IRIS Accounts Production v24.2.0.383 NI058734 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0587342023-03-31NI0587342024-03-31NI0587342023-04-012024-03-31NI0587342022-03-31NI0587342022-04-012023-03-31NI0587342023-03-31NI058734ns15:NorthernIreland2023-04-012024-03-31NI058734ns14:PoundSterling2023-04-012024-03-31NI058734ns10:Director12023-04-012024-03-31NI058734ns10:Director22023-04-012024-03-31NI058734ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI058734ns10:SmallEntities2023-04-012024-03-31NI058734ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31NI058734ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI058734ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI058734ns10:FullAccounts2023-04-012024-03-31NI05873412023-04-012024-03-31NI058734ns10:OrdinaryShareClass12023-04-012024-03-31NI058734ns10:RegisteredOffice2023-04-012024-03-31NI058734ns5:CurrentFinancialInstruments2024-03-31NI058734ns5:CurrentFinancialInstruments2023-03-31NI058734ns5:Non-currentFinancialInstruments2024-03-31NI058734ns5:Non-currentFinancialInstruments2023-03-31NI058734ns5:ShareCapital2024-03-31NI058734ns5:ShareCapital2023-03-31NI058734ns5:RetainedEarningsAccumulatedLosses2024-03-31NI058734ns5:RetainedEarningsAccumulatedLosses2023-03-31NI058734ns5:NetGoodwill2023-04-012024-03-31NI058734ns5:NetGoodwill2023-03-31NI058734ns5:NetGoodwill2024-03-31NI058734ns5:NetGoodwill2023-03-31NI058734ns5:LandBuildings2023-03-31NI058734ns5:PlantMachinery2023-03-31NI058734ns5:FurnitureFittings2023-03-31NI058734ns5:MotorVehicles2023-03-31NI058734ns5:LandBuildings2023-04-012024-03-31NI058734ns5:PlantMachinery2023-04-012024-03-31NI058734ns5:FurnitureFittings2023-04-012024-03-31NI058734ns5:MotorVehicles2023-04-012024-03-31NI058734ns5:LandBuildings2024-03-31NI058734ns5:PlantMachinery2024-03-31NI058734ns5:FurnitureFittings2024-03-31NI058734ns5:MotorVehicles2024-03-31NI058734ns5:LandBuildings2023-03-31NI058734ns5:PlantMachinery2023-03-31NI058734ns5:FurnitureFittings2023-03-31NI058734ns5:MotorVehicles2023-03-31NI058734ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31NI058734ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31NI058734ns5:Non-currentFinancialInstruments2023-04-012024-03-31NI058734ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: NI058734 (Northern Ireland)















EUROFAB ENGINEERING STRUCTURES LTD

Unaudited Financial Statements for the Year Ended 31 March 2024






EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


EUROFAB ENGINEERING STRUCTURES LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr James Mallon
Mr Martin McKenna





REGISTERED OFFICE: 97 Moy Road
Dungannon
Co. Tyrone
BT71 7DX





REGISTERED NUMBER: NI058734 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Eurofab Engineering Structures Ltd

The following reproduces the text of the report prepared for the directors in respect of the Company's annual unaudited financial statements. In accordance with the Companies Act 2006, the Company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Company for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position as at 31 March 2024 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP


Date: __________________________

EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Statement of Financial Position
31 MARCH 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - 14,186
Property, plant and equipment 6 259,572 302,117
259,572 316,303

CURRENT ASSETS
Inventories 801,924 994,812
Receivables 7 132,995 181,904
Cash at bank 95,836 50,722
1,030,755 1,227,438
PAYABLES
Amounts falling due within one year 8 (803,272 ) (939,826 )
NET CURRENT ASSETS 227,483 287,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

487,055

603,915

PAYABLES
Amounts falling due after more than
one year

9

(18,064

)

(36,745

)

PROVISIONS FOR LIABILITIES (52,680 ) (56,635 )
NET ASSETS 416,311 510,535

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 416,309 510,533
SHAREHOLDERS' FUNDS 416,311 510,535

EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Statement of Financial Position - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:




Mr James Mallon - Director



Mr Martin McKenna - Director


EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Eurofab Engineering Structures 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparation
The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
The revenue shown in the income statement represents amounts received or receivable for goods and services provided in the normal course of business, exclusive of Value Added Tax. Revenue is recognised upon delivery of goods to the customer.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows;

Plant and machinery - 25% Reducing balance
Fixtures, fittings and equipment - 25% Reducing balance
Motor vehicles - 25% Reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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

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.


EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
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 or other future taxable profits.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank
overdrafts. Bank overdrafts are shown within current liabilities.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 23 ) .

EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 283,628
AMORTISATION
At 1 April 2023 269,442
Amortisation for year 14,186
At 31 March 2024 283,628
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 14,186

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 April 2023 111,922 630,640 107,332 180,020 1,029,914
Additions - - 2,125 3,000 5,125
At 31 March 2024 111,922 630,640 109,457 183,020 1,035,039
DEPRECIATION
At 1 April 2023 - 523,311 94,369 110,117 727,797
Charge for year - 26,832 3,291 17,547 47,670
At 31 March 2024 - 550,143 97,660 127,664 775,467
NET BOOK VALUE
At 31 March 2024 111,922 80,497 11,797 55,356 259,572
At 31 March 2023 111,922 107,329 12,963 69,903 302,117

7. RECEIVABLES
2024 2023
£ £
Trade receivables 130,190 181,904
Other receivables 2,805 -
132,995 181,904

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,648 62,501
Hire purchase contracts 9,000 10,099
Trade payables 249,728 370,510
Amounts owed to group undertakings 174,369 137,823
Taxation and social security 57,121 50,077
Other payables 302,406 308,816
803,272 939,826

EUROFAB ENGINEERING STRUCTURES LTD (REGISTERED NUMBER: NI058734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 12,064 21,745
Hire purchase contracts 6,000 15,000
18,064 36,745

Bank overdraft and borrowings disclosed above are secured by the company. The directors have provided a personal guarantee in respect of company borrowings.

The Hire Purchase contracts are secured by the company and on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2