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COMPANY REGISTRATION NUMBER: NI622988
C.ROE CONTRACTS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
28 February 2023
C.Roe Contracts Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
C.Roe Contracts Limited
Directors and other information
Director Mr Christopher McLaughlin
Company number NI622988
Registered office 14 Church View
Limavady
Co Derry
BT49 0UY
Accountants PFS Accountants and Auditors Ltd
122 Main Street
Dungiven
Derry
BT47 4LG
C.Roe Contracts Limited
Report to the director on the preparation of the
unaudited statutory financial statements of C.Roe Contracts Limited
Year ended 28 February 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 C.Roe Contracts Limited for the year ended 28 February 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of C.Roe Contracts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C.Roe Contracts Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C.Roe Contracts Limited and its director as a body for our work or for this report.
It is your duty to ensure that C.Roe Contracts 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 C.Roe Contracts Limited. You consider that C.Roe Contracts 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 C.Roe Contracts 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.
PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Derry
BT47 4LG
16 January 2024
C.Roe Contracts Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 58,292 67,593
_______ _______
58,292 67,593
Current assets
Stocks 69,833 80,000
Debtors 6 14,728 70,533
Cash at bank and in hand 189,503 116,743
_______ _______
274,064 267,276
Creditors: amounts falling due
within one year 7 ( 61,248) ( 41,471)
_______ _______
Net current assets 212,816 225,805
_______ _______
Total assets less current liabilities 271,108 293,398
Creditors: amounts falling due
after more than one year 8 ( 23,333) ( 42,901)
Provisions for liabilities ( 11,076) ( 12,663)
_______ _______
Net assets 236,699 237,834
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 236,698 237,833
_______ _______
Shareholder funds 236,699 237,834
_______ _______
For the year ending 28 February 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 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 director acknowledges 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2024 , and are signed on behalf of the board by:
Mr Christopher McLaughlin
Director
Company registration number: NI622988
C.Roe Contracts Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 14 Church View, Limavady, Co Derry, BT49 0UY.
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 - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
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.
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 in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2022 127,378 999 128,377
Additions 14,171 1,260 15,431
_______ _______ _______
At 28 February 2023 141,549 2,259 143,808
_______ _______ _______
Depreciation
At 1 March 2022 59,968 816 60,784
Charge for the year 24,475 257 24,732
_______ _______ _______
At 28 February 2023 84,443 1,073 85,516
_______ _______ _______
Carrying amount
At 28 February 2023 57,106 1,186 58,292
_______ _______ _______
At 28 February 2022 67,410 183 67,593
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 7,800 52,180
Other debtors 6,928 18,353
_______ _______
14,728 70,533
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 -
Trade creditors 1,314 16,369
Corporation tax 8,316 13,306
Social security and other taxes 5,613 10,296
Other creditors 36,005 1,500
_______ _______
61,248 41,471
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 23,333 42,901
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Christopher McLaughlin ( 8,148) - 42,353 34,205
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Christopher McLaughlin ( 19,893) ( 25,255) 37,000 ( 8,148)
_______ _______ _______ _______