Surf AccountsProduction v1.0.0 v1.0.0 2022-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is building completion. 20 October 2023 4 3 NI653824 2023-06-30 NI653824 2022-06-30 NI653824 2021-06-30 NI653824 2022-07-01 2023-06-30 NI653824 2021-07-01 2022-06-30 NI653824 uk-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI653824 uk-curr:PoundSterling 2022-07-01 2023-06-30 NI653824 uk-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI653824 uk-bus:FullAccounts 2022-07-01 2023-06-30 NI653824 uk-core:ShareCapital 2023-06-30 NI653824 uk-core:ShareCapital 2022-06-30 NI653824 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI653824 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 NI653824 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI653824 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-06-30 NI653824 uk-bus:FRS102 2022-07-01 2023-06-30 NI653824 uk-core:Goodwill 2022-07-01 2023-06-30 NI653824 uk-core:PlantMachinery 2022-07-01 2023-06-30 NI653824 uk-core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 NI653824 uk-core:MotorVehicles 2022-07-01 2023-06-30 NI653824 uk-core:Goodwill 2022-06-30 NI653824 uk-core:Goodwill 2023-06-30 NI653824 uk-core:CurrentFinancialInstruments 2023-06-30 NI653824 uk-core:CurrentFinancialInstruments 2022-06-30 NI653824 uk-core:WithinOneYear 2023-06-30 NI653824 uk-core:WithinOneYear 2022-06-30 NI653824 uk-core:WithinOneYear 2023-06-30 NI653824 uk-core:WithinOneYear 2022-06-30 NI653824 uk-core:AfterOneYear 2023-06-30 NI653824 uk-core:AfterOneYear 2022-06-30 NI653824 uk-core:AfterOneYear 2023-06-30 NI653824 uk-core:AfterOneYear 2022-06-30 NI653824 uk-core:AfterOneYear 2023-06-30 NI653824 uk-core:AfterOneYear 2022-06-30 NI653824 uk-core:WithinOneYear 2023-06-30 NI653824 uk-core:WithinOneYear 2022-06-30 NI653824 uk-core:BetweenTwoFiveYears 2023-06-30 NI653824 uk-core:BetweenTwoFiveYears 2022-06-30 NI653824 uk-core:BetweenOneFiveYears 2023-06-30 NI653824 uk-core:BetweenOneFiveYears 2022-06-30 NI653824 uk-core:EmployeeBenefits 2022-06-30 NI653824 uk-core:EmployeeBenefits 2022-07-01 2023-06-30 NI653824 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI653824 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-06-30 NI653824 uk-core:OtherDeferredTax 2023-06-30 NI653824 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-06-30 NI653824 uk-core:EmployeeBenefits 2023-06-30 NI653824 2022-07-01 2023-06-30 NI653824 uk-bus:Director1 2022-07-01 2023-06-30 NI653824 uk-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI653824
 
 
Fíor Contracts Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 June 2023
Fíor Contracts Ltd
Company Registration Number: NI653824
BALANCE SHEET
as at 30 June 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 5,850 7,020
Tangible assets 5 95,172 84,190
───────── ─────────
101,022 91,210
───────── ─────────
 
Current Assets
Stocks 6 34,802 25,166
Debtors 7 249,930 114,769
Cash and cash equivalents 428,735 137,139
───────── ─────────
713,467 277,074
───────── ─────────
Creditors: amounts falling due within one year 8 (252,551) (86,047)
───────── ─────────
Net Current Assets 460,916 191,027
───────── ─────────
Total Assets less Current Liabilities 561,938 282,237
 
Creditors:
amounts falling due after more than one year 9 (78,173) (43,984)
 
Provisions for liabilities 11 (14,682) (11,064)
───────── ─────────
Net Assets 469,083 227,189
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 469,081 227,187
───────── ─────────
Equity attributable to owners of the company 469,083 227,189
═════════ ═════════
 
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 Director's Report.
           
