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REGISTERED NUMBER: NI057198 (Northern Ireland)













F J Charleton Building Contractors Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






F J Charleton Building Contractors Ltd (Registered number: NI057198)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 7


F J Charleton Building Contractors Ltd

Company Information
for the Year Ended 31 March 2024







Directors: Mr Alan Charleton
Mr Adrian Charleton
Mr William Charleton





Secretary: Mrs Hazel Charleton





Registered office: 7 Ballymartin Village
Kilkeel
Co Down
BT34 4AP





Registered number: NI057198 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

F J Charleton Building Contractors Ltd (Registered number: NI057198)

Statement of Financial Position
31 March 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 56,478 66,629

Current assets
Inventories 5 741,668 529,813
Receivables 6 19,496 24,948
Cash at bank 7 106,657 119,432
867,821 674,193
Payables
Amounts falling due within one year 8 (309,518 ) (195,427 )
Net current assets 558,303 478,766
Total assets less current liabilities 614,781 545,395

Payables
Amounts falling due after more than one
year

9

(113,057

)

(147,272

)

Provisions for liabilities 10 (14,120 ) (12,659 )
Net assets 487,604 385,464

Capital and reserves
Called up share capital 11 30 30
Retained earnings 487,574 385,434
Shareholders' funds 487,604 385,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:



Mr William Charleton - Director


F J Charleton Building Contractors Ltd (Registered number: NI057198)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

F J Charleton Building Contractors Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Office equipment - 15% on cost

Inventories
Work in progress is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

F J Charleton Building Contractors Ltd (Registered number: NI057198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

Work in progress
The company recognises work in progress in respect of the stage of completion of building projects which have not been invoiced at the reporting date. This requires an estimation of the stage of completion of each particular project commenced but not complete at the reporting date. The carrying amount of closing inventories and work in progress at 31 March 2024 was £741,668 (2023: £529,813).

3. Employees and directors

The average number of employees during the year was 15 (2023 - 16 ) .

F J Charleton Building Contractors Ltd (Registered number: NI057198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Property, plant and equipment
Fixtures
Plant and and Office
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 April 2023
and 31 March 2024 324,215 5,292 6,686 336,193
Depreciation
At 1 April 2023 259,328 5,116 5,120 269,564
Charge for year 9,733 26 392 10,151
At 31 March 2024 269,061 5,142 5,512 279,715
Net book value
At 31 March 2024 55,154 150 1,174 56,478
At 31 March 2023 64,887 176 1,566 66,629

5. Inventories
2024 2023
£ £
Work-in-progress 741,668 529,813

6. Receivables: amounts falling due within one year
2024 2023
£ £
Other receivables 19,496 24,948

7. Cash at bank
2024 2023
£ £
Cash at bank and in hand 106,657 119,432

8. Payables: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 35,243 35,506
Trade payables 103,795 70,070
Taxation and social security 106,731 34,904
Other payables 63,749 54,947
309,518 195,427

The bank holds security over the overdraft facility, the Demand Loan facility and performance bonds for DOE Road Services and NI Water Services as follows:
1) Freehold 1st Legal charge over 2 sites at Mountain Road, Kilkeel contained within Land Certificate Folio Number DN 67074, Co. Down and its associated assets
2) Freehold 1st Legal charge over the Development Site at Mountain Road, Kilkeel contained within Land Certificate Folio DN 181891, Co. Down and its associated assets
3) Debenture granted by FJ Charleton Building Contractors Limited

F J Charleton Building Contractors Ltd (Registered number: NI057198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. Payables: amounts falling due after more than one year
2024 2023
£ £
Bank loans 113,057 147,272

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 14,120 12,659

Deferred tax
£
Balance at 1 April 2023 12,659
Charge to Statement of income and retained earnings during year 1,461
Accelerated capital allowances
Balance at 31 March 2024 14,120

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10 Ordinary shares 1 30 30

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr Alan Charleton
Balance outstanding at start of year (13,371 ) 130,828
Amounts advanced 42,779 36,868
Amounts repaid (40,000 ) (181,067 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,592 ) (13,371 )

Mr David Charleton
Balance outstanding at start of year - 130,828
Amounts repaid - (130,828 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr Adrian Charleton
Balance outstanding at start of year (5,933 ) -
Amounts advanced 43,900 30,294
Amounts repaid (40,000 ) (36,227 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,033 ) (5,933 )

F J Charleton Building Contractors Ltd (Registered number: NI057198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


12. Directors' advances, credits and guarantees - continued

Mr William Charleton
Balance outstanding at start of year (6,226 ) -
Amounts advanced 43,900 30,296
Amounts repaid (40,000 ) (36,522 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,326 ) (6,226 )