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Registered number: NI066620 M.J. MCBRIDE CONSTRUCTION LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
M.J. MCBRIDE CONSTRUCTION LTD COMPANY INFORMATION
Directors | Mr M McBride
| Mr D McBride
| Mrs C McBride
| Mr M J McBride
Company secretary | Mrs C Mcbride
Registered number | NI066620
Registered office | 29 Strawmore Road
| Draperstown
| Magherafelt
| Co. Derry
| BT457JE
Independent auditors | AAB Group Accountants Limited
| Howard House
| 30 Northland Row
| Dungannon
| Co. Tyrone
| BT71 6AP
Bankers | Ulster Bank
| 23 High Street
| Draperstown
| Magherafelt
| Co. Derry
| BT46 5BS
| Virgin Money
| Jubilee House
| Gosforth
| Newcastle upon Tyne
| NE3 4PL
| Cater Allen
| 201 Grafton Gate East
| Milton Keynes
| MK9 1AN
Solicitors | Mallon McCormack
| Station Masters House
| 16 Station Road
| Maghera
| Co. Derry
| BT46 5BS
M.J. MCBRIDE CONSTRUCTION LTD CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 25
M.J. MCBRIDE CONSTRUCTION LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The directors present their strategic report for the year ended 31 October 2025.
Business review
The principal activity of the company is that of construction and sale of private and social housing. Turnover has decreased by 42.7% to £11.4m in the year ended 31 October 2025 relative to a turnover of £19.8m achieved in the year ended 31 October 2024. This is due to timing on contracts, with high value contracts ending within the year being replaced by contracts of smaller value. The company has generated profit before tax of £2.0m compared to £4.4m in 2024. The company are satisifed with results for the year and will continue to adopt the going concern basis of accounts.
Principal risks and uncertainties
The company uses financial instruments in its business. The core risks associated with the company's financial instruments (i.e. its cash, operational level of trade receivables and payments) are liquidity risk, interest risk, inflation risk and currency risk. The board reviews and agrees policies for the prudent management of these risks as follow: Finance and interest rate risk The company's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability. Liquidity and cash flow risk The company's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due. Credit risk Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. Inflation rate risk As a result of the rising rate on inflation the company has seen the impact of this through rising costs mainly in relation to wages and salaries and energy costs. The company continue to monitor costs regularly and to minimise the impact of these rising costs where possible.
Financial key performance indicators
The company believe that performance will remain relatively consistent as a result of ongoing contracts and securing other profitable contracts. Page 1
M.J. MCBRIDE CONSTRUCTION LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Other key performance indicators
| 2025 | 2024
| £ | £
Turnover | £11.4m | £19.8m
Gross profit margin | 17.2% | 23.2%
Reserves | £17.5m | £16.2m
This report was approved by the board on 5 June 2026 and signed on its behalf.
Mr M McBride Director
Page 2
M.J. MCBRIDE CONSTRUCTION LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Results and dividends
The profit for the year, after taxation, amounted to £1,469,338 (2024 - £3,344,856). Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a further dividend.
Directors
The directors who served during the year and up to the date of signing the financial statements were:
Mr M McBride
Mr D McBride
Mrs C McBride
Mr M J McBride
Auditors
The auditors, AAB Group Accountants Limited, are deemed to be reappointed in accordance with section 487 of the Companies Act 2006.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
M.J. MCBRIDE CONSTRUCTION LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. This report was approved by the board on 5 June 2026 and signed on its behalf.
Mr M McBride Director
Page 4
M.J. MCBRIDE CONSTRUCTION LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J. MCBRIDE CONSTRUCTION LTD
Opinion
We have audited the financial statements of M.J. McBride Construction Ltd (the 'company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
M.J. MCBRIDE CONSTRUCTION LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J. MCBRIDE CONSTRUCTION LTD (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 6
M.J. MCBRIDE CONSTRUCTION LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J. MCBRIDE CONSTRUCTION LTD (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 7
M.J. MCBRIDE CONSTRUCTION LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J. MCBRIDE CONSTRUCTION LTD (CONTINUED)
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Teresa Campbell (Senior statutory auditor) for and on behalf of AAB Group Accountants Limited Statutory Auditors Howard House 30 Northland Row Dungannon Co. Tyrone BT71 6AP 5 June 2026 Page 8
M.J. MCBRIDE CONSTRUCTION LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,360,604 | 19,822,440
Cost of sales |  | (9,401,834) | (15,234,245)
Gross profit |  | 1,958,770 | 4,588,195
Administrative expenses |  | (316,290) | (572,305)
Fair value movements |  | 31,075 | 70,066
Operating profit | 5 | 1,673,555 | 4,085,956
Interest receivable and similar income | 8 | 350,351 | 362,366
Interest payable and similar expenses | 9 | (1,527) | (11,741)
Profit before tax |  | 2,022,379 | 4,436,581
Tax on profit | 10 | (553,041) | (1,091,725)
Profit for the financial year |  | 1,469,338 | 3,344,856
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,469,338 | 3,344,856
The notes on pages 12 to 25 form part of these financial statements.
