Core & Saw Ireland Ltd NI665426 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Other specialised construction activities not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true NI665426 2022-11-01 2023-10-31 NI665426 2023-10-31 NI665426 bus:OrdinaryShareClass1 2023-10-31 NI665426 core:RetainedEarningsAccumulatedLosses 2023-10-31 NI665426 core:ShareCapital 2023-10-31 NI665426 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 NI665426 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 NI665426 core:CurrentFinancialInstruments 2023-10-31 NI665426 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI665426 core:Non-currentFinancialInstruments 2023-10-31 NI665426 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 NI665426 core:FurnitureFittingsToolsEquipment 2023-10-31 NI665426 core:MotorVehicles 2023-10-31 NI665426 core:OtherPropertyPlantEquipment 2023-10-31 NI665426 bus:SmallEntities 2022-11-01 2023-10-31 NI665426 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI665426 bus:FullAccounts 2022-11-01 2023-10-31 NI665426 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI665426 bus:RegisteredOffice 2022-11-01 2023-10-31 NI665426 bus:Director1 2022-11-01 2023-10-31 NI665426 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 NI665426 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI665426 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI665426 core:MotorVehicles 2022-11-01 2023-10-31 NI665426 core:OfficeEquipment 2022-11-01 2023-10-31 NI665426 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 NI665426 core:PlantMachinery 2022-11-01 2023-10-31 NI665426 countries:AllCountries 2022-11-01 2023-10-31 NI665426 2022-10-31 NI665426 core:FurnitureFittingsToolsEquipment 2022-10-31 NI665426 core:MotorVehicles 2022-10-31 NI665426 core:OtherPropertyPlantEquipment 2022-10-31 NI665426 2021-11-01 2022-10-31 NI665426 2022-10-31 NI665426 bus:OrdinaryShareClass1 2022-10-31 NI665426 core:RetainedEarningsAccumulatedLosses 2022-10-31 NI665426 core:ShareCapital 2022-10-31 NI665426 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 NI665426 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 NI665426 core:CurrentFinancialInstruments 2022-10-31 NI665426 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 NI665426 core:Non-currentFinancialInstruments 2022-10-31 NI665426 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 NI665426 core:FurnitureFittingsToolsEquipment 2022-10-31 NI665426 core:MotorVehicles 2022-10-31 NI665426 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI665426

Core & Saw Ireland Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Core & Saw Ireland Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Core & Saw Ireland Ltd

Company Information

Director

Mr Christopher Lennox

Registered office

73 Melfort Drive
BELFAST
BT5 7FE

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Core & Saw Ireland Ltd

(Registration number: NI665426)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,350

29,197

Current assets

 

Debtors

5

39,022

39,058

Cash at bank and in hand

 

5,400

1,989

 

44,422

41,047

Creditors: Amounts falling due within one year

6

(18,448)

(18,967)

Net current assets

 

25,974

22,080

Total assets less current liabilities

 

45,324

51,277

Creditors: Amounts falling due after more than one year

6

(22,667)

(34,572)

Net assets

 

22,657

16,705

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

22,653

16,701

Total equity

 

22,657

16,705

For the financial year ending 31 October 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2024
 

.........................................

Mr Christopher Lennox
Director

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
73 Melfort Drive
BELFAST
BT5 7FE

These financial statements were authorised for issue by the director on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

33% reducing balance

Office Equipment

33% reducing balance

Motor Vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 4).

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

1,754

41,595

13,300

56,649

At 31 October 2023

1,754

41,595

13,300

56,649

Depreciation

At 1 November 2022

734

17,398

9,320

27,452

Charge for the year

215

8,319

1,313

9,847

At 31 October 2023

949

25,717

10,633

37,299

Carrying amount

At 31 October 2023

805

15,878

2,667

19,350

At 31 October 2022

1,020

24,197

3,980

29,197

5

Debtors

2023
£

2022
£

Trade debtors

32,341

30,620

Other debtors

6,681

8,438

39,022

39,058

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

4,259

7,522

HP and finance lease liabilities

 

7,842

7,937

Trade creditors

 

-

1,424

Corporation tax liability

 

548

-

Taxation and social security

 

5,470

1,438

Loans from directors

 

329

646

 

18,448

18,967

Due after one year

 

Loans and borrowings

8

9,266

13,235

Obligations under finance leases

 

13,401

21,337

 

22,667

34,572

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,259

4,259

Bank overdrafts

-

3,263

Hire purchase contracts

7,842

7,937

12,101

15,459

 

Core & Saw Ireland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,266

13,235

Hire purchase contracts

13,401

21,337

22,667

34,572