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COMPANY REGISTRATION NUMBER: 06165517
Conroy Drylining Limited
Unaudited Financial Statements
31 March 2024
Conroy Drylining Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
9
Conroy Drylining Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
M E Conroy
L Conroy
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 November 2024 and signed on behalf of the board by:
M E Conroy
L Conroy
Director
Director
Registered office:
40 Kimbolton Road
Bedford
Bedfordshire
MK40 2NR
Conroy Drylining Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
380,217
1,057,855
Cost of sales
348,260
843,042
---------
------------
Gross profit
31,957
214,813
Administrative expenses
102,950
111,324
---------
---------
Operating (loss)/profit
( 70,993)
103,489
Other interest receivable and similar income
253
103
---------
---------
(Loss)/profit before taxation
5
( 70,740)
103,592
Tax on (loss)/profit
( 13,219)
20,163
--------
---------
(Loss)/profit for the financial year and total comprehensive income
( 57,521)
83,429
--------
---------
Dividends paid and payable
( 110,000)
( 110,000)
Retained earnings at the start of the year
436,950
463,521
---------
---------
Retained earnings at the end of the year
269,429
436,950
---------
---------
All the activities of the company are from continuing operations.
Conroy Drylining Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
12,617
16,823
Current assets
Stocks
1,587
3,649
Debtors
7
101,791
159,281
Cash at bank and in hand
180,649
335,936
---------
---------
284,027
498,866
Creditors: amounts falling due within one year
8
24,718
75,443
---------
---------
Net current assets
259,309
423,423
---------
---------
Total assets less current liabilities
271,926
440,246
Provisions
Taxation including deferred tax
2,397
3,196
---------
---------
Net assets
269,529
437,050
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
269,429
436,950
---------
---------
Shareholders funds
269,529
437,050
---------
---------
These financial statements have been prepared 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'.
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 .
Conroy Drylining Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
M E Conroy
L Conroy
Director
Director
Company registration number: 06165517
Conroy Drylining Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, Bedfordshire, MK40 2NR.
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 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.
Revenue recognition
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.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
4,206
5,854
-------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
218
48,259
2,711
51,188
----
--------
-------
--------
Depreciation
At 1 April 2023
100
32,518
1,747
34,365
Charge for the year
30
3,935
241
4,206
----
--------
-------
--------
At 31 March 2024
130
36,453
1,988
38,571
----
--------
-------
--------
Carrying amount
At 31 March 2024
88
11,806
723
12,617
----
--------
-------
--------
At 31 March 2023
118
15,741
964
16,823
----
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
79,935
149,718
Other debtors
21,856
9,563
---------
---------
101,791
159,281
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,190
34,031
Corporation tax
21,416
Social security and other taxes
7,144
11,641
Other creditors
5,384
8,355
--------
--------
24,718
75,443
--------
--------
9. Other financial commitments
Total financial commitments which are not included in the balance sheet amount to £15,867 (2023: £20,333).
Conroy Drylining Limited
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
Conroy Drylining Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Conroy Drylining Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Conroy Drylining Limited for the year ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at: www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Conroy Drylining Limited, as a body, in accordance with the terms of our engagement letter dated 4 August 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Conroy Drylining Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at: www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Conroy Drylining Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Conroy Drylining Limited 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 loss of Conroy Drylining Limited. You consider that Conroy Drylining Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Conroy Drylining Limited. 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 statutory financial statements.
COLLETT HULANCE Chartered Certified Accountants
40 Kimbolton Road Bedford MK40 2NR
25 November 2024