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Company registration number: NI008195
KANE ENGINEERING LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2023
KANE ENGINEERING LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
_________________________________________________________________________________________
Contents
Directors and other information
Accountants report
Balance sheet
Statement of changes in equity
Notes to the financial statements
KANE ENGINEERING LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
_________________________________________________________________________________________
Directors Mr Damien Kane
Mrs Michelle Mallon
Mr Peter Mallon
Secretary Michelle Mallon
Company number NI008195
Registered office Glenford Road
Newtownards
Co Down
BT23 4AU
Business address Glenford Road
Newtownards
Co Down
BT23 4AU
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Danske Bank
38 James Street
Cookstown
Co Tyrone
BT80 8LX
Solicitors CMG Solicitors
80 Main Street
Bangor
Co Down
KANE ENGINEERING LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KANE ENGINEERING LIMITED (CONTINUED)
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 financial statements of Kane Engineering Limited for the year ended 31 March 2023 which comprise the Balance Sheet, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Kane Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Kane Engineering Limited and state those matters that we have agreed to state to the board of directors of Kane Engineering Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kane Engineering Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kane Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kane Engineering Limited. You consider that Kane Engineering Limited 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 financial statements of Kane Engineering Limited. 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 financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
15 December 2023
KANE ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
31 MARCH 2023
_________________________________________________________________________________________
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 183,052 171,171
_______ _______
183,052 171,171
Current assets
Stocks 1,149,657 819,411
Debtors 6 1,269,862 1,389,212
Cash at bank and in hand 154,822 309,007
_______ _______
2,574,341 2,517,630
Creditors: amounts falling due
within one year 7 ( 1,679,405) ( 1,684,980)
_______ _______
Net current assets 894,936 832,650
_______ _______
Total assets less current liabilities 1,077,988 1,003,821
Creditors: amounts falling due
after more than one year 8 ( 330,587) ( 380,865)
_______ _______
Net assets 747,401 622,956
_______ _______
Capital and reserves
Called up share capital 28,571 28,571
Share premium account 81,429 81,429
Special reserve 55,000 55,000
Profit and loss account 582,401 457,956
_______ _______
Shareholders funds 747,401 622,956
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 December 2023 , and are signed on behalf of the board by:
Mr Damien Kane Mr Peter Mallon
Director Director
Company registration number: NI008195
KANE ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
_______________________________________________________________________________________
Called up share capital Share premium account Special reserve Profit and loss account Total
£ £ £ £ £
At 31 March 2022 28,571 81,429 55,000 345,795 510,795
Profit for the year 124,161 124,161
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 124,161 124,161
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 12,000) ( 12,000)
_______ _______ _______ _______ _______
At 31 March 2022 and 1 April 2022 28,571 81,429 55,000 457,956 622,956
Profit for the year 230,729 230,729
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 230,729 230,729
Dividends paid and payable ( 106,284) ( 106,284)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 106,284) ( 106,284)
_______ _______ _______ _______ _______
At 31 March 2023 28,571 81,429 55,000 582,401 747,401
_______ _______ _______ _______ _______
KANE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Kane Engineering Limited, Glenford Road, Newtownards, Co Down, BT23 4AU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10% & 20% Reducing balance / 10% Straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 35 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 256,200 159,769 53,089 469,058
Additions 1,978 19,905 16,995 38,878
Disposals ( 16,745) ( 75,062) ( 13,400) ( 105,207)
_______ _______ _______ _______
At 31 March 2023 241,433 104,612 56,684 402,729
_______ _______ _______ _______
Depreciation
At 1 April 2022 146,544 111,721 39,622 297,887
Charge for the year 5,088 12,188 7,438 24,714
Disposals ( 16,745) ( 74,197) ( 11,982) ( 102,924)
_______ _______ _______ _______
At 31 March 2023 134,887 49,712 35,078 219,677
_______ _______ _______ _______
Carrying amount
At 31 March 2023 106,546 54,900 21,606 183,052
_______ _______ _______ _______
At 31 March 2022 109,656 48,048 13,467 171,171
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,158,868 1,099,964
Other debtors 110,994 289,248
_______ _______
1,269,862 1,389,212
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 560,227 587,799
Trade creditors 899,259 942,570
Corporation tax 46,963 19,559
Social security and other taxes 124,733 71,766
Other creditors 48,223 63,286
_______ _______
1,679,405 1,684,980
_______ _______
The bank holds a floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 330,587 380,865
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Damien Kane ( 2,364) ( 15,120) ( 17,484)
Mr Peter & Mrs Michelle Mallon ( 15,565) 2,982 ( 12,583)
_______ _______ _______
( 17,929) ( 12,138) ( 30,067)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Damien Kane ( 894) ( 1,470) ( 2,364)
Mr Peter & Mrs Michelle Mallon ( 17,805) 2,240 ( 15,565)
_______ _______ _______
( 18,699) 770 ( 17,929)
_______ _______ _______