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Registration number: NI045873

Lomac Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Lomac Construction Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

iXBRL Detailed Profit and Loss Account

12

 

Lomac Construction Ltd

Company Information

Directors

Mrs Loretta Lowry

Mr John Lowry

Company secretary

Mrs Loretta Lowry

Registered office

86 Ballagh Road
Newcastle
Co Down
BT33 0LA

Accountants

KPS Accountants Limited
50A Main Street
Newcastle
Co Down
BT33 0AD

 

Lomac Construction Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Loretta Lowry - Company secretary and director

Mr John Lowry

Principal activity

The principal activity of the company is Construction

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
Mrs Loretta Lowry
Company secretary and director

.........................................
Mr John Lowry
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lomac Construction Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lomac Construction Ltd for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Lomac Construction Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lomac Construction Ltd and state those matters that we have agreed to state to the Board of Directors of Lomac Construction Ltd, as a body, in this report in accordance with the technical guidance issued by the Institute of Chartered Accountants in Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lomac Construction Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lomac Construction Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lomac Construction Ltd. You consider that Lomac Construction Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lomac Construction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

KPS Accountants Limited
50A Main Street
Newcastle
Co Down
BT33 0AD

24 November 2023

 

Lomac Construction Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

121,095

126,533

Cost of sales

 

(69,258)

(64,375)

Gross profit

 

51,837

62,158

Administrative expenses

 

(16,005)

(14,565)

Operating profit

 

35,832

47,593

Profit before tax

4

35,832

47,593

Tax on profit

 

(7,262)

(8,311)

Profit for the financial year

 

28,570

39,282

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lomac Construction Ltd

(Registration number: NI045873)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,192

6,915

Current assets

 

Stocks

6

1,850

2,400

Debtors

7

15,829

17,198

Cash at bank and in hand

 

252,504

224,643

 

270,183

244,241

Creditors: Amounts falling due within one year

(189,648)

(120,000)

Net current assets

 

80,535

124,241

Net assets

 

84,727

131,156

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

84,725

131,154

Shareholders' funds

 

84,727

131,156

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Lomac Construction Ltd

(Registration number: NI045873)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
Mrs Loretta Lowry
Company secretary and director

.........................................
Mr John Lowry
Director

 

Lomac Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
86 Ballagh Road
Newcastle
Co Down
BT33 0LA

These financial statements were authorised for issue by the Board on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lomac Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Plant and Machinery

20% Straight Line

Fixtures and Fittings

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lomac Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Lomac Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,640

3,713

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

2,924

30,300

7,063

40,287

Additions

-

-

917

917

At 31 March 2023

2,924

30,300

7,980

41,204

Depreciation

At 1 April 2022

2,195

24,250

6,927

33,372

Charge for the year

197

3,300

143

3,640

At 31 March 2023

2,392

27,550

7,070

37,012

Carrying amount

At 31 March 2023

532

2,750

910

4,192

At 31 March 2022

729

6,050

136

6,915

6

Stocks

2023
£

2022
£

Other inventories

1,850

2,400

7

Debtors

2023
£

2022
£

Trade debtors

15,704

15,704

Prepayments

125

1,494

15,829

17,198

 

Lomac Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

169,171

94,672

Trade creditors

 

1,939

1,425

Taxation and social security

 

8,921

11,823

Income tax liability

 

7,262

9,743

Other creditors

 

2,355

2,337

 

189,648

120,000

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

169,171

94,672

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2

         
 

Lomac Construction Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
£

2022
£

Turnover/revenue

121,095

126,533

Cost of sales

Opening raw materials

(2,400)

(2,400)

Purchase of raw materials and consumables

(32,771)

(20,979)

Closing raw materials

1,850

2,400

Subcontractor costs

(35,937)

(43,396)

Gross profit

51,837

62,158

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,386)

(1,338)

Advertising, promotions and marketing costs

-

(300)

Utilities costs

(20)

(297)

Operating lease expenditure

(1,230)

(457)

Depreciation of Fixed assets

(3,640)

(3,713)

Vehicle costs

(5,204)

(3,462)

Bank charges

(172)

(144)

Insurance costs

(2,311)

(2,025)

IT and computing

(30)

(20)

Telecommunications

(1,360)

(1,315)

Printing, postage and stationery

(416)

(305)

Charitable donations

(206)

(86)

Subscriptions

-

(1,103)

Other costs

(30)

-

Other operating income

Other items

Profit on ordinary activities before taxation

35,832

47,593

Tax on profit or loss on ordinary activities

(7,262)

(8,311)

Profit for the financial year

28,570

39,282