Acorah Software Products - Accounts Production 14.5.601 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 NI049607 Mrs Helen Kernohan Mr Davis Kernohan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI049607 2023-02-28 NI049607 2024-02-28 NI049607 2023-03-01 2024-02-28 NI049607 frs-core:CurrentFinancialInstruments 2024-02-28 NI049607 frs-core:FurnitureFittings 2024-02-28 NI049607 frs-core:FurnitureFittings 2023-03-01 2024-02-28 NI049607 frs-core:FurnitureFittings 2023-02-28 NI049607 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 NI049607 frs-core:MotorVehicles 2024-02-28 NI049607 frs-core:MotorVehicles 2023-03-01 2024-02-28 NI049607 frs-core:MotorVehicles 2023-02-28 NI049607 frs-core:PlantMachinery 2024-02-28 NI049607 frs-core:PlantMachinery 2023-03-01 2024-02-28 NI049607 frs-core:PlantMachinery 2023-02-28 NI049607 frs-core:OtherReservesSubtotal 2024-02-28 NI049607 frs-core:ShareCapital 2024-02-28 NI049607 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 NI049607 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 NI049607 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 NI049607 frs-bus:SmallEntities 2023-03-01 2024-02-28 NI049607 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 NI049607 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 NI049607 frs-bus:Director1 2023-03-01 2024-02-28 NI049607 frs-bus:Director1 2023-02-28 NI049607 frs-bus:Director1 2024-02-28 NI049607 frs-bus:Director2 2023-03-01 2024-02-28 NI049607 frs-countries:NorthernIreland 2023-03-01 2024-02-28 NI049607 2022-02-28 NI049607 2023-02-28 NI049607 2022-03-01 2023-02-28 NI049607 frs-core:CurrentFinancialInstruments 2023-02-28 NI049607 frs-core:OtherReservesSubtotal 2023-02-28 NI049607 frs-core:ShareCapital 2023-02-28 NI049607 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: NI049607
Kernohan Construction Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Boyd & Co
10B Buckna Road
Broughshane
Ballymena
BT42 4NJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI049607
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 46,131 8,290
46,131 8,290
CURRENT ASSETS
Stocks 5 45,000 200,000
Debtors 6 15,336 25,762
Cash at bank and in hand 180,557 29,627
240,893 255,389
Creditors: Amounts Falling Due Within One Year 7 (26,826 ) (41,040 )
NET CURRENT ASSETS (LIABILITIES) 214,067 214,349
TOTAL ASSETS LESS CURRENT LIABILITIES 260,198 222,639
NET ASSETS 260,198 222,639
CAPITAL AND RESERVES
Called up share capital 8 4 4
Other reserves (3,216 ) -
Profit and Loss Account 263,410 222,635
SHAREHOLDERS' FUNDS 260,198 222,639
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Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Davis Kernohan
Director
29 March 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kernohan Construction Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI049607 . The registered office is 109 Rathkeel Road, Broughshane, Ballymena, Antrim, BT42 4QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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. 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:
Freehold 0
Plant & Machinery 10%
Motor Vehicles 10%
Fixtures & Fittings 25
Depreciation is provided at 10% reducing balance
2.4. 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.
2.5. 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 year 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.
...CONTINUED
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2.5. Taxation - continued
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 asset reflects 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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 41,402 11,452 (287 ) 52,567
Additions 26,774 16,150 - 42,924
As at 28 February 2024 68,176 27,602 (287 ) 95,491
Depreciation
As at 1 March 2023 34,201 10,754 (678 ) 44,277
Provided during the period 3,398 1,685 - 5,083
As at 28 February 2024 37,599 12,439 (678 ) 49,360
Net Book Value
As at 28 February 2024 30,577 15,163 391 46,131
As at 1 March 2023 7,201 698 391 8,290
5. Stocks
2024 2023
£ £
Long term contracts 45,000 200,000
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 11,296 21,653
VAT - 4,109
Directors' loan accounts 4,040 -
15,336 25,762
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,590 16,342
Corporation tax 13,149 20,683
Other taxes and social security - 200
VAT 587 -
Accruals and deferred income 2,500 2,500
Directors' loan accounts - 1,315
26,826 41,040
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors: Mr D Kernohan
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Davis Kernohan - 4,039 - - 4,039
The above loan is unsecured, interest free and repayable on demand.
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