Company No: 08254543 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	2,127		14,900
Tangible assets	5	518,246		455,929
Investment property	6	502,716		502,716
		1,023,089		973,545
Current assets
Stocks		105,084		20,840
Debtors
- due within one year	7	1,081,440		1,597,806
- due after more than one year	7	14,311		14,311
Cash at bank and in hand		1,437,950		3,567,531
		2,638,785		5,200,488
Creditors: amounts falling due within one year	8	( 3,007,534)		( 3,699,547)
Net current (liabilities)/assets		(368,749)		1,500,941
Total assets less current liabilities		654,340		2,474,486
Creditors: amounts falling due after more than one year	9	0		( 421,233)
Provision for liabilities		( 92,026)		( 76,122)
Net assets		562,314		1,977,131
Capital and reserves
Called-up share capital	10	50		50
Profit and loss account		562,264		1,977,081
Total shareholders' funds		562,314		1,977,131

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of McFeggan Brown Limited (registered number: 08254543) were approved and authorised for issue by the Board of Directors on 09 September 2025. They were signed on its behalf by:

F S N Brady Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

McFeggan Brown Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Building 1290 Aztec West, Almondsbury, Bristol, BS32 4SG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the preparation of the 2024 accounts it was identified that an investment property purchased in 2022 had been incorrectly recorded as stock on the balance sheet. Therefore, the 2023 comparatives have been updated accordingly and there is no impact on the balance sheet overall.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is chaged to profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

During the preparation of the 2024 accounts it was identified that an investment property purchased in 2022 had been incorrectly recorded as stock on the balance sheet. Therefore, the 2023 comparatives have been updated accordingly and there is no impact on the balance sheet overall.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Stocks		523,556		(502,716)		20,840
Investment property		0		502,716		502,716

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	26		22

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	127,736		127,736
At 31 December 2024	127,736		127,736
Accumulated amortisation
At 01 January 2024	112,836		112,836
Charge for the financial year	12,773		12,773
At 31 December 2024	125,609		125,609
Net book value
At 31 December 2024	2,127		2,127
At 31 December 2023	14,900		14,900

5. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	178,505		66,358		331,208		7,082		59,839		642,992
Additions	44,049		26,366		101,911		0		24,421		196,747
Disposals	0		0		( 63,815)		0		( 3,801)		( 67,616)
At 31 December 2024	222,554		92,724		369,304		7,082		80,459		772,123
Accumulated depreciation
At 01 January 2024	20,175		21,586		117,104		3,030		25,168		187,063
Charge for the financial year	19,655		16,832		70,037		1,013		10,836		118,373
Disposals	0		0		( 48,784)		0		( 2,775)		( 51,559)
At 31 December 2024	39,830		38,418		138,357		4,043		33,229		253,877
Net book value
At 31 December 2024	182,724		54,306		230,947		3,039		47,230		518,246
At 31 December 2023	158,330		44,772		214,104		4,052		34,671		455,929

6. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	502,716
As at 31 December 2024	502,716

7. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	1,003,790		1,534,455
Prepayments	77,650		63,351
	1,081,440		1,597,806
Debtors: amounts falling due after more than one year
Other debtors	14,311		14,311

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	495,247		1,701,701
Amounts owed to Group undertakings	1,187,591		0
Taxation and social security	733,192		916,441
Obligations under finance leases and hire purchase contracts	0		4,661
Other creditors	591,504		1,076,744
	3,007,534		3,699,547

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Amounts owed to directors	0		421,233

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each	4		4
16 Ordinary A shares of £ 1.00 each	16		16
15 Ordinary B shares of £ 1.00 each	15		15
15 Ordinary C shares of £ 1.00 each	15		15
	50		50

11. Financial commitments

Commitments

Capital commitments are as follows:

	2024		2023
	£		£
Contracted for but not provided for:
Finance leases entered into	229,690		328,413

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	111,089		113,720
between one and five years	118,601		214,693
	229,690		328,413

12. Related party transactions

During the year, La Fontanelle Limited was incorporated and there was a share for share exchange with the shareholders resulting in it becoming the 100% parent company of McFeggan Brown Limited. During the year, the company declared dividends to the parent company of £2,440,799 (2023: NIL).