| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
| Identifying and Assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| ● |
the nature of the industry and sector, control environment and business performance; |
| ● |
results of our enquiries of management and other group auditors about their own identification and assessment of the risks of irregularities; |
| ● |
any matters we identified having obtained from management whether they were aware of any instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; and reviewing the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
| ● |
the matters discussed among the audit engagement team regarding how and where fraud might occur in the accounts and any potential indicators of fraud. |
| As a result of these procedures, we identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection, employment, environmental and health and safety regulations. |
| Audit response to risks identified |
| As a result of performing the above, we identified the potential for management override of the controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to the risks identified included the following: |
| ● |
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| ● |
enquiring of management concerning actual and potential litigation and claims; |
| ● |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| ● |
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |
| ● |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
Financial instruments |
|
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
|
Basic financial assets |
|
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. |
|
Classification of financial liabilities |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
Basic financial liabilities |
|
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
|
Equity instruments |
|
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Government grants |
|
The company receives government grants in respect of apprenticeship schemes. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Employee benefits |
|
The company provides a range of benefits to employees including paid holiday arrangements and defined contribution pension plans. |
|
|
(i) Short term benefits |
|
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
|
(ii) Defined contribution pension plans |
|
The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
|
|
| 3 |
Critical accounting estimates and judgements |
|
|
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements. |
|
Going Concern : The directors have prepared budgets and cash flows for a period of at least twelve months from the date of approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. |
|
Impairment of Trade Debtors : The company trade with a large and varied number of customers on credit terms. Some debts will not be paid through the default of a small number of customers. The company uses estimate based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total trade debtors is £76,881. |
|
Impairment of Stocks : The company holds stocks amounting to £166,015 at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty. |
|
Useful Lives of Tangible and Intangible Fixed Assets : Long-lived assets comprising primarily of property and plant and machinery represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end was £7,434,394. |
|
| 4 |
Analysis of turnover |
2026 |
|
2025 |
| £ |
£ |
|
|
Sale of goods and services connected with the hospitality industry |
9,744,937 |
|
9,418,823 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
United Kingdom |
9,744,937 |
|
9,418,823 |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Operating profit |
2026 |
|
2025 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
317,231 |
|
356,790 |
|
Auditors' remuneration for audit services |
11,450 |
|
10,250 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Staff costs |
2026 |
|
2025 |
| £ |
£ |
|
|
Wages and salaries |
4,179,594 |
|
4,063,096 |
|
Social security costs |
419,209 |
|
315,903 |
|
Other pension costs |
79,205 |
|
83,084 |
|
|
|
|
|
|
4,678,008 |
|
4,462,083 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees including directors during the year |
2026 |
|
2025 |
| No. |
No. |
|
Management, administration, production & sales |
229 |
|
228 |
|
|
|
|
|
|
|
|
2026 |
|
2025 |
|
| £ |
£ |
|
Directors emoluments |
192,400 |
|
205,450 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Interest payable |
2026 |
|
2025 |
| £ |
£ |
|
|
Bank loans and overdrafts |
61,762 |
|
86,257 |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Taxation |
2026 |
|
2025 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
85,960 |
|
52,991 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
