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Company registration number: NI014578
CLANKILVORAGH (HOLDINGS) LIMITED
Unaudited filleted financial statements
31 March 2024
CLANKILVORAGH (HOLDINGS) LIMITED
Contents
Accountants' report
Statement of financial position
Notes to the financial statements
CLANKILVORAGH (HOLDINGS) LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of CLANKILVORAGH (HOLDINGS) LIMITED
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clankilvoragh (Holdings) Limited for the year ended 31 March 2024 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 Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Clankilvoragh (Holdings) 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 Clankilvoragh (Holdings) Limited and state those matters that we have agreed to state to the board of directors of Clankilvoragh (Holdings) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clankilvoragh (Holdings) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Clankilvoragh (Holdings) 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 Clankilvoragh (Holdings) Limited. You consider that 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 Clankilvoragh (Holdings) 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.
Shriver Price & Co.
Chartered Accountants
49 Downshire Road
Newry
Co. Down
BT34 1 BA
2 July 2024
CLANKILVORAGH (HOLDINGS) LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 600,381 612,371
_______ _______
600,381 612,371
Current assets
Stocks 91,788 93,087
Debtors 6 935,349 1,004,725
Cash at bank and in hand 109,539 48,811
_________ _________
1,136,676 1,146,623
Creditors: amounts falling due
within one year 7 ( 458,255) ( 519,569)
_________ _________
Net current assets 678,421 627,054
_________ _________
Total assets less current liabilities 1,278,802 1,239,425
Provisions for liabilities ( 59,498) ( 48,053)
_________ _________
Net assets 1,219,304 1,191,372
_________ _________
Capital and reserves
Called up share capital 420 420
Profit and loss account 1,218,884 1,190,952
_________ _________
Shareholders funds 1,219,304 1,191,372
_________ _________
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 July 2024 , and are signed on behalf of the board by:
Trevor Knox Raymond Knox
Director Director
Company registration number: NI014578
CLANKILVORAGH (HOLDINGS) LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 91 Banbridge Road, Waringstown, Co. Down.
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 - 15 % reducing balance
Fittings, fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
5. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2023 682,699 31,573 124,581 838,853
Additions - 5,140 - 5,140
_______ _______ _______ _______
At 31 March 2024 682,699 36,713 124,581 843,993
_______ _______ _______ _______
Depreciation
At 1 April 2023 125,035 19,664 81,783 226,482
Charge for the year 8,153 2,557 6,420 17,130
_______ _______ _______ _______
At 31 March 2024 133,188 22,221 88,203 243,612
_______ _______ _______ _______
Carrying amount
At 31 March 2024 549,511 14,492 36,378 600,381
_______ _______ _______ _______
At 31 March 2023 557,664 11,909 42,798 612,371
_______ _______ _______ _______
Included in land and buildings is £150,000, attributable to land, in respect of which no depreciation has been provided.
6. Debtors
2024 2023
£ £
Trade debtors 21,936 17,729
Other debtors 913,413 986,996
_________ _______
935,349 1,004,725
_________ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 138,952 161,980
Corporation tax 13,920 19,040
Social security and other taxes 18,991 21,431
Other creditors 286,392 317,118
_______ _______
458,255 519,569
_______ _______