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms 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 director acknowledges his 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 Director and authorised for issue on 20 October 2023
           
           
________________________________          
Mr. Patrick McAleer          
Director          
           



Fíor Contracts Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2023

   
1. General Information
 
Fíor Contracts Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is The Milestone Centre, Termon Business Park, Quarry Road, Carrickmore, Co Tyrone, BT79 9AL, Northern Ireland which is also the principal place of business of the company. The principal activity of the company is building completion. The financial statements have been presented in Pound (£) 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 30 June 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.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
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 - 20% Reducing balance
  Fixtures, fittings and equipment - 20% Reducing balance
  Motor vehicles - 20% Reducing balance
 
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
All 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.
 
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.
 
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 director, during the financial year was 4, (2022 - 3).
 
  2023 2022
  Number Number
 
Employee 4 3
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 July 2022 11,700 11,700
  ───────── ─────────
 
At 30 June 2023 11,700 11,700
  ───────── ─────────
Amortisation
At 1 July 2022 4,680 4,680
Charge for financial year 1,170 1,170
  ───────── ─────────
At 30 June 2023 5,850 5,850
  ───────── ─────────
Net book value
At 30 June 2023 5,850 5,850
  ═════════ ═════════
At 30 June 2022 7,020 7,020
  ═════════ ═════════
           
5. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 July 2022 53,130 9,053 81,921 144,104
Additions 2,920 487 50,968 54,375
Disposals - - (24,500) (24,500)
  ───────── ───────── ───────── ─────────
At 30 June 2023 56,050 9,540 108,389 173,979
  ───────── ───────── ───────── ─────────
Depreciation
At 1 July 2022 27,183 3,911 28,820 59,914
Charge for the financial year 5,773 1,126 16,894 23,793
On disposals - - (4,900) (4,900)
  ───────── ───────── ───────── ─────────
At 30 June 2023 32,956 5,037 40,814 78,807
  ───────── ───────── ───────── ─────────
Net book value
At 30 June 2023 23,094 4,503 67,575 95,172
  ═════════ ═════════ ═════════ ═════════
At 30 June 2022 25,947 5,142 53,101 84,190
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Work in progress 25,355 15,629
Finished goods and goods for resale 9,447 9,537
  ───────── ─────────
  34,802 25,166
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Trade debtors 237,045 90,354
Taxation  (Note 10) 12,885 24,105
Prepayments and accrued income - 310
  ───────── ─────────
  249,930 114,769
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Loan 10,157 9,975
Net obligations under finance leases
and hire purchase contracts 3,038 751
Trade creditors 182,497 42,081
Taxation  (Note 10) 50,552 23,649
Accruals:
Pension accrual 307 154
Other accruals 6,000 9,437
  ───────── ─────────
  252,551 86,047
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 20,868 31,025
Finance leases and hire purchase contracts 7,728 -
Amounts owed to related parties (Note 13) 40,205 -
Director's loan accounts 9,372 12,959
  ───────── ─────────
  78,173 43,984
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 10,157 9,975
Repayable between two and five years 20,868 31,025
  ───────── ─────────
  31,025 41,000
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 3,038 751
Repayable between one and five years 7,728 -
  ───────── ─────────
  10,766 751
  ═════════ ═════════
       
10. Taxation 2023 2022
  £ £
 
Debtors:
VAT 12,885 24,105
  ═════════ ═════════
Creditors:
VAT 2,599 -
Corporation tax 40,884 13,570
PAYE / NI 1,049 1,706
Subcontractors tax - 3,679
ROI Subcontractors tax 6,020 4,694
  ───────── ─────────
  50,552 23,649
  ═════════ ═════════
           
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start 15,996 (4,932) 11,064 8,094
Charged to profit and loss 2,087 1,531 3,618 2,970
  ───────── ───────── ───────── ─────────
At financial year end 18,083 (3,401) 14,682 11,064
  ═════════ ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 June 2023.
           
13. Related party transactions
 
Net balances with related parties:
      2023 2022
      £ £
 
Amounts falling due after more than one year     40,205 -
      ═════════ ═════════
 
The amount owed to the director from Fíor Contracts Ltd at the start of the year was £12,959 (2022: £16,788). During the year Fíor Contracts Ltd borrowed £77,362 and repaid £80,949 to the director, leaving a closing balance of £9,372 (2022: £12,959). This is included in the creditors section of the balance sheet.
   
14. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.