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Registration number: NI609433

Duct Services (N.I.) Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

Duct Services (N.I.) Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Duct Services (N.I.) Ltd

Company Information

Directors

Mrs Imelda Conway

Mr Charlie Conway

Registered office

4 Flo Road
Cookstown
Co Tyrone
BT80 9 HZ

Accountants

Mr Mark Johnston

 

Duct Services (N.I.) Ltd

(Registration number: NI609433)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

237,800

145,844

Current assets

 

Stocks

5

55,015

40,000

Debtors

6

297,391

321,317

Cash at bank and in hand

 

411,306

268,847

 

763,712

630,164

Creditors: Amounts falling due within one year

(300,802)

(292,350)

Net current assets

 

462,910

337,814

Total assets less current liabilities

 

700,710

483,658

Creditors: Amounts falling due after more than one year

-

(24,529)

Accruals and deferred income

 

(40,697)

-

Net assets

 

660,013

459,129

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

660,012

459,128

Shareholders' funds

 

660,013

459,129

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Duct Services (N.I.) Ltd

(Registration number: NI609433)
Abridged Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................

Mrs Imelda Conway

Director

 

Duct Services (N.I.) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
4 Flo Road
Cookstown
Co Tyrone
BT80 9 HZ

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Duct Services (N.I.) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Duct Services (N.I.) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Duct Services (N.I.) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

31,860

832

20,000

111,743

164,435

Additions

21,109

14,917

-

98,450

134,476

At 30 November 2023

52,969

15,749

20,000

210,193

298,911

Depreciation

At 1 December 2022

-

68

5,000

13,523

18,591

Charge for the year

897

894

4,000

36,729

42,520

At 30 November 2023

897

962

9,000

50,252

61,111

Carrying amount

At 30 November 2023

52,072

14,787

11,000

159,941

237,800

At 30 November 2022

31,860

764

15,000

98,220

145,844

Included within the net book value of land and buildings above is £52,072 (2022 - £31,860) in respect of freehold land and buildings.
 

 

Duct Services (N.I.) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Other inventories

55,015

40,000

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Dividends

2023

2022

£

£

Interim dividend of £2,000.00 (2022 - £2,000.00) per ordinary share

2,000

2,000

 

 

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

38,806

17,984