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COMPANY REGISTRATION NUMBER: NI011627
Earney Contracts Ltd
Unaudited Financial Statements
30 April 2023
Earney Contracts Ltd
Financial Statements
Year ended 30 April 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Earney Contracts Ltd
Director's Report
Year ended 30 April 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Director
The director who served the company during the year was as follows:
Mr.T Earney
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 September 2023 and signed on behalf of the board by:
Mr.T Earney
Director
Registered office:
221 Comber Road
Ballymacbrennan
Lisburn
Northern Ireland
BT276XY
Earney Contracts Ltd
Statement of Income and Retained Earnings
Year ended 30 April 2023
2023
2022
Note
£
£
Turnover
45,892
339,371
Cost of sales
38,898
287,429
--------
---------
Gross profit
6,994
51,942
Administrative expenses
46,512
21,053
--------
--------
Operating (loss)/profit
( 39,518)
30,889
Other interest receivable and similar income
2,637
603
--------
--------
(Loss)/profit before taxation
5
( 36,881)
31,492
Tax on (loss)/profit
( 7,808)
5,798
--------
--------
(Loss)/profit for the financial year and total comprehensive income
( 29,073)
25,694
--------
--------
Dividends paid and payable
( 2,000)
Retained earnings at the start of the year
305,387
281,693
---------
---------
Retained earnings at the end of the year
276,314
305,387
---------
---------
All the activities of the company are from continuing operations.
Earney Contracts Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
534,055
27,120
Investments
7
1,000
1,000
---------
--------
535,055
28,120
Current assets
Stocks
12,118
Debtors
8
15,147
39,577
Cash at bank and in hand
105,243
643,792
---------
---------
120,390
695,487
Creditors: amounts falling due within one year
9
379,109
413,045
---------
---------
Net current (liabilities)/assets
( 258,719)
282,442
---------
---------
Total assets less current liabilities
276,336
310,562
Provisions
5,153
---------
---------
Net assets
276,336
305,409
---------
---------
Capital and reserves
Called up share capital
22
22
Profit and loss account
276,314
305,387
---------
---------
Shareholders funds
276,336
305,409
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Earney Contracts Ltd
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 30 September 2023 , and are signed on behalf of the board by:
Mr.T Earney
Director
Company registration number: NI011627
Earney Contracts Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 221 Comber Road, Ballymacbrennan, Lisburn, BT276XY, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
30% reducing balance
Plant and machinery
-
30% reducing balance
Fixtures and fittings
-
30% reducing balance
Motor vehicles
-
30% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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 as a finance cost 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 are 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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
5,407
11,915
-------
--------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
6,300
57,742
95,963
55,345
215,350
Additions
521,441
521,441
Disposals
( 13,000)
( 13,000)
---------
--------
--------
--------
---------
At 30 April 2023
527,741
44,742
95,963
55,345
723,791
---------
--------
--------
--------
---------
Depreciation
At 1 May 2022
6,205
44,511
91,149
46,365
188,230
Charge for the year
29
1,240
1,444
2,694
5,407
Disposals
( 3,901)
( 3,901)
---------
--------
--------
--------
---------
At 30 April 2023
6,234
41,850
92,593
49,059
189,736
---------
--------
--------
--------
---------
Carrying amount
At 30 April 2023
521,507
2,892
3,370
6,286
534,055
---------
--------
--------
--------
---------
At 30 April 2022
95
13,231
4,814
8,980
27,120
---------
--------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 May 2022 and 30 April 2023
1,000
-------
Impairment
At 1 May 2022 and 30 April 2023
-------
Carrying amount
At 30 April 2023
1,000
-------
At 30 April 2022
1,000
-------
8. Debtors
2023
2022
£
£
Trade debtors
39,577
Other debtors
15,147
--------
--------
15,147
39,577
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,475
3,830
Amounts owed to group undertakings and undertakings in which the company has a participating interest
376,634
376,634
Corporation tax
15,085
Social security and other taxes
11,656
Other creditors
5,840
---------
---------
379,109
413,045
---------
---------
10. Director's advances, credits and guarantees
At the balance sheet date the company owed director Mr. T Earney £Nil (2022 £2,000).
11. Related party transactions
At the balance sheet date an amount of £376,634 (2021 £376,634) was owed to a company under the significant control of director Mr. T Earney.
12. Controlling party
The company was under the control of sole director and shareholder Mr. T Earney throughout the financial year and at the balance sheet date.