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Registration number: NI674981

Andersonstown Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Andersonstown Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Andersonstown Services Ltd

Company Information

Director

Mr Brendan Nugent

Registered office

67 Slatequarry Road
Cullyhanna
Newry
Down
BT35 0PU

Bankers

UlsterBank
Belfast City Office 1
11-16 Donegall Square East
Belfast
BT51 5UB

 

Andersonstown Services Ltd

(Registration number: NI674981)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

53,328

56,664

Tangible assets

5

286,835

308,511

 

340,163

365,175

Current assets

 

Stocks

6

73,734

78,461

Debtors

7

100

100

Cash at bank and in hand

 

47,008

75,546

 

120,842

154,107

Creditors: Amounts falling due within one year

8

(399,824)

(431,749)

Net current liabilities

 

(278,982)

(277,642)

Total assets less current liabilities

 

61,181

87,533

Provisions for liabilities

(27,479)

-

Net assets

 

33,702

87,533

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

33,602

87,433

Shareholders' funds

 

33,702

87,533

For the financial 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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2023
 

 

Andersonstown Services Ltd

(Registration number: NI674981)
Balance Sheet as at 31 December 2022

.........................................
Mr Brendan Nugent
Director

   
     
 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
67 Slatequarry Road
Cullyhanna
Newry
Down
BT35 0PU

The principal place of business is:
339 Finaghy Road
North Belfast
BT11 9EH

These financial statements were authorised for issue by the director on 28 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 deferred 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.

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant & Machinery

20% Straight Line

Fixtures & Fittings

5.57% Straight Line

Long Leasehold

5.57% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5.57% 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.

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2021 - 9).

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

60,000

60,000

At 31 December 2022

60,000

60,000

Amortisation

At 1 January 2022

3,336

3,336

Amortisation charge

3,336

3,336

At 31 December 2022

6,672

6,672

Carrying amount

At 31 December 2022

53,328

53,328

At 31 December 2021

56,664

56,664

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

160,000

105,000

72,806

337,806

Additions

-

660

8,745

9,405

At 31 December 2022

160,000

105,660

81,551

347,211

Depreciation

At 1 January 2022

8,896

5,838

14,561

29,295

Charge for the year

8,896

5,875

16,310

31,081

At 31 December 2022

17,792

11,713

30,871

60,376

Carrying amount

At 31 December 2022

142,208

93,947

50,680

286,835

At 31 December 2021

151,104

99,162

58,245

308,511

Included within the net book value of land and buildings above is £142,208 (2021 - £151,104) in respect of long leasehold land and buildings.
 

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Stocks

2022
£

2021
£

Other inventories

73,734

78,461

7

Debtors

Current

2022
£

2021
£

Other debtors

100

100

 

100

100

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

125,402

18,998

Taxation and social security

23,816

21,491

Accruals and deferred income

4,850

4,850

Other creditors

245,756

386,410

399,824

431,749

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Related party transactions

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Brendan Nugent

Director Loan

386,310

(81,202)

3,160

308,268

         
       

 

2021

At 1 January 2021
£

At 31 December 2021
£

Mr Brendan Nugent

     
   

 

 

Andersonstown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

-

13,000