Page 9
M.J. MCBRIDE CONSTRUCTION LTD REGISTERED NUMBER: NI066620 BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 242,087 |  | 252,114
Investments | 13 |  | - |  | 1,284,804
|  |  | 242,087 |  | 1,536,918
Current assets |  |  |  |  |
Stocks | 14 | 8,376,217 |  | 5,914,868 |
Debtors: amounts falling due within one year | 15 | 4,816,928 |  | 5,106,232 |
Cash at bank and in hand | 16 | 6,423,330 |  | 7,114,107 |
|  | 19,616,475 |  | 18,135,207 |
Creditors: amounts falling due within one year | 17 | (2,316,927) |  | (3,398,004) |
Net current assets |  |  | 17,299,548 |  | 14,737,203
Total assets less current liabilities |  |  | 17,541,635 |  | 16,274,121
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (60,522) |  | (62,346) |
|  |  | (60,522) |  | (62,346)
Net assets |  |  | 17,481,113 |  | 16,211,775
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 10 |  | 10
Profit and loss account |  |  | 17,481,103 |  | 16,211,765
|  |  | 17,481,113 |  | 16,211,775
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2026.
Mr M McBride
Director
The notes on pages 12 to 25 form part of these financial statements. Page 10
M.J. MCBRIDE CONSTRUCTION LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 November 2023 | 10 | 12,946,909 | 12,946,919
Comprehensive income for the year |  |  |
Profit for the year | - | 3,344,856 | 3,344,856
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 3,344,856 | 3,344,856
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (80,000) | (80,000)
Total transactions with owners | - | (80,000) | (80,000)
At 1 November 2024 | 10 | 16,211,765 | 16,211,775
Comprehensive income for the year |  |  |
Profit for the year | - | 1,469,338 | 1,469,338
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 1,469,338 | 1,469,338
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (200,000) | (200,000)
Total transactions with owners | - | (200,000) | (200,000)
At 31 October 2025 | 10 | 17,481,103 | 17,481,113
| The notes on pages 12 to 25 form part of these financial statements.
Page 11
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
M.J. McBride Construction Ltd is a private company limited by shares incorporated in Northern Ireland. The registerd office is 29 Strawmore Road, Draperstown, Magherafelt, Co. Derry, BT45 7JE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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).
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of M.J. McBride Developments Limited as at 31 October 2025 and these financial statements may be obtained from its registered office, 29 Strawmore Road, Draperstown, Magherafelt, BT45 7JE.. Page 12
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
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: 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Pensions
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.
| 2.8 | Current and deferred taxation
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.
| 2.9 | Tangible fixed assets
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 14
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Fixtures and fittings | - | 15% | Reducing balance
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.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.11 | Stocks
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.
| 2.12 | Debtors
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.
| 2.13 | Cash and cash equivalents
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 15
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Creditors
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.
| 2.15 | Provisions for liabilities
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.
