Company registration number:
NI047235
Graham Construction (NI) Ltd
Unaudited filleted financial statements
31 August 2023
Graham Construction (NI) Ltd
Contents
Statement of financial position
Notes to the financial statements
Graham Construction (NI) Ltd
Statement of financial position
31 August 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
Fixed assets |
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Tangible assets |
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5 |
19,387 |
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25,770 |
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________ |
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________ |
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19,387 |
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25,770 |
Current assets |
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Stocks |
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5,000 |
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5,000 |
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Debtors |
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6 |
92,494 |
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73,059 |
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Cash at bank and in hand |
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268,969 |
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227,874 |
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________ |
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________ |
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366,463 |
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305,933 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
192,802) |
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(
208,723) |
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________ |
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________ |
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Net current assets |
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173,661 |
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97,210 |
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________ |
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________ |
Total assets less current liabilities |
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193,048 |
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122,980 |
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Provisions for liabilities |
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(
3,232) |
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(
4,896) |
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________ |
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________ |
Net assets |
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189,816 |
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118,084 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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189,814 |
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118,082 |
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________ |
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________ |
Shareholders funds |
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189,816 |
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118,084 |
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________ |
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________ |
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For the year ending 31 August 2023 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 August 2024
, and are signed on behalf of the board by:
Roger Graham
Director
Company registration number:
NI047235
Graham Construction (NI) Ltd
Notes to the financial statements
Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Grove Farm, 30 Grove Road, Dromara, Down, BT25 2NX.
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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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:
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Plant and machinery |
- |
20 % |
reducing balance |
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Fittings fixtures and equipment |
- |
20 % |
straight line |
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Motor vehicles |
- |
25 % |
reducing balance |
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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
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to be approximate to their book value. The company does not enter into derivative financial instruments.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
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Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 September 2022 and 31 August 2023 |
221,449 |
6,459 |
11,125 |
239,033 |
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________ |
________ |
________ |
________ |
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Depreciation |
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At 1 September 2022 |
200,350 |
5,308 |
7,605 |
213,263 |
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Charge for the year |
5,274 |
229 |
880 |
6,383 |
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________ |
________ |
________ |
________ |
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At 31 August 2023 |
205,624 |
5,537 |
8,485 |
219,646 |
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________ |
________ |
________ |
________ |
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Carrying amount |
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At 31 August 2023 |
15,825 |
922 |
2,640 |
19,387 |
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________ |
________ |
________ |
________ |
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At 31 August 2022 |
21,099 |
1,151 |
3,520 |
25,770 |
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________ |
________ |
________ |
________ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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64,494 |
73,059 |
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Other debtors |
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28,000 |
- |
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________ |
________ |
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92,494 |
73,059 |
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________ |
________ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Trade creditors |
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74,527 |
143,528 |
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Corporation tax |
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29,609 |
13,974 |
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Social security and other taxes |
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23,734 |
14,378 |
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Other creditors |
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64,932 |
36,843 |
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________ |
________ |
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192,802 |
208,723 |
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________ |
________ |
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8.
Directors advances, credits and guarantees
At the year end the directors were owed by the company £62,432 (2022 - £31,601). These loans are interest free and repayable on demand.
9.
Controlling party
The company is controlled by Mr R Graham and Mrs A Graham who each own 50% of the share capital.