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Registration number: NI630693

Dreamstone Contracts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Dreamstone Contracts Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Dreamstone Contracts Ltd

Company Information

Director

Mr M J McAteer

Registered office

60 Aghaloughan Road
Randalstown
Co Antrim
BT41 3JU

Accountants

D T Carson & Co.
Chartered Accountants
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

 

Dreamstone Contracts Ltd

(Registration number: NI630693)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

57,460

69,018

Current assets

 

Stocks

5

28,830

35,338

Debtors

6

3,107

3,293

Cash at bank and in hand

 

20,229

3,207

 

52,166

41,838

Creditors: Amounts falling due within one year

7

(73,312)

(84,477)

Net current liabilities

 

(21,146)

(42,639)

Total assets less current liabilities

 

36,314

26,379

Creditors: Amounts falling due after more than one year

7

(18,755)

(13,698)

Net assets

 

17,559

12,681

Capital and reserves

 

Retained earnings

17,559

12,681

Shareholders' funds

 

17,559

12,681

For the financial year ending 30 April 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.

Approved and authorised by the director on 10 April 2024
 

.........................................
Mr M J McAteer
Director

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
60 Aghaloughan Road
Randalstown
Co Antrim
BT41 3JU

These financial statements were authorised for issue by the director on 10 April 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.The financial statements are prepared on a going concern basis.

The presentational currency of these financial statements is sterling and all amounts have been rounded to the
nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

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.

 

Dreamstone Contracts Ltd

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

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.

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 company assesses at each reporting date whether tangible fixed assets are impaired.

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 equipment

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.

 

Dreamstone Contracts Ltd

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

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).

 

Dreamstone Contracts Ltd

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

4

Tangible assets

Land and buildings
£

Plant & Equipment
£

Total
£

Cost or valuation

At 1 May 2022

11,180

88,132

99,312

Additions

-

12,500

12,500

Disposals

-

(15,610)

(15,610)

At 30 April 2023

11,180

85,022

96,202

Depreciation

At 1 May 2022

-

30,294

30,294

Charge for the year

-

11,570

11,570

Eliminated on disposal

-

(3,122)

(3,122)

At 30 April 2023

-

38,742

38,742

Carrying amount

At 30 April 2023

11,180

46,280

57,460

At 30 April 2022

11,180

57,838

69,018

Included within the net book value of land and buildings above is £11,180 (2022 - £11,180) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

28,830

35,338

6

Debtors

Current

2023
£

2022
£

Trade debtors

408

-

Other debtors

2,699

3,293

 

3,107

3,293

 

Dreamstone Contracts Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

27,335

31,230

Trade creditors

 

-

1,625

Accruals and deferred income

 

2,800

3,750

Other creditors

 

43,177

47,872

 

73,312

84,477

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,755

13,698

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

18,755

13,698

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,377

27,970

Finance lease liabilities

5,958

3,260

27,335

31,230

 

Dreamstone Contracts Ltd

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

10

Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors.

11

Parent and ultimate parent undertaking

The ultimate controlling party is Martin McAteer.