REGISTERED NUMBER: NI053062 (Northern Ireland)

MCGARRITY BROS. LTD

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Noel McGarrity

John McGarrity

REGISTERED OFFICE:

15 Innishative Road

Carrickmore

Co. Tyrone

BT79 9HS

REGISTERED NUMBER:

NI053062 (Northern Ireland)

ACCOUNTANTS:

Cooper Parry Advisory Limited

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Intangible assets

5

4,398

13,186

Property, plant & equipment

6

2,964,134

2,267,778

2,968,532

2,280,964

CURRENT ASSETS

Inventories

309,840

447,888

Receivables

7

1,420,206

920,793

Cash at bank

538,968

370,814

2,269,014

1,739,495

PAYABLES

Amounts falling due within one year

8

(1,583,477

)

(865,891

)

NET CURRENT ASSETS

685,537

873,604

TOTAL ASSETS LESS CURRENT LIABILITIES

3,654,069

3,154,568

PAYABLES

Amounts falling due after more than one year

9

-

(227,284

)

PROVISIONS FOR LIABILITIES

(471,984

)

(306,360

)

NET ASSETS

3,182,085

2,620,924

CAPITAL AND RESERVES

Called up share capital

12

100,000

100,000

Retained earnings

3,082,085

2,520,924

SHAREHOLDERS' FUNDS

3,182,085

2,620,924

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Noel McGarrity - Director

John McGarrity - Director

1.	STATUTORY INFORMATION

McGarrity Bros. Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant & equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & machinery

- 20% reducing balance

Fixtures & fittings

- 25% reducing balance

Motor vehicles

- 25% reducing balance

Freehold property

- 0% nil

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase & leasing commitments

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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash & cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt.

Share capital

Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 24 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

175,767

AMORTISATION

At 1 January 2024

162,581

Amortisation for year

8,788

At 31 December 2024

171,369

NET BOOK VALUE

At 31 December 2024

4,398

At 31 December 2023

13,186

6.	PROPERTY, PLANT & EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

1,008,817

5,248,554

18,659

258,733

6,534,763

Additions

18,815

793,340

6,345

225,721

1,044,221

Disposals

-

-

-

(69,958

)

(69,958

)

At 31 December 2024

1,027,632

6,041,894

25,004

414,496

7,509,026

DEPRECIATION

At 1 January 2024

-

4,151,366

9,127

106,492

4,266,985

Charge for year

-

266,668

2,449

54,249

323,366

Eliminated on disposal

-

-

-

(45,459

)

(45,459

)

At 31 December 2024

-

4,418,034

11,576

115,282

4,544,892

NET BOOK VALUE

At 31 December 2024

1,027,632

1,623,860

13,428

299,214

2,964,134

At 31 December 2023

1,008,817

1,097,188

9,532

152,241

2,267,778

7.	RECEIVABLES

2024

2023

£

£

Trade receivables

1,405,813

920,793

Amounts owed by group undertakings

14,393

-

1,420,206

920,793

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans & overdrafts (see note 10)

64,368

132,616

Hire purchase contracts (see note 11)

-

29,216

Trade payables

1,327,228

416,543

Amounts owed to group undertakings

-

13,502

Taxation & social security

102,401

184,534

Other payables

89,480

89,480

1,583,477

865,891

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

-

227,284

10.

LOANS

The bank loan and overdraft are secured by way of an all monies floating charge over the undertaking of the company and all of its property.

11.	LEASING AGREEMENTS

Hire purchase liabilities are secured on the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100,000

Ordinary

£1

100,000

100,000

13.	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.