Registered number
NI072241
Kilbroney Timber Frame Ltd
Unaudited Filleted Accounts
31 December 2023
Kilbroney Timber Frame Ltd
Registered number: NI072241
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 287,863 232,201
Current assets
Stocks 10,000 10,000
Debtors 4 84,248 162,828
Cash at bank and in hand 299,847 54,691
394,095 227,519
Creditors: amounts falling due within one year 5 (529,742) (370,436)
Net current liabilities (135,647) (142,917)
Total assets less current liabilities 152,216 89,284
Creditors: amounts falling due after more than one year 6 (42,098) (54,207)
Net assets 110,118 35,077
Capital and reserves
Called up share capital 2 2
Profit and loss account 110,116 35,075
Shareholders' funds 110,118 35,077
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Edward Cooper
Director
Approved by the board on 20 February 2024
Kilbroney Timber Frame Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 40,000 566,370 488,387 1,094,757
Additions - 21,891 151,988 173,879
Disposals - (8,700) - (8,700)
At 31 December 2023 40,000 579,561 640,375 1,259,936
Depreciation
At 1 January 2023 20,000 476,244 366,312 862,556
Charge for the year 2,000 43,936 72,281 118,217
On disposals - (8,700) - (8,700)
At 31 December 2023 22,000 511,480 438,593 972,073
Net book value
At 31 December 2023 18,000 68,081 201,782 287,863
At 31 December 2022 20,000 90,126 122,075 232,201
4 Debtors 2023 2022
£ £
Trade debtors - 9
Amounts owed from connected companies - 108,657
VAT 61,277 31,324
Other debtors 22,971 22,838
84,248 162,828
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,232 11,232
Trade creditors 276,337 338,857
Amounts owed to connected companies 147,916 -
Corporation tax 51,777 -
Other taxes and social security costs 8,293 8,293
Other creditors 34,187 12,054
529,742 370,436
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,197 28,982
Grants receivable 22,901 25,225
42,098 54,207
7 Other information
Kilbroney Timber Frame Ltd is a private company limited by shares and incorporated in Northern Ireland
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