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REGISTERED NUMBER: NI049862 (Northern Ireland)















CANAVAN CONSTRUCTION LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CANAVAN CONSTRUCTION LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Denis Canavan
Michelle Canavan





REGISTERED OFFICE: 133A Shore Road
Ballyronan
Magherafelt
Co. Londonderry
BT45 6JA





REGISTERED NUMBER: NI049862 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)

Statement of Financial Position
31 MARCH 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 24,000 28,000
Property, plant and equipment 6 72,941 72,232
96,941 100,232

CURRENT ASSETS
Inventories 232,475 346,840
Receivables 7 85,043 5,722
Cash at bank 633,254 804,839
950,772 1,157,401
PAYABLES
Amounts falling due within one year 8 (489,288 ) (707,163 )
NET CURRENT ASSETS 461,484 450,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

558,425

550,470

PAYABLES
Amounts falling due after more than
one year

9

(27,938

)

(33,302

)

PROVISIONS FOR LIABILITIES (13,858 ) (13,724 )
NET ASSETS 516,629 503,444

CAPITAL AND RESERVES
Called up share capital 35,000 35,000
Retained earnings 481,629 468,444
516,629 503,444

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps 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 Sections 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.

CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)

Statement of Financial Position - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





Denis Canavan - Director


CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Canavan Construction Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty five years.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant
and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery25% Reducing Balance
Fixtures and fittings25% Reducing Balance
Motor Vehicles25% Reducing Balance


The carrying values of property, plant and equipment are reviewed annually for impairment in
periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank
overdrafts. Bank overdrafts are shown within current liabilities.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 100,000
AMORTISATION
At 1 April 2023 72,000
Amortisation for year 4,000
At 31 March 2024 76,000
NET BOOK VALUE
At 31 March 2024 24,000
At 31 March 2023 28,000

CANAVAN CONSTRUCTION LIMITED (REGISTERED NUMBER: NI049862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 April 2023 146,620 24,139 90,234 260,993
Additions 28,000 - - 28,000
Disposals - - (8,700 ) (8,700 )
At 31 March 2024 174,620 24,139 81,534 280,293
DEPRECIATION
At 1 April 2023 111,377 11,378 66,006 188,761
Charge for year 17,174 3,190 5,766 26,130
Eliminated on disposal - - (7,539 ) (7,539 )
At 31 March 2024 128,551 14,568 64,233 207,352
NET BOOK VALUE
At 31 March 2024 46,069 9,571 17,301 72,941
At 31 March 2023 35,243 12,761 24,228 72,232

7. RECEIVABLES
2024 2023
£ £
Trade receivables 80,411 610
Other receviables 4,632 5,112
85,043 5,722

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,663 10,668
Hire purchase contracts (see note 10) 7,430 8,697
Trade payables 281,176 299,958
Taxation and social security 135,734 111,700
Other payables 54,285 276,140
489,288 707,163

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 12,609 22,540
Hire purchase contracts (see note 10) 15,329 10,762
27,938 33,302

10. LEASING AGREEMENTS

Hire purchase liabilities are secured on the assets to which they relate.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end a balance of £46,378 (2023: £104,177) was owed to the directors by the company.