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REGISTERED NUMBER: NI046740 (Northern Ireland)















BRENDAN LOUGHRAN & SONS LTD

Financial Statements for the Year Ended 31 December 2023






BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)






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


BRENDAN LOUGHRAN & SONS LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Brendan Loughran
Dermot Loughran
Eunan Loughran
Enda Loughran
Eilis Donnelly



REGISTERED OFFICE: 134 Termon Road
Carrickmore
Omagh
Co. Tyrone
BT79 9JU



REGISTERED NUMBER: NI046740 (Northern Ireland)



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



BANKERS: AIB Business Current Acocunt
2-4 East Bridge Street
Enniskillen
Fermanagh
BT74 7BT



SOLICITORS: Logan & Corry
24 Dublin Road
Omagh
Co. Tyrone
BT78 1HE

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - 27,167
Property, plant and equipment 6 845,051 849,507
845,051 876,674

CURRENT ASSETS
Inventories 7 999,129 488,936
Receivables: amounts falling due within
one year

8

3,841,140

3,400,361
Cash at bank and in hand 14,739 111,888
4,855,008 4,001,185
PAYABLES
Amounts falling due within one year 9 (2,964,602 ) (2,114,771 )
NET CURRENT ASSETS 1,890,406 1,886,414
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,735,457

2,763,088

PAYABLES
Amounts falling due after more than
one year

10

(499,251

)

(688,709

)

PROVISIONS FOR LIABILITIES 13 (201,342 ) (147,466 )
NET ASSETS 2,034,864 1,926,913

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 2,034,764 1,926,813
SHAREHOLDERS' FUNDS 2,034,864 1,926,913

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 23 September 2024 and were signed on its behalf by:




Enda Loughran - Director



Dermot Loughran - Director


BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

1. STATUTORY INFORMATION

Brendan Loughran & Sons Ltd is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is GBP sterling (£).

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 accounts are prepared on a going concern basis under the historical cost convention modified when necessary to include the revaluation of certain fixed assets. The accounting policies outlined below have been applied consistently throughout the year.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimates, judgements and assumptions are necessarily applied are summarised below:

Work in Progress:
Work in Progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provisions are made for any foreseeable losses where appropriate. Management review the status of contracts on a regular basis in order to identify those contracts deemed to be loss making. No element of profit is included in the valuation of Work in Progress.

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

3. ACCOUNTING POLICIES - continued

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 significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services and contracting
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 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.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows;

Plant and machinery12.5% straight line
Fixtures & Fittings25% straight line
Motor Vehicles12.5% straight line

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.

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.


BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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 represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into the reporting currency at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into the reporting currency at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Property, plant and equipment held under Hire Purchase and leasing arrangement which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

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.

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 deductions, net of tax, from the proceeds.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 41 ).

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 543,378
AMORTISATION
At 1 January 2023 516,211
Amortisation for year 27,167
At 31 December 2023 543,378
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 27,167

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 January 2023 1,897,377 41,823 111,794 2,050,994
Additions 209,314 - - 209,314
Disposals (4,700 ) - (37,000 ) (41,700 )
At 31 December 2023 2,101,991 41,823 74,794 2,218,608
DEPRECIATION
At 1 January 2023 1,100,086 39,514 61,887 1,201,487
Charge for year 204,101 983 8,099 213,183
Eliminated on disposal (4,113 ) - (37,000 ) (41,113 )
At 31 December 2023 1,300,074 40,497 32,986 1,373,557
NET BOOK VALUE
At 31 December 2023 801,917 1,326 41,808 845,051
At 31 December 2022 797,291 2,309 49,907 849,507

Included above are assets held under finance leases or hire purchase contracts as follows:

2023202320222022

Carrying
Amount
Depreciation
Charge
Carrying
Amount
Depreciation
Charge
£   £   £   £   
Plant and machinery484,19586,181442,892122,375
Motor vehicles33,8095,91239,7215,912

7. INVENTORIES
2023 2022
£ £
Raw materials 276,913 161,507
Work-in-progress 722,216 327,429
999,129 488,936

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 2,211,969 2,113,223
Amounts owed by group undertakings 1,257,095 1,085,380
Amounts owed by related parties 78,156 78,156
Other debtors 293,920 123,602
3,841,140 3,400,361

The amounts owed by group and related party undertakings are unsecured, interest free and repayable on demand.

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 11)
646,892

470,072
Hire purchase contracts (see note 12) 137,938 116,618
Trade payables 1,336,104 836,323
Amounts owed to group undertakings 679,588 594,237
Taxation and social security 97,531 37,890
Other payables 66,549 59,631
2,964,602 2,114,771

Amounts owed to group undertakings are interest free and repayable on demand.

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 11) 259,580 410,617
Hire purchase contracts (see note 12) 239,671 278,092
499,251 688,709

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 34,130 -

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 552,072 377,072
Bank loans 94,820 93,000
646,892 470,072

Amounts falling due between one and two years:
Bank loans - 1-2 years 74,238 93,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 151,212 317,617

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 34,130 -

The bank loan and overdraft has been secured by way of fixed and floating charge over the assets of the company.

BRENDAN LOUGHRAN & SONS LTD (REGISTERED NUMBER: NI046740)

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

12. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 137,938 116,618
Between one and five years 239,671 278,092
377,609 394,710

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

13. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 174,834 147,466
Other provisions 26,508 -
201,342 147,466

Deferred tax
£
Balance at 1 January 2023 147,466
Charge to Income Statement during year 27,368
Balance at 31 December 2023 174,834

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary 1 100 100

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

The Auditors' Report was unqualified.

Mr. Desmond Kelly FCA (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. The amounts owed by related parties relates to BLS Partnership £78,156 (2022: £78,156).

17. ULTIMATE CONTROLLING PARTY

BLS Holdings Ltd is regarded by the directors as being the Company's immediate and ultimate
parent company. The shareholders of BLS Holdings Ltd are considered to be the ultimate
controlling party.