(53,884) |
|
(53,891) |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit/(loss) on ordinary activities |
32,076 |
|
(900) |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
2026 |
|
2025 |
| £ |
£ |
|
Profit/(loss) on ordinary activities before tax |
123,302 |
|
(8,102) |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
30,826 |
|
(2,025) |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
1,250 |
|
1,125 |
|
Capital allowances for the period below (in excess of) depreciation |
53,884 |
|
53,891 |
|
Current tax charge for period |
85,960 |
|
52,991 |
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Tangible fixed assets |
|
|
Land and buildings |
|
Motor Vehicles |
|
Equipment |
|
Fixtures & Fittings |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
|
At cost |
| £ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 February 2025 |
11,047,298 |
|
21,260 |
|
3,643,718 |
|
3,228,480 |
|
17,940,756 |
|
Additions |
- |
|
- |
|
39,018 |
|
37,043 |
|
76,061 |
|
At 31 January 2026 |
11,047,298 |
|
21,260 |
|
3,682,736 |
|
3,265,523 |
|
18,016,817 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2025 |
3,844,840 |
|
18,148 |
|
3,400,011 |
|
3,002,193 |
|
10,265,192 |
|
Charge for the year |
157,248 |
|
1,037 |
|
74,639 |
|
84,307 |
|
317,231 |
|
At 31 January 2026 |
4,002,088 |
|
19,185 |
|
3,474,650 |
|
3,086,500 |
|
10,582,423 |
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 January 2026 |
7,045,210 |
|
2,075 |
|
208,086 |
|
179,023 |
|
7,434,394 |
|
At 31 January 2025 |
7,202,458 |
|
3,112 |
|
243,707 |
|
226,287 |
|
7,675,564 |
|
|
|
|
|
|
|
|
|
|
|
|
The cost of non-depreciable assets included in land and buildings at 31st January 2026 was £Nil. |
|
|
| 10 |
Stocks |
2026 |
|
2025 |
| £ |
£ |
|
|
Finished goods and goods for resale |
166,015 |
|
168,042 |
|
|
|
|
|
|
|
|
|
|
There are no material differences between the balance sheet value of stock and their replacement stock. |
|
| 11 |
Financial instruments |
|
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
£ |
|
£ |
|
Carrying amount of financial assets |
|
Debt instruments at amortised cost |
|
Trade debtors |
|
|
|
|
76,881 |
|
107,911 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,213,862 |
|
2,215,915 |
|
Other debtors |
|
|
|
|
- |
|
781,752 |
|
|
|
|
|
|
|
2,290,743 |
|
3,105,578 |
|
|
|
|
|
|
|
|
|
|
Equity instruments measured at cost less impairment |
|
|
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
Carrying amount of financial liabilities |
|
Bank loans and overdrafts |
|
|
|
|
791,585 |
|
1,044,884 |
|
Trade creditors |
|
|
|
|
501,244 |
|
380,297 |
|
|
|
|
|
|
1,292,829 |
|
1,425,181 |
|
|
|
|
|
|
|
|
|
| 12 |
Debtors |
2026 |
|
2025 |
| £ |
£ |
|
|
Trade debtors |
76,881 |
|
107,911 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,213,862 |
|
2,215,915 |
|
Corporation tax |
|
|
|
|
- |
|
- |
|
Other debtors |
- |
|
781,752 |
|
Prepayments and accrued income |
82,950 |
|
233,709 |
|
|
|
|
|
|
2,373,693 |
|
3,339,287 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Creditors: amounts falling due within one year |
2026 |
|
2025 |
| £ |
£ |
|
|
Bank loans and overdrafts |
184,538 |
|
252,126 |
|
Trade creditors |
501,244 |
|
380,297 |
|
Corporation tax |
85,961 |
|
33,663 |
|
Other taxes and social security costs |
203,716 |
|
169,190 |
|
Other creditors |
13,381 |
|
- |
|
Accruals and deferred income |
708,973 |
|
667,059 |
|
|
|
|
|
|
1,697,813 |
|
1,502,335 |
|
|
|
|
|
|
|
|
|
|
| 14 |
Creditors: amounts falling due after one year |
2026 |
|
2025 |
| £ |
£ |
|
|
Bank loans |
607,047 |
|
792,758 |
|
Deposits and vouchers |
1,360 |
|
5,230 |
|
|
|
|
|
|
608,407 |
|
797,988 |
|
|
|
|
|
|
|
|
|
|
| 15 |
Loans |
2026 |
|
2025 |
| £ |
£ |
|
|
Loans not wholly repayable within five years: |
791,585 |
|
1,044,884 |
|
|
|
|
|
|
|
|
|
|
Bank loan terms of repayment are noted below. The interest is payable as at 31st January 2026 at 6% and 8% on the principal amount. |
|
|
Analysis of maturity of debt: |
|
Within one year or on demand |
184,537 |
|
252,126 |
|
Between one and two years |
18,970 |
|
185,062 |
|
Between two and five years |
60,225 |
|
56,691 |
|
After five years |
527,853 |
|
551,005 |
|
|
|
|
|
|
791,585 |
|
1,044,884 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed charge and a floating charge in relation to all that property known as lands and premises situate at Merchants Quay, Newry, Co, Down including the Canal Court Hotel being comprised in the following: Folios DN96129L, DN149027 and DN244157L all County Down. |
|
| 16 |
Deferred taxation |
2026 |
|
2025 |
| £ |
£ |
|
|
|
Accelerated capital allowances |
125,201 |
|
179,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
2025 |
| £ |
£ |