| 2.16 | Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for Page 16
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. Page 17
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Amounts recoverable on contracts When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. In determining the stage of completion the company has efficient, coordinated systems for cost estimating, forecasting and revenue and costs reporting. The system also requires a consistent judgement (forecast) of the final outcome of the project, including variance analysis of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome, specifically for major and complex construction contracts. However, historical experience has shown that estimates are, on the whole, sufficiently reliable. Page 18
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 11,360,604 | 19,822,440
|  | 11,360,604 | 19,822,440
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (1,268) | 1,002
| Fees payable to the company's auditor for the audit of financial statements | 11,000 | 11,000
| Depreciation of owned tangible fixed assets | 43,671 | 49,437
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 415,697 | 478,682
| Social security costs | 49,866 | 39,247
| Cost of defined contribution scheme | 244,980 | 486,710
|  | 710,543 | 1,004,639
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 4 | 4
|  | Production | 8 | 11
|  |  | 12 | 15
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M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 126,667 | 120,000
| Company contributions to defined contribution pension schemes | 240,000 | 481,679
|  | 366,667 | 601,679
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 350,351 | 362,366
|  | 350,351 | 362,366
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,527 | 11,741
|  | 1,527 | 11,741
Page 20
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 554,865 | 1,099,310
|  | 554,865 | 1,099,310
| Total current tax | 554,865 | 1,099,310
| Deferred tax |  |
| Origination and reversal of timing differences | (1,824) | (7,585)
| Total deferred tax | (1,824) | (7,585)
| Tax on profit | 553,041 | 1,091,725
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,022,379 | 4,436,581
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 505,595 | 1,109,145
| Effects of: |  |
| Capital allowances for year in excess of depreciation | (7,817) | 97
| Capital gains | 56,938 | (17,517)
| Group relief | (1,675) | -
| Total tax charge for the year | 553,041 | 1,091,725
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Final paid | 200,000 | 80,000
|  | 200,000 | 80,000
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M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 November 2024 | 456,380 | 258,293 | 14,975 | 729,648
| Additions | 17,400 | 20,500 | - | 37,900
| Disposals | - | (13,450) | - | (13,450)
| At 31 October 2025 | 473,780 | 265,343 | 14,975 | 754,098
| Depreciation |  |  |  |
| At 1 November 2024 | 257,007 | 207,348 | 13,179 | 477,534
| Charge for the year on owned assets | 29,167 | 14,235 | 269 | 43,671
| Disposals | - | (9,194) | - | (9,194)
| At 31 October 2025 | 286,174 | 212,389 | 13,448 | 512,011
| Net book value |  |  |  |
| At 31 October 2025 | 187,606 | 52,954 | 1,527 | 242,087
| At 31 October 2024 | 199,373 | 50,945 | 1,796 | 252,114
13. | Fixed asset investments
|  | Unlisted investments
|  | £
| At 1 November 2024 | 1,284,804
| Disposals | (1,315,879)
| Revaluations | 31,075
| At 31 October 2025 | -
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M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress | 8,376,217 | 5,914,868
|  | 8,376,217 | 5,914,868
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 887,662 | 1,204,107
| Amounts owed by group undertakings | 2,954,418 | 2,941,150
| Other debtors | 357,179 | 472,948
| Amounts recoverable on long-term contracts | 617,669 | 488,027
|  | 4,816,928 | 5,106,232
| Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 6,423,330 | 7,114,107
|  | 6,423,330 | 7,114,107
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 453,037 | 582,246
| Corporation tax | 210,026 | 567,620
| Other taxation and social security | 33,388 | 48,541
| Other creditors | 27,977 | 30,226
| Accruals and deferred income | 1,592,499 | 2,169,371
|  | 2,316,927 | 3,398,004
| The bank holds fixed and floating security over the property assets of the borrower and a first legal charge over land and indemnity from M.J. McBride Developments Limited..
Page 23
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 6,423,330 | 8,398,911
| Financial assets that are debt instruments measured at amortised cost | 4,658,946 | 5,106,232
|  | 11,082,276 | 13,505,143
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 2,076,039 | 2,781,843
| Financial assets measured at fair value through profit or loss comprise cash at bank and financial assets. There are no financial liabilities measured at fair value through profit or loss.
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (62,346)
| Charged to profit or loss | 1,824
| At end of year | (60,522)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (60,522) | (62,346)
|  | (60,522) | (62,346)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 10 (2024 - 10) Ordinary share capital shares of £1.00 each | 10 | 10
Page 24
M.J. MCBRIDE CONSTRUCTION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Pension commitments
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 contribution payable by the company to the fund and amounted to £244,980 (2024 - £486,710).
22. | Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with wholly owned group companies.
23. | Controlling party
The largest and smallest group of undertakings for which group financial statements are prepared and of which the company is a member is M.J. McBride Developments Limited, a company registered in Northern Ireland. The company's financial statements are consolidated in the ultimate parent entity M.J McBride Developments Limited. The consolidated financial statements of M.J McBride Developments Limited are available at 29 Strawmore Road, Draperstown, Magherafelt, Co. Derry, BT45 7JE. At the balance sheet date, the ultimate controlling parties were Mr Michael McBride and Mr Dermot McBride by virtue of their shareholding in the parent company.
Page 25