Registration number: NI635439

McKay Plumbing & Heating Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 9

McKay Plumbing & Heating Ltd

(Registration number: NI635439)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	2,000	4,000
Tangible assets	5	14,328	4,110
		16,328	8,110
Current assets
Stocks	6	25,967	25,104
Debtors	7	12,478	17,380
Cash at bank and in hand		3,541	-
		41,986	42,484
Creditors: Amounts falling due within one year	8	(73,093)	(78,475)
Net current liabilities		(31,107)	(35,991)
Total assets less current liabilities		(14,779)	(27,881)
Creditors: Amounts falling due after more than one year	8	(8,242)	-
Net liabilities		(23,021)	(27,881)
Capital and reserves
Called up share capital	9	10	10
Retained earnings		(23,031)	(27,891)
Shareholders' deficit		(23,021)	(27,881)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 December 2025
 

......................................... Mr John McKay Director

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
120 Magheralane Road
Randalstown
Co Antrim
BT41 2PD

These financial statements were authorised for issue by the director on 10 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and all amounts have been rounded to the nearest £1.

Going concern

The accounts have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the deficit position of the balance sheet as at 31 March 2025 and confirm that they will not withdraw their directors current accounts until the company can afford to do so. As a result, the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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 taxable income.

Tangible assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as maintenance programmes and technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The company assesses at each reporting date whether the tangible assets are impaired.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Vehilces, plant & machinery	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	20,000	20,000
At 31 March 2025	20,000	20,000
Amortisation
At 1 April 2024	16,000	16,000
Amortisation charge	2,000	2,000
At 31 March 2025	18,000	18,000
Carrying amount
At 31 March 2025	2,000	2,000
At 31 March 2024	4,000	4,000

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	-	24,500	24,500
Additions	13,800	-	13,800
At 31 March 2025	13,800	24,500	38,300
Depreciation
At 1 April 2024	-	20,390	20,390
Charge for the year	2,760	822	3,582
At 31 March 2025	2,760	21,212	23,972
Carrying amount
At 31 March 2025	11,040	3,288	14,328
At 31 March 2024	-	4,110	4,110

6

Stocks

	2025 £	2024 £
Stock & work in progress	25,967	25,104

7

Debtors

Current	2025 £	2024 £
Trade debtors	6,360	11,247
Prepayments	1,500	1,467
Other debtors	4,618	4,666
	12,478	17,380

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	10	2,300	12,325
Trade creditors		12,041	14,608
Taxation and social security		5,590	5,001
Accruals and deferred income		6,422	6,281
Other creditors		46,740	40,260
		73,093	78,475

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	8,242	-

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Finance lease liabilities	8,242	-

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	-	12,325
Finance lease liabilities	2,300	-
	2,300	12,325

McKay Plumbing & Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11	Parent and ultimate parent undertaking

The ultimate controlling party is J McKay.