BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Digger work and site preparation within the construction industry. 29 October 2024 20 22 NI622146 2024-01-31 NI622146 2023-01-31 NI622146 2022-01-31 NI622146 2023-02-01 2024-01-31 NI622146 2022-02-01 2023-01-31 NI622146 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI622146 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI622146 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI622146 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI622146 uk-core:ShareCapital 2024-01-31 NI622146 uk-core:ShareCapital 2023-01-31 NI622146 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI622146 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI622146 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI622146 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI622146 uk-bus:FRS102 2023-02-01 2024-01-31 NI622146 uk-core:PlantMachinery 2023-02-01 2024-01-31 NI622146 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI622146 uk-core:CurrentFinancialInstruments 2024-01-31 NI622146 uk-core:CurrentFinancialInstruments 2023-01-31 NI622146 uk-core:WithinOneYear 2024-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:WithinOneYear 2024-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:WithinOneYear 2024-01-31 NI622146 uk-core:WithinOneYear 2023-01-31 NI622146 uk-core:AfterOneYear 2024-01-31 NI622146 uk-core:AfterOneYear 2023-01-31 NI622146 uk-core:AfterOneYear 2024-01-31 NI622146 uk-core:AfterOneYear 2023-01-31 NI622146 uk-core:BetweenTwoFiveYears 2024-01-31 NI622146 uk-core:BetweenTwoFiveYears 2023-01-31 NI622146 uk-core:BetweenOneFiveYears 2024-01-31 NI622146 uk-core:BetweenOneFiveYears 2023-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2023-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI622146 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI622146 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI622146 uk-core:OtherDeferredTax 2024-01-31 NI622146 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI622146 uk-core:OtherMiscellaneousReserve 2024-01-31 NI622146 2023-02-01 2024-01-31 NI622146 uk-bus:Director1 2023-02-01 2024-01-31 NI622146 uk-bus:Director2 2023-02-01 2024-01-31 NI622146 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI622146
 
 
J & K Contracts Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



J & K Contracts Limited
Company Registration Number: NI622146
BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 924,254 749,520
───────── ─────────
 
Current Assets
Stocks 5 36,895 14,330
Debtors 6 51,736 335,673
Cash and cash equivalents 972,226 770,528
───────── ─────────
1,060,857 1,120,531
───────── ─────────
Creditors: amounts falling due within one year 7 (338,246) (443,461)
───────── ─────────
Net Current Assets 722,611 677,070
───────── ─────────
Total Assets less Current Liabilities 1,646,865 1,426,590
 
Creditors:
amounts falling due after more than one year 8 (93,778) (91,236)
 
Provisions for liabilities 9 (209,774) (152,318)
───────── ─────────
Net Assets 1,343,313 1,183,036
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 1,343,311 1,183,034
───────── ─────────
Equity attributable to owners of the company 1,343,313 1,183,036
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 29 October 2024 and signed on its behalf by
           
           
________________________________          
Kevin McCullagh          
Director          
           
           
________________________________
Jarleth Loughran
Director
           



J & K Contracts Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
J & K Contracts Limited is a company limited by shares incorporated in Northern Ireland. 7 Beaghbeg Road, Cookstown, Co Tyrone, BT80 9PE is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet 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 Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. 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.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Dividends
Dividends paid and received are included in the Company financial statements in the period in which the related dividends are actually paid or received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 20, (2023 - 22).
 
  2024 2023
  Number Number
 
Total 20 22
  ═════════ ═════════
         
4. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost or Valuation
At 1 February 2023 1,353,764 11,969 1,365,733
Additions 345,890 3,258 349,148
Disposals (27,500) - (27,500)
  ───────── ───────── ─────────
At 31 January 2024 1,672,154 15,227 1,687,381
  ───────── ───────── ─────────
Depreciation
At 1 February 2023 610,045 6,168 616,213
Charge for the financial year 162,026 1,388 163,414
On disposals (16,500) - (16,500)
  ───────── ───────── ─────────
At 31 January 2024 755,571 7,556 763,127
  ───────── ───────── ─────────
Net book value
At 31 January 2024 916,583 7,671 924,254
  ═════════ ═════════ ═════════
At 31 January 2023 743,719 5,801 749,520
  ═════════ ═════════ ═════════
           
4.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 462,933 66,859 265,472 33,232
  ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 36,895 14,330
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 46,790 305,615
Taxation 4,946 30,058
  ───────── ─────────
  51,736 335,673
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,345 10,345
Net obligations under finance leases
and hire purchase contracts 67,977 56,290
Trade creditors 106,241 235,884
Taxation 25,494 13,032
Directors' current accounts 65,257 52,825
Other creditors 11,292 11,292
Accruals:
Pension accrual 217 462
Other accruals 51,423 63,331
  ───────── ─────────
  338,246 443,461
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 20,689 31,034
Finance leases and hire purchase contracts 73,089 60,202
  ───────── ─────────
  93,778 91,236
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 10,345 10,345
Repayable between two and five years 20,689 31,034
  ───────── ─────────
  31,034 41,379
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 67,977 56,290
Repayable between one and five years 73,089 60,202
  ───────── ─────────
  141,066 116,492
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 152,318 152,318 142,731
Charged to profit and loss 57,456 57,456 9,587
  ───────── ───────── ─────────
At financial year end 209,774 209,774 152,318
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
   
11. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.