
|
|
(
4,217,626) |
|
(
979,777) |
|
Proceeds from sale of tangible assets |
|
|
2,539 |
|
10,925 |
|
|
|
_______ |
|
_______ |
|
Net cash used in investing activities |
|
|
(
4,215,087) |
|
(
968,852) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from borrowings |
|
|
2,514,376 |
|
(
129,126) |
|
Government grant income |
|
|
231,445 |
|
100,250 |
|
Payment of finance lease liabilities |
|
|
148,345 |
|
(
121,020) |
|
Equity dividends paid |
|
|
(
150,000) |
|
(
110,000) |
|
|
|
_______ |
|
_______ |
|
Net cash from/(used in) financing activities |
|
|
2,744,166 |
|
(
259,896) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
(
527,550) |
|
171,030 |
|
Cash and cash equivalents at beginning of year |
17 |
|
475,943 |
|
304,913 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
17 |
|
(
51,607) |
|
475,943 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Moore Concrete Products Limited
Notes to the financial statements
Year ended 30 November 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Moore Concrete Products Limited, Caherty House, 41 Woodside Road, Ballymena, Co Antrim, BT42 4QH.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
| Goodwill |
- |
5 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Buildings |
- |
4 % |
straight line |
|
Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
The cost of freehold land is not depreciated.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value.
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful economic lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4.
Turnover
No analysis of turnover by category is required.
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
UK |
|
20,617,361 |
18,766,816 |
|
Europe |
|
299,506 |
562,616 |
|
|
|
_______ |
_______ |
|
|
|
20,916,867 |
19,329,432 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Government grant income |
|
231,445 |
100,250 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
916,947 |
824,111 |
|
(Gain)/loss on disposal of tangible assets |
|
|
(
1,365) |
(
10,372) |
|
Operating lease rentals |
|
|
17,022 |
15,093 |
|
Foreign exchange differences |
|
|
(
1,326) |
4,140 |
|
Fees payable for the audit of the financial statements |
|
|
10,550 |
12,200 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Employees
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2024 |
2023 |
|
Production staff |
|
146 |
118 |
|
Distribution staff |
|
38 |
39 |
|
Administrative staff |
|
15 |
15 |
|
|
|
_______ |
_______ |
|
|
|
199 |
172 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
6,765,208 |
5,696,358 |
|
Social security costs |
|
529,893 |
418,982 |
|
Other pension costs |
|
270,062 |
231,087 |
|
|
|
_______ |
_______ |
|
|
|
7,565,163 |
6,346,427 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
121,838 |
107,269 |
|
Company contributions to pension schemes in respect of qualifying services |
|
125,680 |
110,346 |
|
|
|
_______ |
_______ |
|
|
|
247,518 |
217,615 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
2024 |
2023 |
|
|
|
Number |
Number |
|
Defined contribution plans |
|
4 |
4 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank deposits |
|
8,545 |
6,366 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
80,288 |
62,791 |
|
Other loans made to the company: |
|
|
|
|
|
|
Finance leases and hire purchase contracts |
|
44,306 |
50,729 |
|
Other interest payable and similar expenses |
|
|
107,849 |
35,181 |
|
|
|
|
_______ |
_______ |
|
|
|
|
232,443 |
148,701 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax income/expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
- |
195,977 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
164,758) |
220,549 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
(
164,758) |
416,526
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax income/expense
The tax assessed on the profit for the year is lower than (2023: lower than) the
standard rate of corporation tax in the UK
of
25.00
% (2023: 23.01%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
697,205 |
1,316,924 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
174,301 |
303,024 |
|
Effect of expenses not deductible for tax purposes |
|
- |
28 |
|
Effect of capital allowances and depreciation |
|
(
428,640) |
(
44,311) |
|
Unrelieved tax losses |
|
271,822 |
- |
|
Research and development tax credits |
|
(
17,483) |
(
62,764) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
- |
195,977 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Dividends
Equity dividends
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
150,000 |
110,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 December 2023 and 30 November 2024 |
300,000 |
300,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 December 2023 and 30 November 2024 |
300,000 |
300,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 November 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 November 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
14.
