G O'Kane Builders Ltd NI639459 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is subcontracting Digita Accounts Production Advanced 6.30.9574.0 true NI639459 2022-03-01 2023-02-28 NI639459 2023-02-28 NI639459 bus:Original 2023-02-28 NI639459 core:CurrentFinancialInstruments 2023-02-28 NI639459 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI639459 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI639459 core:Goodwill 2023-02-28 NI639459 core:MotorVehicles 2023-02-28 NI639459 core:OtherPropertyPlantEquipment 2023-02-28 NI639459 bus:SmallEntities 2022-03-01 2023-02-28 NI639459 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 NI639459 bus:FullAccounts 2022-03-01 2023-02-28 NI639459 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI639459 bus:RegisteredOffice 2022-03-01 2023-02-28 NI639459 bus:Director1 2022-03-01 2023-02-28 NI639459 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI639459 core:Goodwill 2022-03-01 2023-02-28 NI639459 core:MotorVehicles 2022-03-01 2023-02-28 NI639459 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 NI639459 core:PlantMachinery 2022-03-01 2023-02-28 NI639459 countries:NorthernIreland 2022-03-01 2023-02-28 NI639459 2022-02-28 NI639459 core:Goodwill 2022-02-28 NI639459 core:MotorVehicles 2022-02-28 NI639459 core:OtherPropertyPlantEquipment 2022-02-28 NI639459 2021-03-01 2022-02-28 NI639459 2022-02-28 NI639459 core:CurrentFinancialInstruments 2022-02-28 NI639459 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 NI639459 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 NI639459 core:MotorVehicles 2022-02-28 NI639459 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: NI639459

G O'Kane Builders Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

G O'Kane Builders Ltd

(Registration number: NI639459)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

26,212

27,829

Current assets

 

Stocks

6

4,400

8,362

Debtors

7

333

10,034

Cash at bank and in hand

 

31,764

45,920

 

36,497

64,316

Creditors: Amounts falling due within one year

8

(26,686)

(43,931)

Net current assets

 

9,811

20,385

Total assets less current liabilities

 

36,023

48,214

Creditors: Amounts falling due after more than one year

8

(24,608)

(37,034)

Provisions for liabilities

(4,980)

(4,573)

Net assets

 

6,435

6,607

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,335

6,507

Shareholders' funds

 

6,435

6,607

For the financial 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.

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.

 

G O'Kane Builders Ltd

(Registration number: NI639459)
Balance Sheet as at 28 February 2023

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
 

.........................................
Mr Gregory O'Kane
Director

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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: 71A Tullaghans Road, Dunloy, Co Antrim, BT44 9EB.

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.

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.

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.

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

25% reducing balance

Motor vehicles

20% reducing balance

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

25% 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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Work in progress

Work in progress is valued at cost of labour and materials plus attributable profits less foreseeable losses.

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 1 (2022 - 1).

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

11,000

11,000

At 28 February 2023

11,000

11,000

Amortisation

At 1 March 2022

11,000

11,000

At 28 February 2023

11,000

11,000

Carrying amount

At 28 February 2023

-

-

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

35,041

13,308

48,349

Additions

19,800

-

19,800

Disposals

(20,833)

-

(20,833)

At 28 February 2023

34,008

13,308

47,316

Depreciation

At 1 March 2022

5,229

15,291

20,520

Charge for the year

11,131

(5,339)

5,792

Eliminated on disposal

(5,208)

-

(5,208)

At 28 February 2023

11,152

9,952

21,104

Carrying amount

At 28 February 2023

22,856

3,356

26,212

At 28 February 2022

29,812

(1,983)

27,829

6

Stock and work in progress

2023
£

2022
£

Work in progress

4,400

8,362

7

Debtors

Current

2023
£

2022
£

Other debtors

333

10,034

 

333

10,034

 

G O'Kane Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

12,431

11,944

Other creditors

14,255

31,987

26,686

43,931

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

24,608

37,034

9

Related party transactions

Included in creditors is the following amount due to the director:

2022
£

2022
 £

Directors current account

332

2,217