REGISTERED NUMBER: NI043682 (Northern Ireland)

MCKELVEY ASBESTOS REMOVAL LIMITED

Unaudited Financial Statements for the Year Ended 31 July 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R McKelvey

D McKelvey

REGISTERED OFFICE:

8 - 10 The Diamond

Castlederg

Co. Tyrone

BT81 7AR

REGISTERED NUMBER:

NI043682 (Northern Ireland)

ACCOUNTANTS:

Cooper Parry Advisory Limited

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

NON-CURRENT ASSETS

Property, plant and equipment

5

126,647

158,615

CURRENT ASSETS

Inventories

6

66,884

91,869

Receivables: amounts falling due within one year

7

426,371

292,658

Cash at bank

455,013

406,457

948,268

790,984

PAYABLES

Amounts falling due within one year

8

(115,651

)

(85,517

)

NET CURRENT ASSETS

832,617

705,467

TOTAL ASSETS LESS CURRENT LIABILITIES

959,264

864,082

PAYABLES

Amounts falling due after more than one year

9

(1,474

)

(19,414

)

PROVISIONS FOR LIABILITIES

10

(31,801

)

(32,715

)

NET ASSETS

925,989

811,953

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

925,985

811,949

SHAREHOLDERS' FUNDS

925,989

811,953

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

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

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

R McKelvey - Director

1.	STATUTORY INFORMATION

McKelvey Asbestos Removal Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue

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

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% reducing balance

Fixtures and fittings

-

20% reducing balance

Motor vehicles

-

20% reducing balance

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed to group and related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for 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.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to group and related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised at transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or loss. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expired.

(iii) Offsetting

Financial assets and liabilities are offset and 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 an net basis or to realise the asset and settle the liability simultaneously.

Taxation

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

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new

ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 6 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2024

and 31 July 2025

220,416

2,246

163,724

386,386

DEPRECIATION

At 1 August 2024

154,893

1,000

71,878

227,771

Charge for year

13,350

249

18,369

31,968

At 31 July 2025

168,243

1,249

90,247

259,739

NET BOOK VALUE

At 31 July 2025

52,173

997

73,477

126,647

At 31 July 2024

65,523

1,246

91,846

158,615

6.	INVENTORIES

31/7/25

31/7/24

£

£

Work-in-progress

66,884

91,869

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/25

31/7/24

£

£

Trade receivables

-

6,196

Other receivables

38,350

38,350

Amounts owed by associates

258,254

-

Directors' current accounts

118,000

236,000

Prepayments and accrued income

11,767

12,112

426,371

292,658

The amounts owed by group undertakings are unsecured, interest free and payable on demand.

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/25

31/7/24

£

£

Bank loans and overdrafts

9,092

9,997

Hire purchase contracts

8,846

19,996

Trade payables

36,898

17,164

Amounts owed to group undertakings

-

32,833

Taxation and social security

58,318

3,027

Other payables

2,497

2,500

115,651

85,517

The amounts owed to group undertakings are unsecured, interest free and payable on demand.

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

31/7/25

31/7/24

£

£

Bank loans

-

9,095

Hire purchase contracts

1,474

10,319

1,474

19,414

10.	PROVISIONS FOR LIABILITIES

31/7/25

31/7/24

£

£

Deferred tax

31,801

32,715

Deferred

tax

£

Balance at 1 August 2024

32,715

Credit to Income Statement during year

(914

)

Balance at 31 July 2025

31,801

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/7/25

31/7/24

value:

£

£

4

Ordinary Shares

1

4

4

12.	ULTIMATE CONTROLLING PARTY

At the year end the ultimate controlling parties were Robert and Darren McKelvey.