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Registration number: NI612592

East Coast Granite Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

East Coast Granite Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

East Coast Granite Limited

Company Information

Directors

Mary McDonald

Brian McDonald

Registered office

11 Orchard Grove
Annacloy
Down
BT30 9DX

 

East Coast Granite Limited

(Registration number: NI612592)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

258,711

283,935

Current assets

 

Stocks

5

120,000

52,500

Debtors

6

124,778

84,493

Cash at bank and in hand

 

165,778

277,191

 

410,556

414,184

Creditors: Amounts falling due within one year

(225,463)

(223,904)

Net current assets

 

185,093

190,280

Total assets less current liabilities

 

443,804

474,215

Creditors: Amounts falling due after more than one year

(114,929)

(134,259)

Provisions for liabilities

(10,498)

(14,365)

Net assets

 

318,377

325,591

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

318,367

325,581

Shareholders' funds

 

318,377

325,591

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

East Coast Granite Limited

(Registration number: NI612592)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 21 September 2023 and signed on its behalf by:
 

.........................................
Brian McDonald
Director

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
11 Orchard Grove
Annacloy
Down
BT30 9DX

The principal place of business is:
9 Mill Road
Kilkeel
Newry
Co Down
BT34 4AN

These financial statements were authorised for issue by the Board on 21 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financical statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

33.33% straight line

Office equipment

25% straight line

Land & buildings

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

293,406

3,246

96,909

393,561

At 31 March 2023

293,406

3,246

96,909

393,561

Depreciation

At 1 April 2022

41,077

2,796

65,753

109,626

Charge for the year

5,868

225

19,131

25,224

At 31 March 2023

46,945

3,021

84,884

134,850

Carrying amount

At 31 March 2023

246,461

225

12,025

258,711

At 31 March 2022

252,329

450

31,156

283,935

Included within the net book value of land and buildings above is £246,461 (2022 - £252,329) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Stocks

120,000

52,500

6

Debtors

2023
£

2022
£

Trade debtors

122,239

81,389

Other debtors

2,539

3,104

124,778

84,493

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

25,596

27,741

Trade creditors

 

47,838

79,865

Taxation and social security

 

6,987

12,006

Corporation tax liability

 

17,392

18,011

Other creditors

 

127,650

86,281

 

225,463

223,904

Due after one year

 

Loans and borrowings

8

114,929

134,259

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

103,949

117,123

Hire purchase contracts

10,980

15,825

Finance lease liabilities

-

1,311

114,929

134,259

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,440

19,440

Hire purchase contracts

4,845

4,845

Finance lease liabilities

1,311

3,456

25,596

27,741

Bank borrowings

The Danske Bank loan provided in order to buy the premises is denominated in sterling with a nominal interest rate of 3.5% over Danske Bank base rate%, and the final instalment is due on 31 May 2030. The carrying amount at year end is £123,388 (2022 - £136,563).

Security for the loan is provided by means of a first and only legal charge over the property situated at 9 Mill Road, Kilkeel, Co Down, BT34 4AN.

 

East Coast Granite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Brian McDonald

Directors' loan account

42,181

20,684

62,865

       
     

Mary McDonald

Director's loan account

42,181

20,684

62,865

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Brian McDonald

Directors' loan account

36,038

6,142

42,181

       
     

Mary McDonald

Director's loan account

36,038

6,142

42,181

       
     

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

10

10

10

10