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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI027852
2022-01-01
2022-12-31
NI027852
2022-12-31
NI027852
2021-12-31
NI027852
2021-01-01
2021-12-31
NI027852
2021-12-31
NI027852
core:PlantMachinery
2022-01-01
2022-12-31
NI027852
core:FurnitureFittingsToolsEquipment
2022-01-01
2022-12-31
NI027852
core:MotorVehicles
2022-01-01
2022-12-31
NI027852
bus:OrdinaryShareClass1
2022-01-01
2022-12-31
NI027852
bus:Director1
2022-01-01
2022-12-31
NI027852
core:PlantMachinery
2021-12-31
NI027852
core:FurnitureFittingsToolsEquipment
2021-12-31
NI027852
core:MotorVehicles
2021-12-31
NI027852
core:PlantMachinery
2022-12-31
NI027852
core:FurnitureFittingsToolsEquipment
2022-12-31
NI027852
core:MotorVehicles
2022-12-31
NI027852
core:WithinOneYear
2022-12-31
NI027852
core:WithinOneYear
2021-12-31
NI027852
core:ShareCapital
2022-12-31
NI027852
core:ShareCapital
2021-12-31
NI027852
core:RetainedEarningsAccumulatedLosses
2022-12-31
NI027852
core:RetainedEarningsAccumulatedLosses
2021-12-31
NI027852
bus:OrdinaryShareClass1
core:ShareCapital
2022-12-31
NI027852
bus:OrdinaryShareClass1
core:ShareCapital
2021-12-31
NI027852
core:FurnitureFittingsToolsEquipment
2021-12-31
NI027852
core:MotorVehicles
2021-12-31
NI027852
bus:SmallEntities
2022-01-01
2022-12-31
NI027852
bus:AuditExempt-NoAccountantsReport
2022-01-01
2022-12-31
NI027852
bus:FullAccounts
2022-01-01
2022-12-31
NI027852
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
NI027852
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
NI027852
core:DiscontinuedOperations
2022-01-01
2022-12-31
NI027852
core:AllAssociates
2021-01-01
2021-12-31
Company registration number:
NI027852
Noel Eakin & Sons Limited
Unaudited filleted financial statements
31 December 2022
Noel Eakin & Sons Limited
Contents
Statement of financial position
Notes to the financial statements
Noel Eakin & Sons Limited
Statement of financial position
31 December 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
6 |
404,561 |
|
|
|
98,519 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
404,561 |
|
|
|
98,519 |
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
461,564 |
|
|
|
574,539 |
|
|
Debtors |
|
7 |
8,113,150 |
|
|
|
7,849,929 |
|
|
Cash at bank and in hand |
|
|
7,205,327 |
|
|
|
6,822,372 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
15,780,041 |
|
|
|
15,246,840 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,054,461) |
|
|
|
(
995,878) |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
Net current assets |
|
|
|
|
14,725,580 |
|
|
|
14,250,962 |
|
|
|
|
|
________ |
|
|
|
________ |
Total assets less current liabilities |
|
|
|
|
15,130,141 |
|
|
|
14,349,481 |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
83,900) |
|
|
|
- |
|
|
|
|
|
________ |
|
|
|
________ |
Net assets |
|
|
|
|
15,046,241 |
|
|
|
14,349,481 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
15,046,239 |
|
|
|
14,349,479 |
|
|
|
|
|
________ |
|
|
|
________ |
Shareholders funds |
|
|
|
|
15,046,241 |
|
|
|
14,349,481 |
|
|
|
|
|
________ |
|
|
|
________ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2022 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 Section 1A of 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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 November 2023
, and are signed on behalf of the board by:
Mr N T G Eakin
Director
Company registration number:
NI027852
Noel Eakin & Sons Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Carn Business Park, 19 Carn Road, Portadown, Co Armagh, BT63 5RH.
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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting principles requires the company directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In these regards the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are summarised below:Depreciation and residual valueThe company directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of plant and machinery and fixtures and fittings, and have concluded that assets lives and residual values are appropriate,
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
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:
|
|
|
|
|
|
Plant and machinery |
- |
20 % |
straight line |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
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.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2021:
23
).
5.
Other interest receivable and similar income
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank deposits |
|
13,921 |
44,135 |
|
|
|
________ |
________ |
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2022 |
503,175 |
261,840 |
181,282 |
946,297 |
|
|
|
|
Additions |
- |
419,201 |
6,400 |
425,601 |
|
|
|
|
Disposals |
- |
- |
(
25,095) |
(
25,095) |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 December 2022 |
503,175 |
681,041 |
162,587 |
1,346,803 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2022 |
503,175 |
241,165 |
103,438 |
847,778 |
|
|
|
|
Charge for the year |
- |
92,541 |
19,079 |
111,620 |
|
|
|
|
Disposals |
- |
- |
(
17,156) |
(
17,156) |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 December 2022 |
503,175 |
333,706 |
105,361 |
942,242 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2022 |
- |
347,335 |
57,226 |
404,561 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
At 31 December 2021 |
- |
20,675 |
77,844 |
98,519 |
|
|
|
|
|
________ |
________ |
________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
601,260 |
598,143 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
7,203,650 |
6,933,650 |
|
Other debtors |
|
308,240 |
295,950 |
|
|
|
________ |
________ |
|
|
|
8,113,150 |
7,827,743
|
|
|
|
________ |
________ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
230,447 |
407,662 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
5,999 |
44,390 |
|
Social security and other taxes |
|
20,429 |
24,584 |
|
Other creditors |
|
797,586 |
497,056 |
|
|
|
________ |
________ |
|
|
|
1,054,461 |
973,692
|
|
|
|
________ |
________ |
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and recoverable on demand. The bank overdraft is secured by a floating charge over the assets and undertakings of the company and a guarantee for £500,000 from Noel Eakin.
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
________ |
|
________ |
|
________ |
|
________ |
|
|
|
|
|
|
|
|
|
|
10.
Directors advances, credits and guarantees
At the year end Mr N Eakin, a director of the company, was owed by the company £771,075 and is included in other creditors (2021: £470,747). This loan is interest free and will be repaid within 9 months.
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
|
|
Mr R Taffinder - personal loan |
- |
443,182 |
|
|
|
|
________ |
________ |
|
|
|
|
|
|
|
|
12.
Controlling party
The directors regard Boreal Limited, which is registered in Northern Ireland, to be the company's ultimate parent company. According to the register kept by the company, Boreal Limited has 100% interest in the share capital of
Noel Eakin & Sons Limited
at 31 December 2022. It's registered office is Carn Business Park, 19 Carn Road, Portadown, Co Armagh, BT63 5RH.The company is controlled equally by NTG Eakin and BE Eakin who each own 50% of the ordinary share capital of Boreal Limited.
13.
Covid-19 pandemic
At present the directors do not envisage the Covid-19 pandemic will result in a significant adverse impact for the company, however given that the outcome of the Covid-19 pandemic is uncertain we acknowledge that a definitive assessment of its impact cannot be made at this time.