0 01/02/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI071518 2023-02-01 2024-01-31 NI071518 2024-01-31 NI071518 2023-01-31 NI071518 2022-02-01 2023-01-31 NI071518 2023-01-31 NI071518 2022-01-31 NI071518 core:PlantMachinery 2023-02-01 2024-01-31 NI071518 core:MotorVehicles 2023-02-01 2024-01-31 NI071518 bus:Director1 2023-02-01 2024-01-31 NI071518 core:PlantMachinery 2023-01-31 NI071518 core:MotorVehicles 2023-01-31 NI071518 core:PlantMachinery 2024-01-31 NI071518 core:MotorVehicles 2024-01-31 NI071518 core:WithinOneYear 2024-01-31 NI071518 core:WithinOneYear 2023-01-31 NI071518 core:ShareCapital 2024-01-31 NI071518 core:ShareCapital 2023-01-31 NI071518 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI071518 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI071518 core:PlantMachinery 2023-01-31 NI071518 core:MotorVehicles 2023-01-31 NI071518 bus:SmallEntities 2023-02-01 2024-01-31 NI071518 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 NI071518 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI071518 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI071518 bus:FullAccounts 2023-02-01 2024-01-31
Company registration number: NI071518
Carnanbane Building Contractors Limited
Trading as Carnanbane Building Contractors Limited
Unaudited filleted financial statements
31 January 2024
EF McCambridge & Co
Chartered Accountants, Chartered Tax Advisors
&
Registered Auditors
6 Bayview Terrace
Derry
BT48 7EE
Carnanbane Building Contractors Limited
Contents
Balance sheet
Notes to the financial statements
Carnanbane Building Contractors Limited
Balance sheet
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 222,926 115,318
_______ _______
222,926 115,318
Current assets
Stocks 49,385 147,737
Debtors 6 538,092 171,759
Cash at bank and in hand 105,245 239,707
_______ _______
692,722 559,203
Creditors: amounts falling due
within one year 7 ( 618,330) ( 509,932)
_______ _______
Net current assets 74,392 49,271
_______ _______
Total assets less current liabilities 297,318 164,589
_______ _______
Net assets 297,318 164,589
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 297,218 164,489
_______ _______
Shareholders funds 297,318 164,589
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
..................................................... .....................................................
MR DAMIEN MURPHY MR EUGENE MURPHY
Director Director
Company registration number: NI071518
Carnanbane Building Contractors Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in NORTHERN IRELAND. The address of the registered office is Carnanbane Building Contractors Limited, 78 Magheramore Road, Dungiven, BT47 4SP.
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.
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 - 15 % reducing balance
Motor vehicles - 15 % 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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 year amounted to Nil (2023: 4 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 February 2023 169,736 94,822 264,558
Additions 111,805 34,933 146,738
_______ _______ _______
At 31 January 2024 281,541 129,755 411,296
_______ _______ _______
Depreciation
At 1 February 2023 85,474 63,766 149,240
Charge for the year 28,782 10,348 39,130
_______ _______ _______
At 31 January 2024 114,256 74,114 188,370
_______ _______ _______
Carrying amount
At 31 January 2024 167,285 55,641 222,926
_______ _______ _______
At 31 January 2023 84,262 31,056 115,318
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 443,228 145,631
Other debtors 94,864 26,128
_______ _______
538,092 171,759
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 352,045 233,030
Corporation tax 36,151 18,902
Social security and other taxes 14,210 6,632
Other creditors 215,924 251,368
_______ _______
618,330 509,932
_______ _______
8. Directors advances, credits and guarantees
In the year there were no advances or credits granted by the company to the directors, nor were there any guarantees of any kind entered into by the company on behalf of the directors.