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Registered number: NI649586
G Neely Construction Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
42a-44a New Row
Coleraine
BT52 1AF
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of G Neely Construction Ltd For The Year Ended 31 March 2023
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet as at year ended 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
13/03/2024
EM Accountants
Chartered Accountants
42a-44a New Row
Coleraine
BT52 1AF
Page 1
Page 2
Balance Sheet
Registered number: NI649586
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 35,000 42,000
Tangible Assets 5 34,277 36,786
69,277 78,786
CURRENT ASSETS
Stocks 6 137,020 140,000
Debtors 7 151,210 211,112
Cash at bank and in hand 42,198 21,082
330,428 372,194
Creditors: Amounts Falling Due Within One Year 8 (222,688 ) (322,175 )
NET CURRENT ASSETS (LIABILITIES) 107,740 50,019
TOTAL ASSETS LESS CURRENT LIABILITIES 177,017 128,805
Creditors: Amounts Falling Due After More Than One Year 9 (26,268 ) (35,995 )
NET ASSETS 150,749 92,810
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 150,748 92,809
SHAREHOLDERS' FUNDS 150,749 92,810
Page 2
Page 3
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gregory Neely
Director
13/03/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
G Neely Construction Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI649586 . The registered office is 42A - 44A New Row, Coleraine, BT52 1AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Construction 1 1
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2022 70,000
As at 31 March 2023 70,000
Amortisation
As at 1 April 2022 28,000
Provided during the period 7,000
As at 31 March 2023 35,000
Net Book Value
As at 31 March 2023 35,000
As at 1 April 2022 42,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2022 28,274 30,225 1,656 60,155
Additions 9,648 - - 9,648
Disposals (9,300 ) - - (9,300 )
As at 31 March 2023 28,622 30,225 1,656 60,503
Depreciation
As at 1 April 2022 7,082 14,632 1,655 23,369
Provided during the period 3,890 3,898 - 7,788
Disposals (4,931 ) - - (4,931 )
As at 31 March 2023 6,041 18,530 1,655 26,226
Net Book Value
As at 31 March 2023 22,581 11,695 1 34,277
As at 1 April 2022 21,192 15,593 1 36,786
6. Stocks
2023 2022
£ £
Work in progress 137,020 140,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 8,251 88,683
Prepayments and accrued income 126,742 122,259
VAT 16,217 -
Amounts owed by associates - 170
151,210 211,112
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 150,533 216,500
Bank loans and overdrafts 19,133 25,089
Corporation tax 21,257 28,775
Other taxes and social security 4,112 5,703
VAT - 5,798
Accruals and deferred income 10,749 30,136
Director's loan account 7,218 10,174
Amounts owed to associates 9,686 -
222,688 322,175
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 26,268 35,995
26,268 35,995
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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