BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The nature of the company's opertions and principle activities is general construction activities. 28 November 2024 0 0 NI636218 2024-02-29 NI636218 2023-02-28 NI636218 2022-02-28 NI636218 2023-03-01 2024-02-29 NI636218 2022-03-01 2023-02-28 NI636218 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI636218 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI636218 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI636218 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI636218 uk-bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 NI636218 uk-bus:CompanySecretary1 2023-03-01 2024-02-29 NI636218 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI636218 uk-bus:Agent1 2023-03-01 2024-02-29 NI636218 uk-core:ShareCapital 2024-02-29 NI636218 uk-core:ShareCapital 2023-02-28 NI636218 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI636218 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI636218 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI636218 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI636218 uk-bus:FRS102 2023-03-01 2024-02-29 NI636218 uk-core:PlantMachinery 2023-03-01 2024-02-29 NI636218 uk-core:MotorVehicles 2023-03-01 2024-02-29 NI636218 uk-core:CurrentFinancialInstruments 2024-02-29 NI636218 uk-core:CurrentFinancialInstruments 2023-02-28 NI636218 uk-core:WithinOneYear 2024-02-29 NI636218 uk-core:WithinOneYear 2023-02-28 NI636218 uk-core:EmployeeBenefits 2023-02-28 NI636218 uk-core:EmployeeBenefits 2023-03-01 2024-02-29 NI636218 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI636218 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 NI636218 uk-core:OtherDeferredTax 2024-02-29 NI636218 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 NI636218 uk-core:EmployeeBenefits 2024-02-29 NI636218 2023-03-01 2024-02-29 NI636218 uk-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI636218
 
 
PSD Construction Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024
PSD Construction Limited
DIRECTOR AND OTHER INFORMATION

 
Director Patrick Doherty
 
 
Company Secretary Patrick Doherty
 
 
Company Registration Number NI636218
 
 
Registered Office Sentinel House
13 Pump Street
Derry
BT48 6JG
 
 
Accountants MCI Chartered Accountants
Sentinel House
13 Pump Street
Derry
BT48 6JG
 
 
Bankers First Trust Bank
  Meadowbank
  Strand Road
  Derry
  BT48 7TN



PSD Construction Limited
Company Registration Number: NI636218
BALANCE SHEET
as at 29 February 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 49,542 3,477
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Current Assets
Debtors 5 82,116 73,050
Cash and cash equivalents 103,101 49,613
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185,217 122,663
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Creditors: amounts falling due within one year 6 (159,050) (113,137)
───────── ─────────
Net Current Assets 26,167 9,526
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Total Assets less Current Liabilities 75,709 13,003
 
Provisions for liabilities 7 (12,386) (661)
───────── ─────────
Net Assets 63,323 12,342
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Capital and Reserves
Called up share capital 40 40
Statement of income and retained earnings 63,283 12,302
───────── ─────────
Shareholders' Funds 63,323 12,342
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The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Statement of Income and Retained Earnings and Director's Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 28 November 2024
           
           
           
Patrick Doherty          
Director          
           



PSD Construction Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
PSD Construction Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI636218. The registered office of the company is given in the Director and other information on page 3 of these financial statements. The nature of the company's operations and principal activities is general construction activities.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements have been prepared in accordance with the financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2014. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in pounds sterling which is the functional currency of the entity. The company has adopted the disclosure requirements of Section 1A of FRS 102, other than where additional disclosure is required to show a true and fair view.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover is measured at the fair value of consideration receivable net of VAT and discounts. The policy adopted the recognition of turnover is as follows:

Construction services
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the reporting date. The stage of completion is measured by reference to costs of development work completed.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent that it is probable that the costs incurred will be recoverable.

When it is probable that contract costs will exceed the contract turnover, the expected loss is provided for and is recognised immediately as an expense in the Statement of Income and Retained Earnings.
 
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised costs using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
 
Tangible assets and depreciation
Tangible assets 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 tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and equipment - 12.5% reducing balance
  Motor vehicles - 20% reducing balance
 
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimated the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current markets assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event and it is probable that an outflow of economic benefits will be required in settlement of that obligation and the amount can be reliably estimated.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
 
Taxation
The charge for taxation is based on the results for the financial year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in taxable profits in periods different from those in which they are recognised in the financial statements.
       
3. Employees
 
The average monthly number of employees, including the director employed by the company during the year amounted to 2, (2023: 2).
         
4. Tangible assets
  Plant and Motor Total
  equipment vehicles  
       
  £ £ £
Cost
At 1 March 2023 1,877 10,250 12,127
Additions 47,424 6,465 53,889
  ───────── ───────── ─────────
At 29 February 2024 49,301 16,715 66,016
  ───────── ───────── ─────────
Depreciation
At 1 March 2023 642 8,008 8,650
Charge for the financial year 6,083 1,741 7,824
  ───────── ───────── ─────────
At 29 February 2024 6,725 9,749 16,474
  ───────── ───────── ─────────
Net book value
At 29 February 2024 42,576 6,966 49,542
  ═════════ ═════════ ═════════
At 28 February 2023 1,235 2,242 3,477
  ═════════ ═════════ ═════════
       
5. Debtors 2024 2023
  £ £
 
Amounts owed by related parties 28,733 20,079
Gross amounts due from customers for contract work 48,400 42,000
Taxation 3,619 9,874
Prepayments and accrued income 1,364 1,097
  ───────── ─────────
  82,116 73,050
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Taxation 25,911 12,708
Director's current account 129,963 97,349
Accruals 3,176 3,080
  ───────── ─────────
  159,050 113,137
  ═════════ ═════════
         
7. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 661 661 801
Charged to profit and loss 11,725 11,725 (140)
  ───────── ───────── ─────────
At financial year end 12,386 12,386 661
  ═════════ ═════════ ═════════