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REGISTERED NUMBER: NI006873 (Northern Ireland)















ULSTER CERAMICS LIMITED

Financial Statements for the Year Ended 31 December 2023






ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ULSTER CERAMICS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Patrick Durkan
Francis Raymond Hughes
WJ Henry
J Mullan





REGISTERED OFFICE: 29 Garvagh Road
Swatragh
Co. Londonderry
BT46 5QE





REGISTERED NUMBER: NI006873 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 16,984 13,896

CURRENT ASSETS
Stocks 6 90,615 89,857
Receivables: amounts falling due within
one year

7

1,036,694

1,028,846
Cash at bank and in hand 59,125 76,778
1,186,434 1,195,481
PAYABLES
Amounts falling due within one year 8 (52,486 ) (55,244 )
NET CURRENT ASSETS 1,133,948 1,140,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,150,932

1,154,133

PROVISIONS FOR LIABILITIES (965 ) -
NET ASSETS 1,149,967 1,154,133

CAPITAL AND RESERVES
Called up share capital 9 94,332 94,332
Other reserves 305,668 305,668
Retained earnings 749,967 754,133
SHAREHOLDERS' FUNDS 1,149,967 1,154,133

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 17 September 2024 and were signed on its behalf by:





J Mullan - Director


ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Ulster Ceramics 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.

The principle activity of the company was that of the retailing of ceramic ware.

2. STATEMENT OF COMPLIANCE

The financial statements of Ulster Ceramics Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis under the historical cost convention.

Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and 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.

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 machinery20% reducing balance
Motor vehicles20% reducing balance
Computer equipment20% 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

Inventories
Stocks 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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as cash, trade and other debtors, trade and other creditors, facilities and amounts owed by/to group undertakings and finance leases.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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.

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.

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.

Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings.

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.

ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Related party transactions
The company discloses transactions with related parties which are not wholly owned by the same group. It does not disclose transactions with members of the same group that are wholly owned.

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.

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 obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.

Finance Costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 January 2023 822,332 15,395 113,791 951,518
Additions 5,874 - - 5,874
At 31 December 2023 828,206 15,395 113,791 957,392
DEPRECIATION
At 1 January 2023 819,137 11,434 107,051 937,622
Charge for year 645 793 1,348 2,786
At 31 December 2023 819,782 12,227 108,399 940,408
NET BOOK VALUE
At 31 December 2023 8,424 3,168 5,392 16,984
At 31 December 2022 3,195 3,961 6,740 13,896

6. STOCKS
2023 2022
£ £
Finished goods 90,615 89,857

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 11,175 19,678
Amounts owed by group undertakings 1,000,140 1,006,140
Other receivables - 3,028
Prepayments and accrued income 25,379 -
1,036,694 1,028,846

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 6,367 11,640
Amounts owed to group undertakings 15,000 30,000
Taxation and social security 3,417 1,122
Other payables 27,702 12,482
52,486 55,244

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
94,332 Ordinary Shares 1 94,332 94,332

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

ULSTER CERAMICS LIMITED (REGISTERED NUMBER: NI006873)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's ultimate parent undertaking is Northern Counties Co-operative Enterprises Limited, which is incorporated in Northern Ireland. According to the register kept by the company, Northern Counties Co-operative Enterprises Limited has a 86% interest in the equity capital of Ulster Ceramics Limited at 31 December 2021. Copies of the financial statements of Northern Counties Co-operative Enterprises Limited are available from Garvagh Road, Swatragh, Co. Londonderry, BT46 5QE.

Northern Counties Co-operative Enterprises Limited is considered the smallest and largest group to consolidate these financial statements, however the group has availed of the exemption from the requirement to consolidate by virtue of Section 46(c) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, as the business of the society and that of the subsidiary are so different that they cannot reasonably be treated as a single undertaking.

12. POST BALANCE SHEET EVENTS

There have been no subsequent events that would materially impact these financial statements.