Company Registration No. NI629460 (Northern Ireland)
Bradagh Interiors Ltd
Unaudited accounts
for the year ended 31 March 2024
Bradagh Interiors Ltd
Unaudited accounts
Contents
Bradagh Interiors Ltd
Company Information
for the year ended 31 March 2024
Directors
K Gallagher
K McMacken
Company Number
NI629460 (Northern Ireland)
Registered Office
33 Tracy's Way
Dungiven
Derry
County Derry
BT47 4JZ
Northern Ireland
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Bradagh Interiors Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
104,158
57,923
Investment property
460,092
460,092
Inventories
274,133
15,592
Cash at bank and in hand
196,796
300,814
Creditors: amounts falling due within one year
(325,442)
(122,215)
Net current assets
681,531
479,347
Total assets less current liabilities
1,245,781
997,362
Creditors: amounts falling due after more than one year
-
(2,867)
Net assets
1,245,781
994,495
Called up share capital
2
2
Profit and loss account
1,245,779
994,493
Shareholders' funds
1,245,781
994,495
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by
K Gallagher
Director
Company Registration No. NI629460
Bradagh Interiors Ltd
Notes to the Accounts
for the year ended 31 March 2024
Bradagh Interiors Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI629460. The registered office is 33 Tracy's Way, Dungiven, Derry, County Derry, BT47 4JZ, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss, including HMRC job retention scheme funding received.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its directors. Contributions payable are recognised in the profit and loss account when due.
The income statement for year ending 31 March 2023 includes an exceptional item in the sum of £248,388 in respect of refund of company pension contribution made in error. This is included within Other Opertating Income for the year.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Bradagh Interiors Ltd
Notes to the Accounts
for the year ended 31 March 2024
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stock and work-in-progress
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Assets held under hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding hire purchase obligation is treated in the balance sheet as a liability. The interest element of the obligations is charged to the profit and loss account over the period of the contract at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Charge for the year
29,875
Fair value at 1 April 2023
460,092
The company's investment property is stated at historical cost. The directors are of the opinion that there is no material difference between fair value and the amount included in the financial statements.
Bradagh Interiors Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
50,377
176,771
Accrued income and prepayments
2,580
1,166
Amounts falling due after more than one year
Amounts due from group undertakings etc.
400,000
-
Other debtors
64,266
66,529
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
68,804
7,350
Obligations under finance leases and hire purchase contracts
-
7,250
Trade creditors
130,227
47,965
Taxes and social security
92,425
31,670
Loans from directors
-
1,115
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
2,867
9
Transactions with related parties
During the year, the following transactions took place between the company and related parties.
In March 2024, Ikigae Ltd acquired the issued share capital of Bradagh Interiors Ltd. Ikigae Ltd is controlled by Mr K Gallagher and Mr K McMackin, who are also the directors of Bradagh Interiors Ltd.
During the year, Bradagh Interiors Ltd issued loans to Ikigae Ltd in the sum of £400,000. No interest is charged on these loans. The loan are owed to Bradagh Interiors Ltd as set out at note 8.
At the year-end date, an amount of £64,266 was owed from Rakk Group Ltd. The directors of Bradagh Interiors Ltd are also directors in Rakk Group Ltd. There is no interest charged on these loans.
The company is controlled by Ikigae Ltd by virtue of its ownership of 100% of the share capital of the company.
11
Post balance sheet events
After the year-end date, the company transferred investment properties to another company within the extended group.
Bradagh Interiors Ltd
Notes to the Accounts
for the year ended 31 March 2024
12
Average number of employees
During the year the average number of employees was 4 (2023: 4).