Tangible assets
|
|
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 December 2023 |
5,977,867 |
7,857,628 |
546,075 |
377,483 |
14,759,053 |
|
|
|
Additions |
2,851,999 |
1,336,112 |
29,515 |
- |
4,217,626 |
|
|
|
Disposals |
(
1,810) |
(
432,810) |
(
33,873) |
- |
(
468,493) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 November 2024 |
8,828,056 |
8,760,930 |
541,717 |
377,483 |
18,508,186 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 December 2023 |
2,334,803 |
5,538,724 |
377,447 |
111,631 |
8,362,605 |
|
|
|
Charge for the year |
237,017 |
565,711 |
47,703 |
66,516 |
916,947 |
|
|
|
Disposals |
(
1,554) |
(
431,892) |
(
33,873) |
- |
(
467,319) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 November 2024 |
2,570,266 |
5,672,543 |
391,277 |
178,147 |
8,812,233 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 November 2024 |
6,257,790 |
3,088,387 |
150,440 |
199,336 |
9,695,953 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 November 2023 |
3,643,064 |
2,318,904 |
168,628 |
265,852 |
6,396,448 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Plant and machinery |
Motor vehicles |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 30 November 2024 |
627,355 |
97,067 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 November 2023 |
1,057,813 |
129,431 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Raw materials |
|
899,728 |
638,905 |
|
Work in progress |
|
91,285 |
- |
|
Finished goods |
|
2,185,609 |
1,824,378 |
|
|
|
_______ |
_______ |
|
|
|
3,176,622 |
2,463,283 |
|
|
|
_______ |
_______ |
|
|
|
|
|
16.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,999,345 |
3,281,237 |
|
Prepayments and accrued income |
|
440,927 |
199,237 |
|
|
|
_______ |
_______ |
|
|
|
3,440,272 |
3,480,474 |
|
|
|
_______ |
_______ |
|
|
|
|
|
17.
Cash and cash equivalents
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
810,000 |
1,496,661 |
|
Bank overdrafts |
|
(
861,607) |
(
1,020,718) |
|
|
|
_______ |
_______ |
|
|
|
(
51,607) |
475,943 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
3,462,511 |
1,074,287 |
|
Trade creditors |
|
3,376,659 |
3,139,655 |
|
Accruals and deferred income |
|
691,602 |
420,365 |
|
Corporation tax |
|
- |
195,977 |
|
Social security and other taxes |
|
659,036 |
737,380 |
|
Obligations under finance leases |
|
354,988 |
351,367 |
|
Director loan accounts |
|
21,784 |
33,702 |
|
Other creditors |
|
101,876 |
100,630 |
|
|
|
_______ |
_______ |
|
|
|
8,668,456 |
6,053,363 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Bank loans and overdrafts includes £2,574,886 of bridging loan finance relating to recent capital investment. This was converted to a repayable term bank loan shortly after year end.
Bank loans and overdrafts are secured by a fixed charge over book debts, a floating charge over the company's assets and a mortgage over company property.
19.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
394,371 |
415,412 |
|
Obligations under finance leases |
|
689,557 |
544,833 |
|
|
|
_______ |
_______ |
|
|
|
1,083,928 |
960,245 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £ 290,394
(2023 £ 318,539 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Repayments due after more than 5 years are repayable on a monthly basis and are on a variable interest rate.
20.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
354,988 |
351,367 |
|
Later than 1 year and not later than 5 years |
|
689,557 |
544,833 |
|
|
|
_______ |
_______ |
|
|
|
1,044,545 |
896,200 |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
1,044,545 |
896,200 |
|
|
|
_______ |
_______ |
|
|
|
|
|
21.
Provisions
|
|
Deferred tax (note 22) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 December 2023 |
675,193 |
675,193 |
|
|
|
|
Charges against provisions |
(
164,758) |
(
164,758) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 November 2024 |
510,435 |
510,435 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
22.
Deferred tax
The deferred tax included in the Balance sheet is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 21) |
|
510,435 |
675,193 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
782,257 |
675,193 |
|
Unused tax losses |
|
(
271,822) |
- |
|
|
|
_______ |
_______ |
|
|
|
510,435 |
675,193 |
|
|
|
_______ |
_______ |
|
|
|
|
|
23.
Share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1 each |
|
35,284 |
|
35,284 |
|
35,284 |
|
35,284 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
24.
Reserves
Capital redemption reserve:This reserve records the nominal value of shares repurchased by the company.
25.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Tangible assets |
|
57,555 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
26.
Contingent liabilities
Under the terms of certain government grant agreements, a liability may arise to repay in whole or in part, capital or revenue grants received if certain conditions in the grant agreements are not complied with. In the director's opinion, the terms of all letters of offer have been complied with and a liability is not expected to arise.
27.
Controlling interest
The company is controlled by the directors.