1.
General Information
McGaffin Contracts Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI019110
. The registered office is Quaker Buildings, High Street, Lurgan, Craigavon, BT66 8BB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
2.4.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value. Cost includes direct materials, direct labour and an appropriate proportion of attributable production overheads based on the stage of completion. Net realisable value represents the estimated selling price less all estimated costs to completion.
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to professionally qualified quantity surveyor reports.
2.5.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7.
Taxation
2.7.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
McGaffin Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2026
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.10.
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
2.11.
Impairment of assets
At each reporting date the company reviews the carrying amount of its assets, including property, plant and equipment, trade debtors and contract balances, to determine whether there is any indication of impairment. If such an indication exists, the recoverable amount of the asset is estimated.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is written down to its recoverable amount and the resulting impairment loss is recognised in the profit and loss account. Recoverable amount is the higher of value in use and fair value less costs to sell.
Impairment losses recognised in prior periods are reviewed at each reporting date for any indication that the loss has decreased or no longer exists.
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 12,790,281 | 19,027,898 | ||
4.
Other Operating Income
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 3,462 | 15,284 | ||
McGaffin Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2026
5.
Operating Profit
The operating profit is stated after charging:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Operating lease rentals |
|
|
|
| Exchange differences |
( |
|
|
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
| Other Services | |||
| Other non-audit services |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| Employees |
|
|
|
| Directors |
|
|
|
|
|
|
||
McGaffin Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2026
9.
Directors' remuneration
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
10.
Interest Receivable and Similar Income
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Corporation tax repayment interest | 3,615 | - | |
| 79,376 | 78,923 | ||
11.
Interest Payable and Similar Charges
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Other finance charges | - |
|
|
12.
Tax on Profit
The tax charge on the profit for the year was as follows:
| Tax Rate | 2026 | 2025 | |||
|---|---|---|---|---|---|
| 2026 | 2025 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
McGaffin Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2026
| 2026 | 2025 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 964,953 | 2,802,330 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Total tax charge for the period | 241,442 | 700,800 | |||
13.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 February 2025 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
( |
|
( |
( |
| As at 31 January 2026 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 February 2025 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
( |
|
( |
( |
| As at 31 January 2026 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 January 2026 |
|
|
|
|
|
| As at 1 February 2025 |
|
|
|
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|
Freehold property consists of office space at Duncrue Street, Belfast. The property is carried at cost. FRS 102 states that depreciation must be charged in respect of freehold property. However the directors assess that as the property is maintained to a high standard it will not decrease in value, and have therefore opted not to depreciate the property. This policy represents a departure from the requirements of the Companies Act 2006, to provide systematic annual depreciation for fixed assets. However the directors consider the adoption of this policy necessary to give a true and fair view.
14.
Stocks
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
15.
Debtors
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 1,562,763 | 968,272 | |
|
|
|
||
McGaffin Contracts Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2026
16.
Creditors: Amounts Falling Due Within One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 128,487 | 2,952 | |
| Corporation tax |
|
|
|
| Taxation and social security | 404,233 | 540,085 | |
| Accruals and deferred income | 15,558 | 14,701 | |
|
|
|
||
|
17.
|
Secured Creditors
|
|
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Bank loans and overdrafts
|
-
|
-
|
|
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Danske Bank hold a floating charge over all assets of the company.
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 February 2025 |
|
145,302 |
| Deferred taxation |
( |
( |
| Balance at 31 January 2026 |
|
127,840 |
21.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the income statement in respect of defined contribution schemes was £158,375 (2025: £162,581).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
22.
Dividends
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
23.
Reserves
Profit and loss account
The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.
24.
Controlling Parties
The company's ultimate controlling parties are
Mrs Lesley Faulkner and Mrs Caroline Emma Ruston
by virtue of their interest in the share capital of the company.