Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true49The principal activity of the company contued to be that of distribution and installation of kitchens and related activities.2023-01-01Errigal Contracts Group Limitedfalse44truefalse NI002438 2023-01-01 2023-12-31 NI002438 2022-01-01 2022-12-31 NI002438 2023-12-31 NI002438 2022-12-31 NI002438 c:Director1 2023-01-01 2023-12-31 NI002438 d:PlantMachinery 2023-01-01 2023-12-31 NI002438 d:PlantMachinery 2023-12-31 NI002438 d:PlantMachinery 2022-12-31 NI002438 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI002438 d:MotorVehicles 2023-01-01 2023-12-31 NI002438 d:MotorVehicles 2023-12-31 NI002438 d:MotorVehicles 2022-12-31 NI002438 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI002438 d:FurnitureFittings 2023-01-01 2023-12-31 NI002438 d:FurnitureFittings 2023-12-31 NI002438 d:FurnitureFittings 2022-12-31 NI002438 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI002438 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI002438 d:CurrentFinancialInstruments 2023-12-31 NI002438 d:CurrentFinancialInstruments 2022-12-31 NI002438 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI002438 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI002438 d:ShareCapital 2023-12-31 NI002438 d:ShareCapital 2022-12-31 NI002438 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI002438 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI002438 c:FRS102 2023-01-01 2023-12-31 NI002438 c:Audited 2023-01-01 2023-12-31 NI002438 c:FullAccounts 2023-01-01 2023-12-31 NI002438 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI002438 d:WithinOneYear 2023-12-31 NI002438 d:WithinOneYear 2022-12-31 NI002438 d:BetweenOneFiveYears 2023-12-31 NI002438 d:BetweenOneFiveYears 2022-12-31 NI002438 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI002438 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI002438










POTTER COWAN & COMPANY (BELFAST), LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
REGISTERED NUMBER: NI002438

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
137,918
124,985

  
137,918
124,985

Current assets
  

Stocks
  
1,410,642
1,438,101

Debtors: amounts falling due within one year
 5 
3,653,418
3,426,113

Cash at bank and in hand
 6 
179,675
101,257

  
5,243,735
4,965,471

Creditors: amounts falling due within one year
 7 
(1,574,301)
(1,769,933)

Net current assets
  
 
 
3,669,434
 
 
3,195,538

Total assets less current liabilities
  
3,807,352
3,320,523

Provisions for liabilities
  

Deferred tax
  
(24,759)
(31,246)

  
 
 
(24,759)
 
 
(31,246)

Net assets
  
3,782,593
3,289,277


Capital and reserves
  

Called up share capital 
  
20,204
20,204

Profit and loss account
  
3,762,389
3,269,073

  
3,782,593
3,289,277


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




Cormac McCloskey
Director

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Potter Cowan & Company (Belfast), Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 20 Duncrue Crescent, Belfast, Co. Antrim, Northern Ireland, BT3 9BW. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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 the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Page 3

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 44 (2022 - 49).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
89,341
339,734
187,565
616,640


Additions
-
-
47,415
47,415



At 31 December 2023

89,341
339,734
234,980
664,055



Depreciation


At 1 January 2023
71,833
243,846
175,976
491,655


Charge for the year on owned assets
12,985
19,178
2,319
34,482



At 31 December 2023

84,818
263,024
178,295
526,137



Net book value



At 31 December 2023
4,523
76,710
56,685
137,918



At 31 December 2022
17,508
95,888
11,589
124,985


5.


Debtors

2023
2022
£
£


Trade debtors
1,592,678
1,233,004

Amounts owed by group undertakings
1,993,616
1,860,223

Other debtors
47,868
230,453

Prepayments and accrued income
19,256
102,433

3,653,418
3,426,113


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Page 5

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
179,675
101,257

Less: bank overdrafts
-
(82,966)

179,675
18,291



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
82,966

Other loans
15,084
433,373

Trade creditors
1,135,173
901,655

Amounts owed to group undertakings
62,832
-

Corporation tax
140,591
91,741

Other taxation and social security
155,317
169,293

Accruals and deferred income
65,304
90,905

1,574,301
1,769,933


Bank overdrafts and other loans are secured by way of a fixed and floating charge over the asset of business. 
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £16,419 (2022 - £168,605). Contributions totalling £4,448 (2022 - £3,720) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
266,253
269,725

Later than 1 year and not later than 5 years
731,003
809,175

997,256
1,078,900

Page 6

 
POTTER COWAN & COMPANY (BELFAST), LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The immediate parent undertaking is Quartz Holdco Limited, a company registered in Northern Ireland.
The ultimate parent undertaking of the company is Errigal Contracts Group Limited, a company registered in the Republic of Ireland.
The smallest and largest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Group Limited, a company incorporated in the Republic of Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
Mr Damien Treanor and Mr Cormac McCloskey are considered to be the ultimate controlling parties by virtue of their shareholding in the parent company.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Teresa Campbell (Senior Statutory Auditor) on behalf of AAB Group Accountants Limited.


Page 7