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Company registration number: NI015651
KILDRESS PLUMBING SUPPLIERS LIMITED
Unaudited filleted financial statements
31 March 2024
KILDRESS PLUMBING SUPPLIERS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
KILDRESS PLUMBING SUPPLIERS LIMITED
Directors and other information
Director Feargal Keenan
Desmond Keenan
Secretary Anne Keenan
Company number NI015651
Registered office 244 Drum Road
Cookstown
Co Tyrone
BT80 9HP
Business address 244 Drum Road
Cookstown
Co Tyrone
BT80 9PT
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
Bankers Bank of Ireland
32 James Street
Cookstown
Co Tyrone
BT80 8LU
Ulster Bank Limited
1/2 The Diamond
Monaghan
Co Monaghan
Solicitors Doris & Mc Mahon
63 James Street
Cookstown
Co.Tyrone
KILDRESS PLUMBING SUPPLIERS LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of KILDRESS PLUMBING SUPPLIERS LIMITED
Year ended 31 March 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 Kildress Plumbing Suppliers Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity 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 KILDRESS PLUMBING SUPPLIERS LIMITED, as a body, in accordance with the terms of our engagement letter dated 17 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of KILDRESS PLUMBING SUPPLIERS LIMITED 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 KILDRESS PLUMBING SUPPLIERS LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that Kildress Plumbing Suppliers Limited 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 Kildress Plumbing Suppliers Limited. You consider that Kildress Plumbing Suppliers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kildress Plumbing Suppliers Limited. 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.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
17 October 2024
KILDRESS PLUMBING SUPPLIERS LIMITED
Statement of financial position
31 March 2024
Restated
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 492,123 492,123
_______ _______
492,123 492,123
Current assets
Stocks 6 525,000 550,000
Debtors:
Amounts falling due within one year 7 65,283 165,184
Cash at bank and in hand 276,655 274,069
_______ _______
866,938 989,253
Creditors: amounts falling due
within one year 8 ( 658,733) ( 771,834)
_______ _______
Net current assets 208,205 217,419
_______ _______
Total assets less current liabilities 700,328 709,542
Creditors: amounts falling due
after more than one year 9 ( 147,600) ( 177,500)
Provisions for liabilities ( 28,342) ( 26,592)
_______ _______
Net assets 524,386 505,450
_______ _______
Capital and reserves
Called up share capital 11 2 2
Profit and loss account 524,384 505,448
_______ _______
Shareholders funds 524,386 505,450
_______ _______
For the year ending 31 March 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 financial statements for the year 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Feargal Keenan
Director
Company registration number: NI015651
KILDRESS PLUMBING SUPPLIERS LIMITED
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 2 501,036 501,038
Profit for the year 20,412 20,412
_______ _______ _______
Total comprehensive income for the year - 20,412 20,412
Dividends paid and payable ( 16,000) ( 16,000)
_______ _______ _______
Total investments by and distributions to owners - ( 16,000) ( 16,000)
At 31 March 2023 (as previously reported) 2 462,543 462,545
Prior period adjustments (-) 42,905 42,905
_______ _______ _______
At 31 March 2023 (restated) and 1 April 2023 2 505,448 505,450
Profit for the year 18,936 18,936
_______ _______ _______
Total comprehensive income for the year - 18,936 18,936
_______ _______ _______
At 31 March 2024 2 524,384 524,386
_______ _______ _______
KILDRESS PLUMBING SUPPLIERS LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Kildress Plumbing Suppliers Ltd, 244 Drum Road, Cookstown, Co Tyrone, BT80 9HP.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 2 % straight line
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 10/20% straight line
Motor vehicles - 20 % straight line
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.
The directors have critically reviewed the net book value of the fixed assets and have concluded that the carrying value is substantially less than their market value. As a result of their review no depreciation has been charged in the year ended 31 March 2024 and the depreciation charged in the year ended 31 March 2023 (£42,905) has been removed and the comparative figures have been restated.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 16 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 and 31 March 2024 590,939 58,972 784,629 23,610 1,458,150
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 and 31 March 2024 277,018 58,960 606,443 23,606 966,027
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 313,921 12 178,186 4 492,123
_______ _______ _______ _______ _______
At 31 March 2023 313,921 12 178,186 4 492,123
_______ _______ _______ _______ _______
6. Stocks
2024 2023
£ £
Goods for resale 525,000 550,000
_______ _______
7. Debtors
Debtors falling due within one year are as follows:
2024 2023
£ £
Trade debtors 48,067 157,998
Other debtors 17,216 7,186
_______ _______
65,283 165,184
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 192,275 166,895
Trade creditors 392,857 526,285
Corporation tax 5,662 -
Social security and other taxes 44,172 53,104
Other creditors 23,767 25,550
_______ _______
658,733 771,834
_______ _______
Bank borrowings are secured by :- 1. Premises at 244 Drum Road, Cookstown, Co. Tyrone 2. Assignment of life policies on the lives of Feargal Keenan and Jarlath Keenan 3. All monies debenture.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 47,500 77,500
Other creditors 100,100 100,000
_______ _______
147,600 177,500
_______ _______
10. Prior period adjustment
DepreciationThe directors have critically reviewed the net book value of the fixed assets and have concluded that the carrying value is substantially less than their market value. As a result of their review no depreciation has been charged in the year ended 31 March 2024 and the depreciation charged in the year ended 31 March 2023 (£42,905) has been removed and the comparative figures have been restated.
11. Called up share capital
Issued and called up
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 14,712
_______ _______