McGeown Commercials Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI612047

McGeown Commercials Ltd

Filleted Unaudited Financial Statements

30 April 2025

McGeown Commercials Ltd

Statement of Financial Position

30 April 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	333,521	444,695

Current assets

Stocks		472,108	931,141
Debtors	6	678,744	93,809
Cash at bank and in hand		600,300	428,552
		------------	------------
		1,751,152	1,453,502

Creditors: amounts falling due within one year	7	323,721	209,213
		------------	------------
Net current assets		1,427,431	1,244,289
		------------	------------
Total assets less current liabilities		1,760,952	1,688,984

Creditors: amounts falling due after more than one year	8	1,257	524

Provisions

Taxation including deferred tax	19,586	84,492
	------------	------------
Net assets	1,740,109	1,603,968
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,740,009	1,603,868
	------------	------------
Shareholders funds	1,740,109	1,603,968
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

McGeown Commercials Ltd

Statement of Financial Position (continued)

30 April 2025

These financial statements were approved by the board of directors and authorised for issue on 3 June 2026 , and are signed on behalf of the board by:

Mr Adrian McGeown
Director

Company registration number: NI612047

McGeown Commercials Ltd

Notes to the Financial Statements

Year ended 30 April 2025

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 57 Cashel Road, Tassagh, Armagh, Co Armagh, BT60 2QZ, N Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2024: Nil).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 May 2024 and 30 April 2025	982,910	982,910
	---------	---------
Depreciation
At 1 May 2024	538,215	538,215
Charge for the year	111,174	111,174
	---------	---------
At 30 April 2025	649,389	649,389
	---------	---------
Carrying amount
At 30 April 2025	333,521	333,521
	---------	---------
At 30 April 2024	444,695	444,695
	---------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	662,663	8,469
Other debtors	16,081	85,340
	---------	--------
	678,744	93,809
	---------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	132,272	–
Trade creditors	12,876	129,758
Corporation tax	114,441	35,839
Social security and other taxes	42,636	–
Other creditors	21,496	43,616
	---------	---------
	323,721	209,213
	---------	---------

SECURITIES HELD ON BANK ACCOUNT -Floating Charge over assets and undertakings of the company -Letter of Guarantee for £600,000 signed by Adrian McGeown supported by: -Legal Mortgage over commercial premises at Cashel Road, Armagh -Legal Mortgage over 13 acres of agri land at Barr Road, Newry

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	1,257	524
	-------	----

9. Director's advances, credits and guarantees

The following loans to directors were outstanding during the year Name Nature Opening Closing Highest Balance Balance Balance During Year £ £ £ Mr A McGeown Personal NIL NIL 66,660.57 Interest was charged on the loan at 2.25%.

10. Related party transactions

McGeown Group (Ireland) Limited, a company established in Northern Ireland holds 100% of the equity share capital in the Company, from the 1st May 2020, and is the ultimate parent undertaking. The company was under the control of Mr Adrian McGeown in the previous year. The ultimate controlling party is the director, Mr Adrian McGeown . McGeown Group (Ireland) Limited, also holds 100% of the equity shares in McGeown Transport Ltd, from the 1st May 2020, and is the ultimate parent undertaking. Mr Adrian McGeown is also a director and sole shareholder in McGeown Haulage Ltd. McGeown Commercials Ltd was owed £1,516.47 from McGeown Haulage Ltd at the year end (£1,321.44 - 2024). McGeown Commercials Ltd was owed £nil from McGeown Transport Ltd at the year end (£17,636.27 - 2024). The company also paid rent to the director during the year totalling £12,000 (£12,000 - 2024).