Registered number
NI073689
Lir Construction Limited
Unaudited Financial Statements
for the year ended
31 January 2024
Lir Construction Limited
Registered number: NI073689
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 80,329 77,756
Current assets
Stocks 351,800 356,200
Debtors 4 76,071 23,404
Cash at bank and in hand 994,696 951,149
1,422,567 1,330,753
Creditors: amounts falling due within one year 5 (610,884) (611,309)
Net current assets 811,683 719,444
Total assets less current liabilities 892,012 797,200
Provisions for liabilities (20,082) (19,439)
Net assets 871,930 777,761
Capital and reserves
Called up share capital 6 6
Profit and loss account 871,924 777,755
Shareholders' funds 871,930 777,761
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Liam Mone
Director
Approved by the Board on 25 October 2024
Lir Construction Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Office equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 February 2023 259,648 77,735 5,767 343,150
Additions 950 24,000 1,951 26,901
Disposals - (10,000) - (10,000)
At 31 January 2024 260,598 91,735 7,718 360,051
Depreciation
At 1 February 2023 197,178 62,969 5,247 265,394
Charge for the year 15,855 6,839 225 22,919
On disposals - (8,591) - (8,591)
At 31 January 2024 213,033 61,217 5,472 279,722
Net book value
At 31 January 2024 47,565 30,518 2,246 80,329
At 31 January 2023 62,470 14,766 520 77,756
4 Debtors 2024 2023
£ £
Trade debtors 50,000 382
Other debtors 26,071 23,022
76,071 23,404
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 31,356 65,902
Taxation and social security costs 51,433 57,360
Other creditors 528,095 488,047
610,884 611,309
6 Other information
Lir Construction Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: Stony Brae, Upper Darkley Road, Keady, Co.Armagh, BT60 3RE
Lir Construction Limited NI073689 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 Liam Mone No description of principal activity NI073689 2022-02-01 2023-01-31 NI073689 core:WithinOneYear 2023-01-31 NI073689 core:ShareCapital 2023-01-31 NI073689 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI073689 2023-02-01 2024-01-31 NI073689 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI073689 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI073689 bus:Director40 2023-02-01 2024-01-31 NI073689 1 2023-02-01 2024-01-31 NI073689 2 2023-02-01 2024-01-31 NI073689 core:LandBuildings 2023-02-01 2024-01-31 NI073689 core:PlantMachinery 2023-02-01 2024-01-31 NI073689 core:Vehicles 2023-02-01 2024-01-31 NI073689 countries:England 2023-02-01 2024-01-31 NI073689 bus:FRS102 2023-02-01 2024-01-31 NI073689 bus:FilletedAccounts 2023-02-01 2024-01-31 NI073689 2024-01-31 NI073689 core:WithinOneYear 2024-01-31 NI073689 core:ShareCapital 2024-01-31 NI073689 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI073689 core:LandBuildings 2024-01-31 NI073689 core:PlantMachinery 2024-01-31 NI073689 core:Vehicles 2024-01-31 NI073689 2023-01-31 NI073689 core:LandBuildings 2023-01-31 NI073689 core:PlantMachinery 2023-01-31 NI073689 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure