Relate AccountsProduction v2.7.2 v2.7.2 2022-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Digger work and site preparation within the construction industry. 24 October 2023 22 18 NI622146 2023-01-31 NI622146 2022-01-31 NI622146 2021-01-31 NI622146 2022-02-01 2023-01-31 NI622146 2021-02-01 2022-01-31 NI622146 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI622146 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI622146 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 NI622146 uk-bus:FullAccounts 2022-02-01 2023-01-31 NI622146 uk-core:ShareCapital 2023-01-31 NI622146 uk-core:ShareCapital 2022-01-31 NI622146 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI622146 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI622146 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI622146 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI622146 uk-bus:FRS102 2022-02-01 2023-01-31 NI622146 uk-core:PlantMachinery 2022-02-01 2023-01-31 NI622146 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 NI622146 uk-core:CurrentFinancialInstruments 2023-01-31 NI622146 uk-core:CurrentFinancialInstruments 2022-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:WithinOneYear 2022-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:WithinOneYear 2022-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:WithinOneYear 2022-01-31 NI622146 uk-core:AfterOneYear 2023-01-31 NI622146 uk-core:AfterOneYear 2022-01-31 NI622146 uk-core:AfterOneYear 2023-01-31 NI622146 uk-core:AfterOneYear 2022-01-31 NI622146 uk-core:BetweenTwoFiveYears 2023-01-31 NI622146 uk-core:BetweenTwoFiveYears 2022-01-31 NI622146 uk-core:BetweenOneFiveYears 2023-01-31 NI622146 uk-core:BetweenOneFiveYears 2022-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2022-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2022-02-01 2023-01-31 NI622146 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 NI622146 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 NI622146 uk-core:OtherDeferredTax 2023-01-31 NI622146 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2023-01-31 NI622146 2022-02-01 2023-01-31 NI622146 uk-bus:Director1 2022-02-01 2023-01-31 NI622146 uk-bus:Director2 2022-02-01 2023-01-31 NI622146 uk-bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI622146
 
 
J & K Contracts Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2023



J & K Contracts Limited
Company Registration Number: NI622146
BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 749,519 731,913
───────── ─────────
 
Current Assets
Stocks 5 14,330 76,259
Debtors 6 335,673 81,009
Cash and cash equivalents 770,528 658,478
───────── ─────────
1,120,531 815,746
───────── ─────────
Creditors: amounts falling due within one year 7 (443,461) (269,963)
───────── ─────────
Net Current Assets 677,070 545,783
───────── ─────────
Total Assets less Current Liabilities 1,426,589 1,277,696
 
Creditors:
amounts falling due after more than one year 8 (91,235) (68,180)
 
Provisions for liabilities 9 (152,318) (142,731)
───────── ─────────
Net Assets 1,183,036 1,066,785
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 1,183,034 1,066,783
───────── ─────────
Equity attributable to owners of the company 1,183,036 1,066,785
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 24 October 2023 and signed on its behalf by
           
________________________________          
Kevin McCullagh          
Director          
           
________________________________
Jarleth Loughran
Director
           



J & K Contracts Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
J & K Contracts Limited is a company limited by shares incorporated in Northern Ireland. 7 Beaghbeg Road, Cookstown, Co Tyrone, BT80 9PE is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks 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.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
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.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
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. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Dividends
Dividends paid and received are included in the Company financial statements in the period in which the related dividends are actually paid or received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 22, (2022 - 18).
 
  2023 2022
  Number Number
 
Total 22 18
  ═════════ ═════════
         
4. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost or Valuation
At 1 February 2022 1,220,401 11,969 1,232,370
Additions 167,188 - 167,188
Disposals (33,825) - (33,825)
  ───────── ───────── ─────────
At 31 January 2023 1,353,764 11,969 1,365,733
  ───────── ───────── ─────────
Depreciation
At 1 February 2022 495,477 4,980 500,457
Charge for the financial year 134,864 1,188 136,052
On disposals (20,295) - (20,295)
  ───────── ───────── ─────────
At 31 January 2023 610,046 6,168 616,214
  ───────── ───────── ─────────
Net book value
At 31 January 2023 743,718 5,801 749,519
  ═════════ ═════════ ═════════
At 31 January 2022 724,924 6,989 731,913
  ═════════ ═════════ ═════════
           
4.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 265,472 33,232 239,615 32,120
  ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 14,330 76,259
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 305,615 45,052
Taxation 30,058 35,957
  ───────── ─────────
  335,673 81,009
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank loan 10,345 50,000
Net obligations under finance leases
and hire purchase contracts 56,290 60,008
Trade creditors 235,884 32,691
Taxation 13,032 7,103
Directors' current accounts 52,825 34,068
Other creditors 11,292 11,292
Accruals:
Pension accrual 462 262
Other accruals 63,331 74,539
  ───────── ─────────
  443,461 269,963
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 31,034 -
Finance leases and hire purchase contracts 60,201 68,180
  ───────── ─────────
  91,235 68,180
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 10,345 50,000
Repayable between two and five years 31,034 -
  ───────── ─────────
  41,379 50,000
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 56,290 60,008
Repayable between one and five years 60,201 68,180
  ───────── ─────────
  116,491 128,188
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 142,731 142,731 111,543
Charged to profit and loss 9,587 9,587 31,188
  ───────── ───────── ─────────
At financial year end 152,318 152,318 142,731
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2023.
   
11. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.