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Registration number: NI029527

Harte & Eakin (Contractors) NI Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Harte & Eakin (Contractors) NI Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Harte & Eakin (Contractors) NI Limited

Company Information

Directors

Mr William Harte

Mr Darron Harte

Company secretary

Mr Darron Harte

Registered office

48 Cloyfin Road
Coleraine
BT52 2NY

Solicitors

Anderson Gillan Barr
41 New Row
Coleraine
BT52 1AE

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Harte & Eakin (Contractors) NI Limited

(Registration number: NI029527)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

340,399

368,488

Current assets

 

Stocks

5

104,995

70,223

Debtors

6

161,293

243,624

Cash at bank and in hand

 

41,512

88,691

 

307,800

402,538

Creditors: Amounts falling due within one year

7

(189,479)

(299,489)

Net current assets

 

118,321

103,049

Total assets less current liabilities

 

458,720

471,537

Creditors: Amounts falling due after more than one year

7

-

(8,466)

Provisions for liabilities

(3,160)

(6,089)

Net assets

 

455,560

456,982

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

455,558

456,980

Total equity

 

455,560

456,982

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................

Mr Darron Harte
Company secretary and director

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
48 Cloyfin Road
Coleraine
BT52 2NY

These financial statements were authorised for issue by the Board on 28 March 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.

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations on future events. Recognised amounts of construction contract revenues and related receivables reflect management's best estimate of each contract's outcome and stage of completion and includes the assessment of the profitability of ongoing construction contracts.

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 and 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.

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land and buildings

2% straight line

Plant and machinery

15% - 20% reducing balance

Motor vehicles

20% straight line

Fixtures and fittings

33% 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.

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.

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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.

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.

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

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.

Defined contribution pension obligation

The company operates a defined contribution scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties investments in non-puttable shares.
 Recognition and measurement
Debt instruments (other than wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, if objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and best estimate and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported at the balance sheet date when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 21).

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

373,936

14,324

318,004

225,167

931,431

Disposals

-

-

(18,350)

-

(18,350)

At 31 March 2023

373,936

14,324

299,654

225,167

913,081

Depreciation

At 1 April 2022

44,790

14,324

289,222

214,607

562,943

Charge for the year

7,549

-

18,514

2,026

28,089

Eliminated on disposal

-

-

(18,350)

-

(18,350)

At 31 March 2023

52,339

14,324

289,386

216,633

572,682

Carrying amount

At 31 March 2023

321,597

-

10,268

8,534

340,399

At 31 March 2022

329,146

-

28,782

10,560

368,488

Included within the net book value of land and buildings above is £321,597 (2022 - £329,146) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

104,995

70,223

6

Debtors

2023
£

2022
£

Trade debtors

118,922

232,734

Prepayments

20,880

2,368

Other debtors

21,491

8,522

161,293

243,624

 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

8,908

13,780

HP and finance lease liabilities

 

8,466

20,094

Trade creditors

 

140,573

193,488

Corporation tax liability

 

6,333

6,458

Taxation and social security

 

7,219

47,604

Other creditors

 

1,250

1,282

Accruals and deferred income

 

16,730

16,783

 

189,479

299,489

Due after one year

 

Obligations under finance leases

 

-

8,466

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Harte & Eakin (Contractors) NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

8,908

13,780

Hire purchase contracts

8,466

20,094

17,374

33,874

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

8,466