|
At 1 February |
179,085 |
|
232,976 |
|
Credited to the profit and loss account |
(53,884) |
|
(53,891) |
|
|
At 31 January |
125,201 |
|
179,085 |
|
|
|
|
|
|
|
|
|
|
|
| 17 |
Share capital |
Nominal |
|
2026 |
|
2026 |
|
2025 |
|
|
value |
|
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
1 Ordinary C Shares |
£1 each |
|
1 |
|
1 |
|
1 |
|
50 A and 50 B Ordinary Shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
101 |
|
101 |
|
|
The rights attached to the A, B and C Shares are as follows: |
|
The A and B shares shall be entitled to one vote per share. All shares participate equally on a distribution of capital whether by way of dividend or on winding up. The shares are not redeemable. |
|
The C shares have no voting rights. The C shares have no rights to share in the profits of the company. On a repayment of capital the shares carry rights to repayment of the nominal value of the C ordinary shares in priority to payments of the other shareholders. The shares carry the right to appoint the majority of the directors. The shares are not redeemable. |
|
| 18 |
Share premium |
2026 |
|
2025 |
| £ |
£ |
|
At 1 February |
- |
|
7,787,570 |
|
Transfer (to) Profit & Loss Reserve |
- |
|
(7,787,570) |
|
|
At 31 January |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
On 16th December 2024, the members passed a resolution whereby the share premium account was reduced |
|
and credited to a distributable reserve. All necessary documentation was completed and submitted to |
|
Companies House. |
|
| 19 |
Profit and loss account |
2026 |
|
2025 |
| £ |
£ |
|
At 1 February, Unadjusted |
10,051,670 |
|
2,271,302 |
|
Less prior period adjustment (as explained in note 24) |
(962,752) |
|
|
|
|
|
|
9,088,918 |
|
Profit/(loss) for the financial year |
91,226 |
|
(7,202) |
|
Dividends |
(186,000) |
|
- |
|
Transfer from Share Premium Reserve |
- |
|
7,787,570 |
|
|
At 31 January |
8,994,144 |
|
10,051,670 |
|
|
|
|
|
|
|
|
|
| 20 |
Dividends |
2026 |
|
2025 |
| £ |
£ |
|
|
Dividends on ordinary shares (note 19) |
186,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
| 21 |
Events after the reporting date |
|
|
There were no events since the balance sheet date which would necessitate a change in the above figures. |
| 22 |
Related party transactions |
|
|
McParland Brothers Builders Ltd, McParland Bros. and Carrickdale Enterprises Ltd are related parties through common directorship. The movements on these accounts and outstanding balances are as follows: |
|
|
|
|
Carrickdale |
|
|
|
McParland |
|
|
|
|
Enterprises |
|
McParland |
|
Brothers |
|
|
|
|
Ltd |
|
Bros. |
|
Builders Ltd |
|
|
|
|
£ |
|
£ |
|
£ |
|
Opening balance at 01.02.2025 |
|
201,413 |
|
25,266 |
|
1,989,236 |
|
Sales |
|
|
17,984 |
|
598 |
|
- |
|
Purchases |
|
|
(20,073) |
|
(267) |
|
- |
|
Payments made |
|
|
40,564 |
|
45,150 |
|
- |
|
Payments received |
|
|
(40,859) |
|
(45,150) |
|
- |
|
Closing balance at 31.01.2026 |
|
|
199,029 |
|
25,597 |
|
1,989,236 |
|
|
|
|
|
|
|
|
|
|
|
The comparatives in relation to related party transactions are as follows: |
|
|
|
|
|
Carrickdale |
|
|
|
McParland |
|
|
|
|
Enterprises |
|
McParland |
|
Brothers |
|
|
|
|
Ltd |
|
Bros. |
|
Builders Ltd |
|
|
|
|
£ |
|
£ |
|
£ |
|
Opening balance at 01.02.2024 |
|
195,300 |
|
464 |
|
1,989,236 |
|
Sales |
|
|
18,645 |
|
266 |
|
- |
|
Purchases |
|
|
(1,552) |
|
(63,000) |
|
- |
|
Payments made |
|
|
1,552 |
|
187,536 |
|
- |
|
Payments received |
|
|
(12,532) |
|
(100,000) |
|
- |
|
Closing balance at 31.01.2025 |
|
|
201,413 |
|
25,266 |
|
1,989,236 |
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
Controlling party |
|
|
The ultimate controlling parties of the company are John McParland and Patrick McParland. |
|
| 24 |
Prior Year Adjustment |
|
During the year, the directors identified an error in the accounting treatment of a hive-up transaction that |
|
occurred on 29th June 2018 whereby, all trade, assets and liabilities of the company's subsidiary, McParland |
|
Properties (Ireland) Limited were transferred to JPM Properties (NI) Limited. The trade, assets and liabilities |
|
were recognised in the financial statements of JPM Properties (NI) Limited for the period from 1st September |
|
2017 to 31st January 2019. Specialist tax clearance was obtained from HM Revenue & Customs prior to the |
|
transfer of trade, assets and liabilities taking place. All company law requirements were complied with. The |
|
accounts have been reinstated to eliminate directors loan of £761,664 and corporation tax debtor of |
|
£201,088 which were erroneously transferred as at 29th June 2018 as part of the hive up process. The |
|
change has resulted in a reduction in the profit and loss reserves of £962,752. |