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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI042758
2023-04-01
2024-03-31
NI042758
2024-03-31
NI042758
2023-03-31
NI042758
2022-04-01
2023-03-31
NI042758
2023-03-31
NI042758
2022-03-31
NI042758
core:MotorVehicles
2023-04-01
2024-03-31
NI042758
bus:Director1
2023-04-01
2024-03-31
NI042758
core:MotorVehicles
2023-03-31
NI042758
core:MotorVehicles
2024-03-31
NI042758
core:WithinOneYear
2024-03-31
NI042758
core:WithinOneYear
2023-03-31
NI042758
core:AfterOneYear
2024-03-31
NI042758
core:AfterOneYear
2023-03-31
NI042758
core:ShareCapital
2024-03-31
NI042758
core:ShareCapital
2023-03-31
NI042758
core:RetainedEarningsAccumulatedLosses
2024-03-31
NI042758
core:RetainedEarningsAccumulatedLosses
2023-03-31
NI042758
core:MotorVehicles
2023-03-31
NI042758
bus:SmallEntities
2023-04-01
2024-03-31
NI042758
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
NI042758
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
NI042758
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
NI042758
bus:FullAccounts
2023-04-01
2024-03-31
NI042758
core:ComputerEquipment
2023-04-01
2024-03-31
NI042758
core:ComputerEquipment
2024-03-31
NI042758
core:ComputerEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
NI042758
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
34,075 |
41,125 |
|
|
|
|
|
Current assets
Stocks |
477,633 |
|
477,633 |
Debtors |
6 |
3,303 |
|
4,438 |
Cash at bank and in hand |
23,972 |
|
27,147 |
|
--------- |
|
--------- |
|
504,908 |
|
509,218 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
10,779 |
|
10,779 |
|
--------- |
|
--------- |
Net current assets |
|
494,129 |
498,439 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
528,204 |
539,564 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
15,172 |
22,170 |
|
|
--------- |
--------- |
Net assets |
|
513,032 |
517,394 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
517,001 |
517,001 |
Profit and loss account |
|
(
3,969) |
393 |
|
|
--------- |
--------- |
Shareholders funds |
|
513,032 |
517,394 |
|
|
--------- |
--------- |
|
|
|
|
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 statement of income and retained earnings has not been delivered.
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.
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
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2024
, and are signed on behalf of the board by:
Company registration number:
NI042758
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Church Place, Lurgan, Co. Armagh, BT66 6EU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having adequate funds to meet their obligations as they fall due. The validity of this assumption depends on: i) the continued support of the company's bankers; ii) the continued support of the company's shareholders; iii) an improvement in market conditions. In the light of current residential property market conditions and associated funding issues, the directors have reviewed the company's activities and are of the opinion that the company will remain viable over the medium term and that any additional funding requirement which may arise, can be adequately addressed. Consequently, they are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis at this time.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Motor Vehicles |
- |
15% straight line |
|
Equipment |
- |
15% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Work in progress and related costs are stated at the lower of cost and net realisable value. Cost is calculated as all costs relating to construction services. Where net realisable value is used it is based on the Directors best assessment of the realisable value given the market conditions prevailing at the relevant time and their view of the medium term prospects. Independent professional valuations were not obtained. Work in progress and related costs are stated at the lower of cost and net realisable value. Cost is calculated as all costs relating to construction services. Where net realisable value is used it is based on the Directors best assessment of the realisable value given the market conditions prevailing at the relevant time and their view of the medium term prospects. Independent professional valuations were not obtained.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
47,000 |
2,374 |
49,374 |
|
-------- |
------- |
-------- |
Depreciation |
|
|
|
At 1 April 2023 |
5,875 |
2,374 |
8,249 |
Charge for the year |
7,050 |
– |
7,050 |
|
-------- |
------- |
-------- |
At 31 March 2024 |
12,925 |
2,374 |
15,299 |
|
-------- |
------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2024 |
34,075 |
– |
34,075 |
|
-------- |
------- |
-------- |
At 31 March 2023 |
41,125 |
– |
41,125 |
|
-------- |
------- |
-------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
3,303 |
4,438 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Social security and other taxes |
201 |
201 |
Other creditors |
10,578 |
10,578 |
|
-------- |
-------- |
|
10,779 |
10,779 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
15,172 |
22,170 |
|
-------- |
-------- |
|
|
|
9.
Directors' advances, credits and guarantees
At the year end a balance of £3,303 was owed to the company by the directors. The liability was repaid before 31st December 2024.
10.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.