REGISTERED NUMBER: NI046505 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Neil McMullan Ltd

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTOR:

N McMullan

REGISTERED OFFICE:

3 Meadow Road

Moira

Craigavon

BT67 0HH

REGISTERED NUMBER:

NI046505 (Northern Ireland)

ACCOUNTANTS:

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

FIXED ASSETS

Tangible assets

5

703,995

748,517

CURRENT ASSETS

Stocks

42,377

27,293

Debtors

6

2,555,668

2,223,610

Cash at bank and in hand

200

12,180

2,598,245

2,263,083

CREDITORS

Amounts falling due within one year

7

2,031,629

1,657,271

NET CURRENT ASSETS

566,616

605,812

TOTAL ASSETS LESS CURRENT LIABILITIES

1,270,611

1,354,329

CREDITORS

Amounts falling due after more than one year

8

(62,371

)

(115,443

)

PROVISIONS FOR LIABILITIES

10

(22,377

)

(31,588

)

NET ASSETS

1,185,863

1,207,298

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

1,185,860

1,207,295

SHAREHOLDERS' FUNDS

1,185,863

1,207,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

N McMullan - Director

1.	STATUTORY INFORMATION

Neil McMullan 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 have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on Reducing Balance

Vehicle fleet

-

25% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

Vehicle

Computer

buildings

machinery

fleet

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

494,252

362,238

548,787

1,860

1,407,137

Additions

-

10,000

20,300

-

30,300

Disposals

-

-

(32,000

)

-

(32,000

)

At 31 March 2025

494,252

372,238

537,087

1,860

1,405,437

DEPRECIATION

At 1 April 2024

-

308,486

349,242

892

658,620

Charge for year

-

13,938

51,941

242

66,121

Eliminated on disposal

-

-

(23,299

)

-

(23,299

)

At 31 March 2025

-

322,424

377,884

1,134

701,442

NET BOOK VALUE

At 31 March 2025

494,252

49,814

159,203

726

703,995

At 31 March 2024

494,252

53,752

199,545

968

748,517

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Vehicle

fleet

£

COST

At 1 April 2024

and 31 March 2025

176,342

DEPRECIATION

At 1 April 2024

36,645

Charge for year

34,925

At 31 March 2025

71,570

NET BOOK VALUE

At 31 March 2025

104,772

At 31 March 2024

139,697

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

1,217,110

804,353

Gatewood Developments Ltd

631,149

629,402

Jebco Foods Ltd

201,120

644,736

Directors' current accounts

466,185

86,670

VAT

10,301

13,288

Prepayments

29,803

45,161

2,555,668

2,223,610

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

626,076

549,293

Hire purchase contracts

40,091

40,091

Trade creditors

1,274,783

1,018,006

Tax

55,813

29,879

Social security and other taxes

3,996

2,374

Pension liability

1,483

348

Other creditors

3,078

864

Accrued expenses

26,309

16,416

2,031,629

1,657,271

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans - 1-2 years

5,828

10,000

Bank loans - 2-5 years

-

7,462

Hire purchase contracts

56,543

97,981

62,371

115,443

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank overdrafts

615,428

539,293

Bank loans

16,476

27,462

Hire purchase contracts

96,634

138,072

728,538

704,827

Amounts owed to Danske Bank are secured by way of a charge over land and buildings at 3 Meadow Road, Moira.

10.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

22,377

31,588

Deferred

tax

£

Balance at 1 April 2024

31,588

Credit to Statement of Income and Retained Earnings during year

(9,211

)

Balance at 31 March 2025

22,377

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

3

Ordinary

£1

3

3

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company has advanced funds to two companies that have a common shareholder and common director. The total amounts advanced at 31 March 2025 are £832,269 (2024: £1,274,138). Interest is not being charged on these amounts.