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Company registration number:
NI606275
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Unaudited filleted financial statements
29 February 2024
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Directors and other information
|
|
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|
Director |
Mr Leon Loughran |
|
|
|
|
|
|
|
Company number |
NI606275 |
|
|
|
|
|
|
|
Registered office |
36 Beaghbeg Road |
|
|
Cookstown |
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Co Tyrone |
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|
BT80 9PE |
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|
|
|
|
|
Business address |
36 Beaghbeg Road |
|
|
Cookstown |
|
|
Co Tyrone |
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|
BT80 9PE |
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|
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|
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|
|
Accountants |
Corr & Corr |
|
|
2nd Floor |
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|
The Cornmill |
|
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Coalisland |
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Tyrone |
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|
BT71 4LP |
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|
Bankers |
Bank of Ireland |
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|
32 James Street |
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Cookstown |
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Co Tyrone |
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BT80 8LU |
|
|
|
|
|
Danske Bank |
|
|
South Business Centre |
|
|
45-48 High Street |
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|
Portadown |
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|
Armagh |
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|
BT62 1LB |
|
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|
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Loughdoo Aggregates & Concrete (Ballymena) Ltd
Period ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loughdoo Aggregates & Concrete (Ballymena) Ltd for the period ended 29 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Loughdoo Aggregates & Concrete (Ballymena) Ltd, as a body, in accordance with the terms of our engagement letter dated 1 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Loughdoo Aggregates & Concrete (Ballymena) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loughdoo Aggregates & Concrete (Ballymena) Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Loughdoo Aggregates & Concrete (Ballymena) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loughdoo Aggregates & Concrete (Ballymena) Ltd. You consider that Loughdoo Aggregates & Concrete (Ballymena) Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Loughdoo Aggregates & Concrete (Ballymena) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Corr & Corr
Chartered Accountants
2nd Floor
The Cornmill
Coalisland
Tyrone
BT71 4LP
19 August 2024
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Statement of financial position
29 February 2024
|
|
|
29/02/24 |
|
|
|
28/02/23 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
43,837 |
|
|
|
58,448 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
43,837 |
|
|
|
58,448 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
54,635 |
|
|
|
58,452 |
|
|
Debtors |
|
6 |
4,430,596 |
|
|
|
4,159,506 |
|
|
Cash at bank and in hand |
|
|
280,741 |
|
|
|
294,560 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
4,765,972 |
|
|
|
4,512,518 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
2,871,843) |
|
|
|
(
2,805,071) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,894,129 |
|
|
|
1,707,447 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,937,966 |
|
|
|
1,765,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,937,966 |
|
|
|
1,765,895 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
1,937,965 |
|
|
|
1,765,894 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
1,937,966 |
|
|
|
1,765,895 |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
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|
For the period ending 29 February 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 August 2024
, and are signed on behalf of the board by:
Mr Leon Loughran
Director
Company registration number:
NI606275
Loughdoo Aggregates & Concrete (Ballymena) Ltd
Notes to the financial statements
Period ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 36 Beaghbeg Road, Cookstown, Co Tyrone, BT80 9PE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company made a healthy profit during the year ended 29th February 2024 and at that date the Company's assets exceeded its liabilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information avaliable at the time that those estimates, assumptions and judgements are made. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
4
(2023:
3
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At and 29 February 2024 |
122,380 |
63,117 |
185,497 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At |
87,371 |
39,677 |
127,048 |
|
|
|
|
|
Charge for the year |
8,752 |
5,860 |
14,612 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 29 February 2024 |
96,123 |
45,537 |
141,660 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 29 February 2024 |
26,257 |
17,580 |
43,837 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
35,009 |
23,440 |
58,449
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
29/02/24 |
28/02/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
3,048,596 |
2,963,974 |
|
Other debtors |
|
1,382,000 |
1,195,532 |
|
|
|
_______ |
_______ |
|
|
|
4,430,596 |
4,159,506 |
|
|
|
_______ |
_______ |
|
|
|
|
|
LD Aggregates Ltd is a company which is owned and operated by Company Director,
Mr Leon Loughran
. LD Aggregates Ltd have been advanced a working capital loan by Loughdoo Aggregates & Concrete Ballymena Ltd. At the Year End a balance of £2,839,216 is owed (2023:£2,902,012). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand.Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to LDL Haulage, a haulage business in which company director & shareholder Mr Leon Loughran
is proprietor. The loan outstanding at the year end was £744,471 (2023:£ 655,471). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand. Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to LDL Aggregates Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £392,738 (2023:£ 243,738). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demandLoughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to Coleraine Care Home Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £110,000 (2023:£110,000l). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to Nicholson House Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £Nil (2023:£5,000). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand
7.
Creditors: amounts falling due within one year
|
|
|
29/02/24 |
28/02/23 |
|
|
|
£ |
£ |
|
Trade creditors |
|
2,728,965 |
2,779,112 |
|
Corporation tax |
|
23,480 |
23,229 |
|
Social security and other taxes |
|
7,740 |
265 |
|
Other creditors |
|
111,658 |
2,465 |
|
|
|
_______ |
_______ |
|
|
|
2,871,843 |
2,805,071 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Loughdoo Aggregates & Concrete Ballymena Ltd, an associated company of LD Aggregates Ltd, have accrued £2,839,216 for goods supplied by LD Aggregates Ltd. (2023: £2,902,012) This is included within Trade Creditors.
8.
Directors advances, credits and guarantees
|
During the period the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 29/02/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Leon Loughran |
- |
(
6,646) |
(
6,646) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Year ended 28/02/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Leon Loughran |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
9.
Related party transactions
LD Aggregates Ltd is a company which is owned and operated by Company Director,
Mr Leon Loughran
. LD Aggregates Ltd have been advanced a working capital loan by Loughdoo Aggregates & Concrete Ballymena Ltd. At the Year End a balance of £2,839,216 is owed (2023:£2,902,012). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand.Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to LDL Haulage, a haulage business in which company director & shareholder Mr Leon Loughran
is proprietor. The loan outstanding at the year end was £744,471 (2023:£ 655,471). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand. Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to LDL Aggregates Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £392,738 (2023:£ 243,738). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demandLoughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to Coleraine Care Home Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £110,000 (2023:£110,000l). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand Loughdoo Aggregates & Concrete Ballymena Ltd have advanced a working capital loan to Nicholson House Ltd, a company which Mr Leon Loughran
is a director & shareholder. The loan outstanding at the year end was £Nil (2023:£5,000). The funds have been forwarded to the company without interest being charged and without a set repayment term. Monies are repayable on demand At the financial year end the company owes Mr Leon Loughran
£6,646 (2023:£Nil).The company has also paid a dividend to Mr Leon Loughran
during the financial year of £Nil (2023: £ Nil).
10.
Controlling party
Ultimate Controlling Interest rests with Director & Shareholder Mr Leon Loughran.