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Financial Statements
T.A. Ronan Limited
For the year ended 31 December 2024
Registered number: 00890628
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Company Information
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Thomas Mulryan (appointed 18 April 2024, resigned 1 October 2024)
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Brian Boylan (appointed 18 April 2024)
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Patrick Finnegan (appointed 18 April 2024)
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Brendan Mee (appointed 18 April 2024)
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Richard Daly (appointed 18 April 2024)
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Patrick Michael Carroll (resigned 18 April 2024)
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Steven James Cowler (resigned 18 April 2024)
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John Michael O'Sullivan (resigned 18 April 2024)
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Ivan Palagitskyy (resigned 18 April 2024)
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Ivan Palagitskyy (appointed 11 March 2025)
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Chartered Accountants & Statutory Auditors
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Contents
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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T.A. Ronan Limited
Registered number:00890628
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Statement of financial position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A – Small Entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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T.A. Ronan Limited
Registered number:00890628
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Statement of financial position (continued)
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 14 form part of these financial statements.
Page 2
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Statement of changes in equity
For the year ended 31 December 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital (note 11)
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Statement of changes in equity
For the year ended 31 December 2023
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At 1 January 2023 (as previously stated)
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Prior year adjustment - change in accounting policy (note 23)
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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Profit for the year (as restated)
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The notes on pages 4 to 14 form part of these financial statements.
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Page 3
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Notes to the financial statements
For the year ended 31 December 2024
T.A. Ronan Limited is private company limited by shares incorporated in England and Wales. The registered office is Ronan House, 2D Askew Road, Shepherds Bush, Londo, W12 9BH. The principal activity of the Company is specialized containment and cable installation, termination and testing of electrical systems.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company qualifies as a small company as defined by the Companies Act 2006 in respect of the financial period and has applied the rules of the 'Small Companies Regime' in accordance with section 415A of the Act.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of MTM Engineering Group Limited (formerly Project Raglan Topco Limited) as at 31 December 2024 and these financial statements may be obtained from the Companies Registration Office.
In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant available information and considered a period of at least 12 months from the date of approval of these financial statements. After assessing the Company's cash flow forecasts and current financial position, the directors believe that the Company will be able to meet its obligations for the foreseeable future. As a result, the financial statements have been prepared on a going concern basis.
Page 4
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 5
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Prior period restatements
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The prior year financial statements have been restated for change in accounting policy. The change in accounting policy has to be applied retrospectively. The Company has elected to change its accounting policy in respect of the measurement of freehold property. The Company’s freehold property was previously measured at revaluation model. However, the directors have now elected to measure this cost model. Management believes that this change in accounting policy will provide more relevant and reliable information to the users of the standalone Company financial statements and is inline with the ultimate parent company, MTM Engineering Group Limited (formerly Project Raglan Topco Limited) policy on freehold property.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Page 6
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 7
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
A construction contract's stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceed progress billings. The gross amount due to customers for contract work is presented within other liabilities for all cotracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 8
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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When preparing financial statements, management makes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Critical management judgments in applying accounting policies
Impairment of trade and other receivables
Adequate amount of allowance is made and provided for specific Company of accounts where objective evidence of impairment exists. The Company evaluates these accounts, including, but not limited to, the length of the Company's relationship with its contracting parties, contracting parties' current credit status, average age of accounts, settlement experience and historical loss experience.
Recoverability of amounts due under construction contracts
The directors considered the recoverability of amounts due under construction contracts which is included in the statement of financial position at 31 December 2024. The directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also assessed the ability of these customers to discharge their contractual obligations as they fall due. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the reporting date.
Estimation of useful lives of tangible assets
The determination of the useful lives and residual values of property, plant, and equipment requires management judgment. These estimates are based on historical experience, anticipated technological developments, expected usage, and other relevant factors.
Changes in expected usage patterns, technological advances, or market conditions may impact the useful life and residual value of these assets. Where the estimated useful life of an asset differs from previous estimates, the change is accounted for as a change in accounting estimate.
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Capitalised employee costs during the year amounted to £Nil (2023: £Nil)
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 9
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Notes to the financial statements
For the year ended 31 December 2024
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Work in progress represents the value of amount recoverable on contracts in progress for work completed but not certified at the financial year end.
The directors are satisfied that this amount is appropriately stated and recoverable in full.
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Page 10
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Notes to the financial statements
For the year ended 31 December 2024
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Amounts owed by group undertakings
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Trade debtors is net of provision for doubtful accounts of €Nil at 31 December 2024 (2023: €Nil).
Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Trade and other creditors are payable at various dates in the next few months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and PAYE payable are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The terms of the accruals are based on their underlying contracts.
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Page 11
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Notes to the financial statements
For the year ended 31 December 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Allotted, called up and fully paid
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100 (2023: 100) Ordinary shares of £1.00 each
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Share capital
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account
Profit and loss account includes all current shares.
The pension cost charge represents contributions payable by the Company to the employee's and directors' pension schemes and amounted to £56,635 (2023: £21,047). Contributions totalling £10,565 (2023: £Nil) were payable to the pension schemes at the reporting date and are included in accruals.
Page 12
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Notes to the financial statements
For the year ended 31 December 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has availed of the exemption provided in FRS 102 section 33, "Related Party Disclosures" not to disclose transactions entered into with the fellow group companies that are wholly owned within the group of companies of which the Company is wholly owned under.Key management personnel remunerations are disclosed in note 8.
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Prior period restatements
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The Company’s freehold property was previously measured at revaluation model. However, the directors have now elected to measure at cost model. The Directors believes that this change in accounting policy will provide more relevant and reliable information to the users of the standalone Company financial statements and is inline with the ultimate parent company, MTM Engineering Group Limited (formerly Project Raglan Topco Limited) policy on freehold property.
This change in accounting policy has been applied retrospectively by the Company. The following table summarises the impact on the financial statements of the Company:
1.decreasing tangible fixed assets by £329,775
2.decreasing revaluation reserve by £436,067
3.decreasing retained earnings by £106,292
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Reclassification of comparative amounts
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Certain amounts in the comparative financial statements have been reclassified to conform to the current period’s presentation. Management believes that the reclassifications would reflect the nature of the transactions and did not have any impact on prior year’s overall net profit.
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Events since the end of the year
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There are no events affecting the Company since the year end.
Page 13
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Notes to the financial statements
For the year ended 31 December 2024
The parent company is MTM Engineering UK Limited which holds 100% of the share capital in the Company.
The Company's ultimate parent company is MTM Engineering Group Limited (formerly Project Raglan Topco Limited). Both companies are registered and incorporated in Ireland, with a registered office at Grangegeeth, Slane, Meath, Ireland. MTM Engineering Group Limited (formerly Project Raglan Topco Limited), to whom the results of this company are consolidated, are publicly available at the Companies Registration Office.
The Company ultimate controlling party is Waterland Private Equity Investments B.V., a company incorporated in the Netherlands.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 23 June 2025 by Dan Holland (Senior statutory auditor) on behalf of Grant Thornton.
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