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Company registration number: NI037339
Alastair McHenry Construction Limited
Unaudited filleted financial statements
31 March 2024
Alastair McHenry Construction Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Alastair McHenry Construction Limited
Directors and other information
Directors Mr Alastair McHenry
Mrs Joan McHenry
Mr Mark McHenry
Mr Shane McHenry
Secretary Mrs Joan McHenry
Company number NI037339
Registered office 38 Dunamallaght Road
Ballycastle
Co. Antrim
BT54 6PB
Business address 38 Dunamallaght Road
Ballycastle
Co. Antrim
BT54 6PB
Accountant Mark Kilgore & Co.
82 Castle Street
Ballycastle
Co. Antrim
BT54 6AR
Bankers Danske Bank
24-26 Ann Street
Ballycastle
Co. Antrim
BT54 6AD
Solicitors Campbell & Co.
84 Castle Street
Ballycastle
Co. Antrim
BT54 6AR
Alastair McHenry Construction Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Alastair McHenry Construction Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Alastair McHenry Construction Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland , I am 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 Alastair McHenry Construction Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Alastair McHenry Construction Limited and state those matters that we have agreed to state to the board of directors of Alastair McHenry Construction 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, I do not accept or assume responsibility to anyone other than Alastair McHenry Construction Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Alastair McHenry Construction 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 Alastair McHenry Construction Limited. You consider that Alastair McHenry Construction Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Alastair McHenry Construction Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Mark Kilgore & Co.
Chartered Accountants
82 Castle Street
Ballycastle
Co. Antrim
BT54 6AR
20 August 2024
Alastair McHenry Construction Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 99,448 96,304
_______ _______
99,448 96,304
Current assets
Stocks 1,273,770 1,350,270
Debtors 6 438,866 41,450
Cash at bank and in hand 1,358,114 1,611,614
_______ _______
3,070,750 3,003,334
Creditors: amounts falling due
within one year 7 ( 135,971) ( 171,728)
_______ _______
Net current assets 2,934,779 2,831,606
_______ _______
Total assets less current liabilities 3,034,227 2,927,910
_______ _______
Net assets 3,034,227 2,927,910
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,034,226 2,927,909
_______ _______
Shareholder funds 3,034,227 2,927,910
_______ _______
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 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr Alastair McHenry
Director
Company registration number: NI037339
Alastair McHenry Construction 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 38 Dunamallaght Road, Ballycastle, Co. Antrim, BT54 6PB.
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 % 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. 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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 229,456 56,500 285,956
Additions 28,006 - 28,006
_______ _______ _______
At 31 March 2024 257,462 56,500 313,962
_______ _______ _______
Depreciation
At 1 April 2023 169,920 19,732 189,652
Charge for the year 17,508 7,354 24,862
_______ _______ _______
At 31 March 2024 187,428 27,086 214,514
_______ _______ _______
Carrying amount
At 31 March 2024 70,034 29,414 99,448
_______ _______ _______
At 31 March 2023 59,536 36,768 96,304
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 365,660 20,000
Other debtors 73,206 21,450
_______ _______
438,866 41,450
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 59,329 83,092
Corporation tax 67,658 44,608
Social security and other taxes 2,484 5,166
Other creditors 6,500 38,862
_______ _______
135,971 171,728
_______ _______
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 365,660 20,000
Other debtors 43,965 8,900
Cash at bank and in hand 1,358,114 1,611,614
_______ _______
1,767,739 1,640,514
_______ _______
Financial liabilities measured at amortised cost
Trade creditors 59,329 83,092
Other creditors (-) 2,991
_______ _______
59,329 86,083
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Alastair McHenry ( 2,991) 3,435 - 444
Mr Mark McHenry - 25,000 ( 2,740) 22,260
Mr Shane McHenry - 12,361 - 12,361
_______ _______ _______ _______
( 2,991) 40,796 ( 2,740) 35,065
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Alastair McHenry ( 156,698) - 153,707 ( 2,991)
Mr Mark McHenry - - - -
Mr Shane McHenry - - - -
_______ _______ _______ _______