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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
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
94,826 
65,228 
Current assets
Inventories
16,000 
35,000 
Debtors
656,228 
446,294 
Cash at bank and in hand
36,676 
79,940 
708,904 
561,234 
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)
Net assets
223,194 
81,859 
Capital and reserves
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
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Belfast Insulation Co. Limited Notes to the Accounts for the year ended 30 April 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Going concern
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
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
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Government grants
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.
Pension costs
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.
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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 
Depreciation
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 
Net book value
At 30 April 2023
46,062 
48,764 
94,826 
At 30 April 2022
39,456 
25,772 
65,228 
5
Inventories
2023 
2022 
£ 
£ 
Finished goods
16,000 
35,000 
16,000 
35,000 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
60,145 
42,740 
Trade debtors
585,621 
403,554 
Accrued income and prepayments
10,462 
- 
656,228 
446,294 
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 
Other creditors
36 
38 
Loans from directors
122,839 
60,277 
Accruals
5,300 
5,000 
562,871 
518,938 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
17,665 
25,665 
Security on the loan is provided by way of fixed and floating charge of the assets of the company.
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Belfast Insulation Co. Limited Notes to the Accounts for the year ended 30 April 2023
9
Share capital
2023 
2022 
£ 
£ 
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 
8 
8 
10
Average number of employees
During the year the average number of employees was 19 (2022: 17).
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