0 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2020 - FRS102_2019 30,000 30,000 xbrli:pure xbrli:shares iso4217:GBP NI041158 2022-03-01 2023-02-28 NI041158 2023-02-28 NI041158 2021-03-01 2022-02-28 NI041158 2022-02-28 NI041158 core:NetGoodwill 2022-03-01 2023-02-28 NI041158 core:PlantMachinery 2022-03-01 2023-02-28 NI041158 core:FurnitureFittings 2022-03-01 2023-02-28 NI041158 core:MotorVehicles 2022-03-01 2023-02-28 NI041158 bus:Director1 2022-03-01 2023-02-28 NI041158 bus:Director2 2022-03-01 2023-02-28 NI041158 core:NetGoodwill 2023-02-28 NI041158 core:PlantMachinery 2023-02-28 NI041158 core:FurnitureFittings 2023-02-28 NI041158 core:MotorVehicles 2023-02-28 NI041158 core:WithinOneYear 2023-02-28 NI041158 core:WithinOneYear 2022-02-28 NI041158 core:ShareCapital 2023-02-28 NI041158 core:ShareCapital 2022-02-28 NI041158 core:SharePremium 2023-02-28 NI041158 core:SharePremium 2022-02-28 NI041158 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI041158 core:RetainedEarningsAccumulatedLosses 2022-02-28 NI041158 core:PlantMachinery 2022-02-28 NI041158 bus:SmallEntities 2022-03-01 2023-02-28 NI041158 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 NI041158 bus:FullAccounts 2022-03-01 2023-02-28 NI041158 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI041158 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI041158 1 2022-03-01 2023-02-28 NI041158 core:AllAssociates 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: NI041158
Slate Sales Ireland Ltd
Filleted Unaudited Financial Statements
28 February 2023
Slate Sales Ireland Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1
1
Current assets
Stocks
4,087
4,087
Cash at bank and in hand
61
229
-------
-------
4,148
4,316
Creditors: amounts falling due within one year
6
17,961
17,961
--------
--------
Net current liabilities
13,813
13,645
--------
--------
Total assets less current liabilities
( 13,812)
( 13,644)
--------
--------
Capital and reserves
Called up share capital
6
6
Share premium account
53,883
53,883
Profit and loss account
( 67,701)
( 67,533)
--------
--------
Shareholders deficit
( 13,812)
( 13,644)
--------
--------
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.
For the year ending 28 February 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 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 were approved by the board of directors and authorised for issue on 31 March 2023 , and are signed on behalf of the board by:
Mr G Penrose
Mr D Penrose
Director
Director
Company registration number: NI041158
Slate Sales Ireland Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Trailcock Lane, Eden, CARRICKFERGUS, County Antrim, B T38 7NU.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & machinery
-
25% straight line
Fixtures & Fittings
-
20% straight line
Motor vehicles
-
20% straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
30,000
--------
Amortisation
At 1 March 2022 and 28 February 2023
30,000
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
--------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
840
8,879
23,067
32,786
----
-------
--------
--------
Depreciation
At 1 March 2022 and 28 February 2023
839
8,879
23,067
32,785
----
-------
--------
--------
Carrying amount
At 28 February 2023
1
1
----
-------
--------
--------
At 28 February 2022
1
1
----
-------
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,461
14,461
Other creditors
3,500
3,500
--------
--------
17,961
17,961
--------
--------
7. Financial instruments
No transactions occurred during the year which required disclosure under the regulations pertaining to financial instruments.
8. Events after the end of the reporting period
The company has remained dormant since 01/03/22. At the moment there are no plans to resume trading. The directors have adequate personal resources to discharge any company liabilities that arise in the meantime .
9. Related party transactions
The company was under the control of its three directors, who own all of the issued share capital in equal proportion.