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2023-03-01
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Company registration number:
NI622749
Merall Contracts Ltd
Unaudited filleted abridged financial statements
29 February 2024
Merall Contracts Ltd
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Merall Contracts Ltd
Directors and other information
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Directors |
Mrs Lynne Quinn |
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Company number |
NI622749 |
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Registered office |
15 Mullalelish Road |
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|
Richhill |
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Co Armagh |
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BT61 9LZ |
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Business address |
15 Mullalelish Road |
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Richhill |
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Co Armagh |
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BT61 9LZ |
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Accountant |
Grace Gault |
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114 Ardmore Road |
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Derryadd |
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Lurgan |
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Co Armagh |
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BT66 6QP |
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Merall Contracts Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Merall Contracts Ltd
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Merall Contracts Ltd for the year ended 29 February 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland , I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Merall Contracts Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Merall Contracts Ltd and state those matters that we have agreed to state to the board of directors of Merall Contracts Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Merall Contracts Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Merall Contracts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Merall Contracts Ltd. You consider that Merall Contracts Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Merall Contracts Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Grace Gault
Chartered Accountant
114 Ardmore Road
Derryadd
Lurgan
Co Armagh
BT66 6QP
26 November 2024
Merall Contracts Ltd
Abridged statement of financial position
29 February 2024
|
|
|
2024 |
|
|
|
2023 |
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|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
530,814 |
|
|
|
391,042 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
530,814 |
|
|
|
391,042 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
24,883 |
|
|
|
14,335 |
|
|
Debtors |
|
|
1,992 |
|
|
|
107,010 |
|
|
Cash at bank and in hand |
|
|
12,864 |
|
|
|
39,434 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
39,739 |
|
|
|
160,779 |
|
|
Creditors: amounts falling due |
|
|
|
|
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|
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|
within one year |
|
|
(
90,084) |
|
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|
(
65,901) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
50,345) |
|
|
|
94,878 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
480,469 |
|
|
|
485,920 |
|
|
|
|
|
|
|
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Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
|
|
|
(
160,528) |
|
|
|
(
174,366) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
10,265) |
|
|
|
(
11,014) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
309,676 |
|
|
|
300,540 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
309,576 |
|
|
|
300,440 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
309,676 |
|
|
|
300,540 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
For the year ending 29 February 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
Mrs Lynne Quinn
Director
Company registration number:
NI622749
Merall Contracts Ltd
Statement of changes in equity
Year ended 29 February 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
At 1 March 2022 |
|
100 |
|
298,110 |
298,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
2,330 |
2,330 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
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|
Total comprehensive income for the year |
|
- |
|
2,330 |
2,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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|
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At 28 February 2023 and 1 March 2023 |
|
100 |
|
300,441
|
300,541
|
|
|
|
|
|
|
|
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|
|
|
|
|
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Profit for the year |
|
|
|
9,135 |
9,135 |
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|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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Total comprehensive income for the year |
|
- |
|
9,135 |
9,135 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
_______ |
|
_______ |
_______ |
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|
At 29 February 2024 |
|
100 |
|
309,576 |
309,676 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
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|
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Merall Contracts Ltd
Notes to the financial statements
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 15 Mullalelish Road, Richhill, Co Armagh, BT61 9LZ.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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:
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.
Work In Progress
The company recognises work in progress in repoect of the stage of completion of building projects which have not been invoiced at the reportiing date. This requires an estimation of the stage of completion of each particular project commenced but not complete at the reporting date. The carrying mount of closing inventoires and work in progress at 29 February 2024 is £24,833 (2023: £14,335)
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
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.
Staff costs
The average number of persons employed by the company during the year amounted to
4
(2023:
5
).
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
42,486 |
66,344 |
|
Other pension costs |
|
60 |
- |
|
|
|
_______ |
_______ |
|
|
|
42,546 |
66,344 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
452,834 |
|
|
|
|
|
|
|
Additions |
150,102 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 29 February 2024 |
602,936 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
61,787 |
|
|
|
|
|
|
|
Charge for the year |
10,335 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 29 February 2024 |
72,122 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 29 February 2024 |
530,814 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 28 February 2023 |
391,047
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mrs Lynne Quinn |
106,301 |
2,527 |
(
151,741) |
(
42,913) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mrs Lynne Quinn |
(
21,620) |
132,280 |
(
4,359) |
106,301 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|