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Company registration number: NI038712
McCANN CONCRETE PRODUCTS LIMITED
Trading as McCann Concrete Products Limited
Unaudited filleted financial statements
31 October 2017
McCANN CONCRETE PRODUCTS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
McCANN CONCRETE PRODUCTS LIMITED
Directors and other information
Directors Martin McCann
Secretary Helen McCann
Company number NI038712
Registered office 256 Whitebridge Road
Sixmilecross
Co Tyrone
BT79 9HH
Business address 256 Whitebridge Road
Sixmilecross
Co Tyrone
BT79 9HH
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
Bankers Bank of Ireland
Campsie
Omagh
Co Tyrone
BT79 OAE
McCANN CONCRETE PRODUCTS LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of McCANN CONCRETE PRODUCTS LIMITED
Year ended 31 October 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McCANN CONCRETE PRODUCTS LIMITED for the year ended 31 October 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of McCANN CONCRETE PRODUCTS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of McCANN CONCRETE PRODUCTS LIMITED and state those matters that we have agreed to state to the board of directors of McCANN CONCRETE PRODUCTS LIMITED as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McCANN CONCRETE PRODUCTS LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that McCANN CONCRETE PRODUCTS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McCANN CONCRETE PRODUCTS LIMITED. You consider that McCANN CONCRETE PRODUCTS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of McCANN CONCRETE PRODUCTS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
N. Ireland
BT48 7HD
30 July 2018
McCANN CONCRETE PRODUCTS LIMITED
Statement of financial position
31 October 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 6 661,961 686,175
_______ _______
661,961 686,175
Current assets
Stocks 135,101 140,884
Debtors 7 191,011 186,146
Cash at bank and in hand 772,602 727,212
_______ _______
1,098,714 1,054,242
Creditors: amounts falling due
within one year 8 ( 123,533) ( 120,185)
_______ _______
Net current assets 975,181 934,057
_______ _______
Total assets less current liabilities 1,637,142 1,620,232
Provisions for liabilities 9 ( 21,780) ( 23,256)
_______ _______
Net assets 1,615,362 1,596,976
_______ _______
Capital and reserves
Called up share capital 11 3 3
Share premium account 473,591 473,591
Profit and loss account 1,141,768 1,123,382
_______ _______
Shareholders funds 1,615,362 1,596,976
_______ _______
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2018 , and are signed on behalf of the board by:
Martin McCann
Director
Company registration number: NI038712
McCANN CONCRETE PRODUCTS LIMITED
Statement of changes in equity
Year ended 31 October 2017
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 November 2015 3 473,591 1,088,966 1,562,560
Profit for the year 54,416 54,416
_______ _______ _______ _______
Total comprehensive income for the year - - 54,416 54,416
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 20,000) ( 20,000)
_______ _______ _______ _______
At 31 October 2016 and 1 November 2016 3 473,591 1,123,382 1,596,976
Profit for the year 69,386 69,386
_______ _______ _______ _______
Total comprehensive income for the year - - 69,386 69,386
Dividends paid and payable ( 51,000) ( 51,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 51,000) ( 51,000)
_______ _______ _______ _______
At 31 October 2017 3 473,591 1,141,768 1,615,362
_______ _______ _______ _______
McCANN CONCRETE PRODUCTS LIMITED
Notes to the financial statements
Year ended 31 October 2017
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is McCANN CONCRETE PRODUCTS LIMITED, 256 Whitebridge Road, Sixmilecross, Co Tyrone, BT79 9HH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Investment Properties - Not depreciated
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The aggregate payroll costs incurred during the year were:
2017 2016
£ £
Wages and salaries 166,047 144,317
Social security costs 8,736 6,508
Other pension costs 1,190 -
_______ _______
175,973 150,825
_______ _______
5. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).
6. Tangible assets
Freehold property Investment Properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 November 2016 420,392 215,491 671,310 89,176 86,028 1,482,397
Additions - - 23,500 - - 23,500
Disposals - - ( 6,750) - - ( 6,750)
_______ _______ _______ _______ _______ _______
At 31 October 2017 420,392 215,491 688,060 89,176 86,028 1,499,147
_______ _______ _______ _______ _______ _______
Depreciation
At 1 November 2016 84,707 - 566,809 74,580 70,126 796,222
Charge for the year 8,408 - 23,961 4,909 4,530 41,808
Disposals - - ( 844) - - ( 844)
_______ _______ _______ _______ _______ _______
At 31 October 2017 93,115 - 589,926 79,489 74,656 837,186
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 October 2017 327,277 215,491 98,134 9,687 11,372 661,961
_______ _______ _______ _______ _______ _______
At 31 October 2016 335,685 215,491 104,501 14,596 15,902 686,175
_______ _______ _______ _______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 185,458 179,403
Other debtors 5,553 6,743
_______ _______
191,011 186,146
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 60,529 55,272
Corporation tax 20,245 16,611
Social security and other taxes 24,653 27,492
Other creditors 18,106 20,810
_______ _______
123,533 120,185
_______ _______
Included in the above Other Creditors is a Director's Loan of £4,133 (2016: £819). This is repayable on demand and interest free.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 November 2016 23,256 23,256
Additions ( 1,476) ( 1,476)
_______ _______
At 31 October 2017 21,780 21,780
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 2016
£ £
Included in provisions (note 9) 21,780 23,256
_______ _______
11. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary Shares shares of £ 1.00 each 3 3 3 3
_______ _______ _______ _______
12. Controlling party
The director is considered to be the company's controlling party.
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.