Company Registration No. NI034454 (Northern Ireland)
Belfast Insulation Co. Limited
Unaudited accounts
for the year ended 30 April 2023
Belfast Insulation Co. Limited
Statement of financial position
as at 30 April 2023
Tangible assets
94,826
65,228
Cash at bank and in hand
36,676
79,940
Creditors: amounts falling due within one year
(562,871)
(518,938)
Net current assets
146,033
42,296
Total assets less current liabilities
240,859
107,524
Creditors: amounts falling due after more than one year
(17,665)
(25,665)
Called up share capital
8
8
Profit and loss account
223,186
81,851
Shareholders' funds
223,194
81,859
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by
Samuel Kenneth Gilpin
Director
Company Registration No. NI034454
Belfast Insulation Co. Limited
Notes to the Accounts
for the year ended 30 April 2023
Belfast Insulation Co. Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI034454. The registered office is 81 Whinney Hill, Dundonald, Belfast, Northern Ireland, BT16 0UA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Having reviewed the resources available, the directors believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in the preparation of its financial statements.
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Turnover from the rendering of construction installation services is recognised by reference to the stage of completion of the contract when: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Belfast Insulation Co. Limited
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 May 2022
158,457
122,788
281,245
Additions
15,508
32,246
47,754
At 30 April 2023
173,965
155,034
328,999
At 1 May 2022
119,001
97,016
216,017
Charge for the year
8,902
9,254
18,156
At 30 April 2023
127,903
106,270
234,173
At 30 April 2023
46,062
48,764
94,826
At 30 April 2022
39,456
25,772
65,228
Finished goods
16,000
35,000
Amounts falling due within one year
Trade debtors
585,621
403,554
Accrued income and prepayments
10,462
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,000
8,000
Trade creditors
364,912
412,802
Taxes and social security
61,784
32,821
Loans from directors
122,839
60,277
8
Creditors: amounts falling due after more than one year
2023
2022
Security on the loan is provided by way of fixed and floating charge of the assets of the company.
Belfast Insulation Co. Limited
Notes to the Accounts
for the year ended 30 April 2023
Allotted, called up and fully paid:
1 Ordinary A shares of £1 each
1
1
3 Ordinary B shares of £1 each
3
3
4 Ordinary C shares of £1 each
4
4
10
Average number of employees
During the year the average number of employees was 19 (2022: 17).