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Registration number: NI646238

Aghincurk Plumbing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Aghincurk Plumbing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Aghincurk Plumbing Ltd

Company Information

Director

Mr Anthony Mc Cann

Registered office

48 Aghincurk Road
Newtownhamilton
Newry
Armagh
BT35 0AT

Bankers

Santander
Newry
Po Box 383
21 Prescot Street
London
E1 8RP

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Aghincurk Plumbing Ltd

(Registration number: NI646238)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,251

23,957

Current assets

 

Stocks

5

-

11,650

Debtors

6

85,911

39,628

Cash at bank and in hand

 

20,060

709

 

105,971

51,987

Creditors: Amounts falling due within one year

7

(94,791)

(36,538)

Net current assets

 

11,180

15,449

Total assets less current liabilities

 

33,431

39,406

Creditors: Amounts falling due after more than one year

7

(33,337)

(38,746)

Net assets

 

94

660

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

93

659

Shareholders' funds

 

94

660

For the financial year ending 30 June 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.

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 February 2024
 

.........................................
Mr Anthony Mc Cann
Director

   
     
 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
48 Aghincurk Road
Newtownhamilton
Newry
Armagh
BT35 0AT

These financial statements were authorised for issue by the director on 28 February 2024.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 and machinery

20% Reducing Balance

Motor Van

20% Reducing Balance

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.

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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 4 (2022 - 3).

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

163

47,995

6,571

54,729

Additions

-

3,850

-

3,850

At 30 June 2023

163

51,845

6,571

58,579

Depreciation

At 1 July 2022

45

27,425

3,302

30,772

Charge for the year

18

4,884

654

5,556

At 30 June 2023

63

32,309

3,956

36,328

Carrying amount

At 30 June 2023

100

19,536

2,615

22,251

At 30 June 2022

118

20,570

3,269

23,957

5

Stocks

2023
£

2022
£

Work in progress

-

11,650

6

Debtors

Current

2023
£

2022
£

Other debtors

85,911

39,628

 

85,911

39,628

7

Creditors

Creditors: amounts falling due within one year

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,472

5,471

Trade creditors

 

2,291

2,329

Taxation and social security

 

11,021

503

Accruals and deferred income

 

3,017

2,291

Other creditors

 

72,990

25,944

 

94,791

36,538

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,337

38,746

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,337

38,746

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,472

5,471

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £42,000.00 (2022 - £17,000.00) per ordinary share

 

42,000

 

17,000

         

11

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

9,785

9,416

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr Anthony Mc Cann

Directors loan account repayable on demand

(18,280)

(56,092)

75,657

1,285

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr Anthony Mc Cann

Directors loan account repayable on demand

(18,958)

(62,460)

63,137

(18,280)

         
       

 

 

Aghincurk Plumbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Director's remuneration

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

2023
£

2022
£

Remuneration

9,785

9,416

In respect of the highest paid director:

2023
£

2022
£

Remuneration

9,785

9,416

Dividends paid to the director

   

2023
£

 

2022
£

Mr Anthony Mc Cann

       

Dividend

 

42,000

 

17,000