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Unaudited Financial Statements
James Boyd & Sons (Carnmoney) Limited
For the Year Ended 30 April 2025
Registered number: NI000893
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James Boyd & Sons (Carnmoney) Limited
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Company Information
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J M Boyd (resigned 22 May 2024)
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Grant Thornton Advisors (NI) LLP
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12 - 15 Donegall Square West
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O'Rorke, McDonald and Tweed
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James Boyd & Sons (Carnmoney) Limited
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Contents
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Notes to the Financial Statements
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Independent Accountant's Report to the directors of the unaudited financial statements of James Boyd & Sons (Carnmoney) Limited for the Year Ended 30 April 2025
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of James Boyd & Sons (Carnmoney) Limited for the year ended 30 April 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of James Boyd & Sons (Carnmoney) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of James Boyd & Sons (Carnmoney) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Boyd & Sons (Carnmoney) Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 30 April 2025 and you have acknowledged on the Balance Sheet as at 30 April 2025 your duty to ensure that James Boyd & Sons (Carnmoney) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that James Boyd & Sons (Carnmoney) Limited is exempt from the statutory audit requirement for the year ended 30 April 2025.
We have not been instructed to carry out an audit or review the financial statements of James Boyd & Sons (Carnmoney) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grant Thornton Advisors (NI) LLP
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Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
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Date: 13 October 2025
Page 1
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James Boyd & Sons (Carnmoney) Limited
Registered number:NI000893
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Balance Sheet
As at 30 April 2025
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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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Page 2
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James Boyd & Sons (Carnmoney) Limited
Registered number:NI000893
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Balance Sheet (continued)
As at 30 April 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 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.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 October 2025.
The notes on pages 4 to 15 form part of these financial statements.
Page 3
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
J Boyd & Sons (Carnmoney) Limited is a private company, limited by shares and incorporated in Northern Ireland. The principal activities of the company is the quarrying of aggregates and operation of a landfill site.
The registered office is 38 The Square, Ballyclare, BT39 9BB
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the group is small. Therefore, the financial statements present the results of the Company only and not its group.
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing he financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Page 4
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
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.
Page 5
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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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.
Page 6
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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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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.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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 7
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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 balance sheet 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 balance sheet 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 balance sheet date.
Page 8
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) Carrying value of stocks
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.
c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
d) Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.
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The average monthly number of employees, including directors, during the year was 31 (2024 - 32).
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Page 9
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Investments in subsidiary companies
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Page 10
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Page 11
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Details of security provided:
The above bank loans and overdrafts are secured by a fixed and floating charge over the book debts and property of the company. The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The bank loan is secured by a cross company guarantee between Mallusk Quarries Limited and James Boyd & Sons (Carnmoney) Limited.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Page 12
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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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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Fixed asset timing differences
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Short term timing differences
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Allotted, called up and fully paid
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18,729 (2024 - 18,729) Ordinary shares of £1.00 each
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Page 13
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
Capital redemption reserve
The capital redemption reserve records the nominal value of shares repurchased by the company in prior periods.
Profit & loss account
The reserve includes all current and prior period retained profits and losses.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £76,201 (2024- £58,558). Contributions totaling £6,019 (2024 - £5,418) were payable to the fund at the balance sheet date.
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Related party transactions
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The company had the following related party transactions in the year:
The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
At the balance sheet date the amount owed by a director was £nil (2024 - £696). The loan is unsecured, interest free and repayable upon demand.
At the balance sheet date the amount owed by a director was £nil (2024 - £2,550). The loan is unsecured, interest free and repayable upon demand.
In the year the company repaid net funds of 50,000 to one of the directors. At the balance sheet date the amount owed by this Director was £4,252 (2024 - owed to £45,748). The loan is unsecured, interest free and repayable upon demand.
At the balance sheet date there was a balance owed to a company connected by common control of £15,607 (2024: £15,607). The loan is unsecured, interest free and repayable upon demand.
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Page 14
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James Boyd & Sons (Carnmoney) Limited
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Notes to the Financial Statements
For the Year Ended 30 April 2025
The company is under the control of the shareholders.
Certain line items in the P&L have been reclassified in order to confirm with current year presentation. There
has been no impact on pre-tax profit as a result of these reclassifications
Page 15
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