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Registration number: NI630693

Dreamstone Contracts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Dreamstone Contracts Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Dreamstone Contracts Ltd

Company Information

Director

Mr M J McAteer

Registered office

60 Aghaloughan Road
Randalstown
Co Antrim
BT41 3JU

Accountants

D T Carson & Co.
Chartered Accountants
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

 

Dreamstone Contracts Ltd

(Registration number: NI630693)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

43,415

57,460

Current assets

 

Stocks

5

42,267

28,830

Debtors

6

3,326

3,106

Cash at bank and in hand

 

23,362

20,229

 

68,955

52,165

Creditors: Amounts falling due within one year

7

(77,091)

(73,311)

Net current liabilities

 

(8,136)

(21,146)

Total assets less current liabilities

 

35,279

36,314

Creditors: Amounts falling due after more than one year

7

(12,593)

(18,755)

Net assets

 

22,686

17,559

Capital and reserves

 

Retained earnings

22,686

17,559

Shareholders' funds

 

22,686

17,559

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 October 2024
 

.........................................
Mr M J McAteer
Director

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
60 Aghaloughan Road
Randalstown
Co Antrim
BT41 3JU

These financial statements were authorised for issue by the director on 1 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.The financial statements are prepared on a going concern basis.

The presentational currency of these financial statements is sterling and all amounts have been rounded to the
nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% Reducing Balance

Buildings

3% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Plant & Equipment
£

Total
£

Cost or valuation

At 1 May 2023

11,180

85,022

96,202

Disposals

-

(11,027)

(11,027)

At 30 April 2024

11,180

73,995

85,175

Depreciation

At 1 May 2023

-

38,742

38,742

Charge for the year

335

8,143

8,478

Eliminated on disposal

-

(5,460)

(5,460)

At 30 April 2024

335

41,425

41,760

Carrying amount

At 30 April 2024

10,845

32,570

43,415

At 30 April 2023

11,180

46,280

57,460

Included within the net book value of land and buildings above is £10,845 (2023 - £11,180) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

42,267

28,830

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

408

Other debtors

3,326

2,698

 

3,326

3,106

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

20,782

27,335

Taxation and social security

 

2,548

-

Accruals and deferred income

 

3,300

2,800

Other creditors

 

50,461

43,176

 

77,091

73,311

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,593

18,755

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

12,593

18,755

2024
£

2023
£

Current loans and borrowings

Bank borrowings

14,620

21,377

Finance lease liabilities

6,162

5,958

20,782

27,335

 

Dreamstone Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors.

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

489

2023

Key management
£

Amounts payable to related party

1,008

11

Parent and ultimate parent undertaking

The ultimate controlling party is Martin McAteer.