2023-01-01 NI050830 2023-12-31 NI050830 2023-01-01 2023-12-31 NI050830 2022-12-31 NI050830 2022-01-01 2022-12-31 NI050830 uk-core:WithinOneYear 2022-12-31 NI050830 uk-core:WithinOneYear 2023-12-31 NI050830 uk-core:AfterOneYear 2022-12-31 NI050830 uk-core:AfterOneYear 2023-12-31 NI050830 uk-core:ShareCapital 2023-12-31 NI050830 uk-core:ShareCapital 2022-12-31 NI050830 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI050830 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI050830 uk-bus:Director1 2023-01-01 2023-12-31 NI050830 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI050830 uk-core:ComputerEquipment 2023-01-01 2023-12-31 NI050830 uk-core:CommercialMotorVehicles 2023-01-01 2023-12-31 NI050830 uk-core:FurnitureFittings 2023-01-01 2023-12-31 NI050830 uk-core:ComputerEquipment 2022-12-31 NI050830 uk-core:FurnitureFittings 2022-12-31 NI050830 uk-core:CommercialMotorVehicles 2022-12-31 NI050830 uk-core:PlantMachinery 2022-12-31 NI050830 uk-core:CommercialMotorVehicles 2023-12-31 NI050830 uk-core:FurnitureFittings 2023-12-31 NI050830 uk-core:ComputerEquipment 2023-12-31 NI050830 uk-core:PlantMachinery 2023-12-31 NI050830 uk-core:WithinOneYear 2023-12-31 NI050830 uk-core:WithinOneYear 2022-12-31 NI050830 uk-core:AfterOneYear uk-core:Secured 2023-12-31 NI050830 uk-core:AfterOneYear uk-core:Secured 2022-12-31 iso4217:GBP xbrli:pure NI050830 uk-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI050830 uk-bus:FRS102 2023-01-01 2023-12-31 NI050830 uk-bus:FilletedAccounts 2023-01-01 2023-12-31 NI050830 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Iron Designs (Armagh) Limited
Registered Number:NI050830
For the year ended 31 December 2023
Northern Ireland
Unaudited Financial Statements
2
For the year ended 31 December 2023
Iron Designs (Armagh) Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
NI050830
As at 31 December 2023
Iron Designs (Armagh) Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
97,453
101,024
2
97,453
101,024
Current assets
Inventories
86,982
77,186
3
Trade and other receivables
32,040
34,068
4
200
Cash and cash equivalents
200
111,454
119,222
Trade and other payables: amounts falling due within one
year
(96,885)
(99,016)
5
22,337
12,438
Net current assets
Total assets less current liabilities
109,891
123,361
Trade and other payables: amounts falling due after more
than one year
(57,258)
(25,777)
6
84,114
Net assets
66,103
Capital and reserves
Called up share capital
20,002
20,002
Retained earnings
64,112
46,101
84,114
66,103
Shareholders' funds
For the year ended 31 December 2023 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 of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Paul McKeown Director
These financial statements were approved and authorised for issue by the Board on 14 August 2024 and were signed by:
The notes form part of these financial statements
1 of 4
4
For the year ended 31 December 2023
Iron Designs (Armagh) Limited
Notes to the Financial Statements
Statutory Information
Iron Designs (Armagh) Limited is a private limited company, limited by shares, domiciled in Northern Ireland,
registration number NI050830.
Registered address:
80 Drumahean Road
Middletown
Armagh
BT60 3QG
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
10 Reducing balance
20 Reducing balance
Computer Equipment
25 Reducing balance
Motor Vehicles
20 Reducing balance
Furniture and Fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
2 of 4
5
For the year ended 31 December 2023
Iron Designs (Armagh) Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Furniture and
Fittings
Motor
Vehicles
Plant and
Machinery
£
£
£
£
£
Cost or
valuation
At 01 January 2023
250,509
10,804
10,710
72,232
156,763
9,750
-
-
-
9,750
Additions
At 31 December 2023
72,232
10,710
10,804
260,259
166,513
Provision for depreciation and impairment
At 01 January 2023
149,485
8,035
8,399
54,870
78,181
Charge for year
13,321
554
462
3,472
8,833
At 31 December 2023
162,806
8,589
8,861
58,342
87,014
At 31 December 2023
Net book value
79,499
13,890
1,849
2,215
97,453
At 31 December 2022
78,582
17,362
2,311
2,769
101,024
3. Inventories
2022
2023
£
£
Stocks
77,186
86,982
4. Trade and other receivables
2022
2023
£
£
Trade debtors
34,068
32,040
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
17,302
7,462
Trade creditors
41,261
43,119
Taxation and social security
5,364
205
Other creditors
35,089
46,099
99,016
96,885
3 of 4
6
For the year ended 31 December 2023
Iron Designs (Armagh) Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
25,777
35,651
Other creditors
-
21,607
25,777
57,258
7. Average number of persons employed
During the year the average number of employees was 8 (2022 : 8)
4 of 4