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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
22,667
10,793
2,455
13,248
9,419
11,874
xbrli:pure
xbrli:shares
iso4217:GBP
NI047292
2022-07-01
2023-06-30
NI047292
2023-06-30
NI047292
2022-06-30
NI047292
2021-07-01
2022-06-30
NI047292
2022-06-30
NI047292
2021-06-30
NI047292
core:PlantMachinery
2022-07-01
2023-06-30
NI047292
bus:Director1
2022-07-01
2023-06-30
NI047292
bus:Director4
2022-07-01
2023-06-30
NI047292
core:PlantMachinery
2022-06-30
NI047292
core:PlantMachinery
2023-06-30
NI047292
core:WithinOneYear
2023-06-30
NI047292
core:WithinOneYear
2022-06-30
NI047292
core:ShareCapital
2023-06-30
NI047292
core:ShareCapital
2022-06-30
NI047292
core:RetainedEarningsAccumulatedLosses
2023-06-30
NI047292
core:RetainedEarningsAccumulatedLosses
2022-06-30
NI047292
core:PlantMachinery
2022-06-30
NI047292
bus:SmallEntities
2022-07-01
2023-06-30
NI047292
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
NI047292
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
NI047292
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
NI047292
bus:FullAccounts
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
NI047292
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
5 |
|
9,419 |
11,874 |
|
|
|
|
|
Current assets
Debtors |
6 |
577,305 |
|
699,905 |
Cash at bank and in hand |
79,008 |
|
10,173 |
|
--------- |
|
--------- |
|
656,313 |
|
710,078 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
50,145 |
|
110,546 |
|
--------- |
|
--------- |
Net current assets |
|
606,168 |
599,532 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
615,587 |
611,406 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,574 |
1,574 |
|
|
--------- |
--------- |
Net assets |
|
614,013 |
609,832 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
614,011 |
609,830 |
|
|
--------- |
--------- |
Shareholder funds |
|
614,013 |
609,832 |
|
|
--------- |
--------- |
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
-
The member has 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
.
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2024
, and are signed on behalf of the board by:
Mr A Shields |
Mr C Shields |
Director |
Director |
|
|
Company registration number:
NI047292
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in N. Ireland. The address of the registered office is 196 Seacon Road, Ballymoney, Co Antrim, N. Ireland, BT53 6PZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts invoiced and aggregate sales contracts entered into during the year exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & Machinery |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company applies the Amortised Cost Basis of Accounting in accordance with IAS 39 in measuring Financial Assets and Liabilities.A financial asset or a financial liability is recognised only when the entity 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. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 1 July 2022 and 30 June 2023 |
22,667 |
22,667 |
|
-------- |
-------- |
Depreciation |
|
|
At 1 July 2022 |
10,793 |
10,793 |
Charge for the year |
2,455 |
2,455 |
|
-------- |
-------- |
At 30 June 2023 |
13,248 |
13,248 |
|
-------- |
-------- |
Carrying amount |
|
|
At 30 June 2023 |
9,419 |
9,419 |
|
-------- |
-------- |
At 30 June 2022 |
11,874 |
11,874 |
|
-------- |
-------- |
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
66,091 |
41,976 |
Other debtors |
511,214 |
657,929 |
|
--------- |
--------- |
|
577,305 |
699,905 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,565 |
42,377 |
Corporation tax |
27,539 |
27,539 |
Social security and other taxes |
6,911 |
16,651 |
Other creditors |
14,130 |
23,979 |
|
-------- |
--------- |
|
50,145 |
110,546 |
|
-------- |
--------- |
|
|
|
8.
Security
In February 2021 GF construction Limited entered into a unlimited cross-company guarantee with CN Developments Limited, Veragh Developments Limited, Inver Properties Limited, Streamvale Developments Limited & Sharmont Properties Limited.
9.
Deferred tax
There are losses available to set against future profits but a deferred tax provision has not been recognised for this as it is not certain when profits might arise in the future.
10.
Directors' advances, credits and guarantees
There was a balance owing brought forward from directors of £65,977.14. This amount was repaid in full during the year. Interest was being charged on the outstanding amount at the official rate. There was a balance owing brought forward from the son of the director of £126,376.95. This amount was repaid in full during the year. Interest was being charged on the outstanding amount at the official rate. There is a balance due from the son of a director of £1,892 at the year end.
11.
Related party transactions
During the year Veragh Developments Limited repaid an amount of £62,000 which was owing from the previous year. Management services in the amount of £55,000 were provided to Veragh Developments Limited during the year. This amount is outstanding at the year end. Veragh Developments Limited is a company controlled by the directors. During the year the company repaid £17.74 to Sharmont Properties Limited in respect of expenses paid on behalf of the company. Sharmont Properties Limited is a company controlled by the directors. During the year CN Developments Limited provided management services in the amount of £7,500 to the company. This is outstanding at the year end. CN Developments Limited is the parent company of the company. During the year Inver Properties Limited repaid an amount of £62,000. The net balance owing from Inver properties Limited at the year end is £158,500. Inver Properties Limited is a company controlled by the directors.
12.
Controlling party
GF Construction Limited
is a wholly owned subsidiary of CN Developments Limited
, a company incorporated in Northern Ireland with a registered office at 196 Seacon Road, Ballymoney, Co Antrim, BT53 6PZ.