18 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 165,000 165,000 xbrli:pure xbrli:shares iso4217:GBP NI071819 2023-04-01 2024-03-31 NI071819 2024-03-31 NI071819 2023-03-31 NI071819 2022-04-01 2023-03-31 NI071819 2023-03-31 NI071819 2022-03-31 NI071819 core:NetGoodwill 2023-04-01 2024-03-31 NI071819 core:PlantMachinery 2023-04-01 2024-03-31 NI071819 core:FurnitureFittings 2023-04-01 2024-03-31 NI071819 core:MotorVehicles 2023-04-01 2024-03-31 NI071819 bus:Director3 2023-04-01 2024-03-31 NI071819 core:NetGoodwill 2024-03-31 NI071819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI071819 core:PlantMachinery 2023-03-31 NI071819 core:FurnitureFittings 2023-03-31 NI071819 core:MotorVehicles 2023-03-31 NI071819 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI071819 core:PlantMachinery 2024-03-31 NI071819 core:FurnitureFittings 2024-03-31 NI071819 core:MotorVehicles 2024-03-31 NI071819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI071819 core:WithinOneYear 2024-03-31 NI071819 core:WithinOneYear 2023-03-31 NI071819 core:AfterOneYear 2024-03-31 NI071819 core:AfterOneYear 2023-03-31 NI071819 core:ShareCapital 2024-03-31 NI071819 core:ShareCapital 2023-03-31 NI071819 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI071819 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI071819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI071819 core:PlantMachinery 2023-03-31 NI071819 core:FurnitureFittings 2023-03-31 NI071819 core:MotorVehicles 2023-03-31 NI071819 bus:SmallEntities 2023-04-01 2024-03-31 NI071819 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI071819 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI071819 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI071819 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: NI071819
Dougan Contracts Limited
Filleted Unaudited Financial Statements
31 March 2024
Dougan Contracts Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Dougan Contracts Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
215,516
154,786
Current assets
Stocks
225,000
108,000
Debtors
7
648,382
421,771
Cash at bank and in hand
1,195,044
1,000,385
------------
------------
2,068,426
1,530,156
Creditors: amounts falling due within one year
8
503,581
321,557
------------
------------
Net current assets
1,564,845
1,208,599
------------
------------
Total assets less current liabilities
1,780,361
1,363,385
Creditors: amounts falling due after more than one year
9
29,807
23,934
Provisions
Taxation including deferred tax
50,100
28,500
------------
------------
Net assets
1,700,454
1,310,951
------------
------------
Capital and reserves
Called up share capital
102
102
Profit and loss account
1,700,352
1,310,849
------------
------------
Shareholders funds
1,700,454
1,310,951
------------
------------
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 .
Dougan Contracts Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Mrs L Dougan
Director
Company registration number: NI071819
Dougan Contracts 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 Northern Ireland. The address of the registered office is 216-218 Holywood Road, Belfast, BT4 1PD, Northern Ireland.
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 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.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold property
-
No depreciation
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
165,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
165,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
21,986
110,212
26,909
226,372
385,479
Additions
17,971
1,750
157,696
177,417
Disposals
( 128,882)
( 128,882)
--------
---------
--------
---------
---------
At 31 March 2024
39,957
111,962
26,909
255,186
434,014
--------
---------
--------
---------
---------
Depreciation
At 1 April 2023
17,021
76,447
19,026
118,199
230,693
Charge for the year
7,991
8,441
1,183
38,271
55,886
Disposals
( 68,081)
( 68,081)
--------
---------
--------
---------
---------
At 31 March 2024
25,012
84,888
20,209
88,389
218,498
--------
---------
--------
---------
---------
Carrying amount
At 31 March 2024
14,945
27,074
6,700
166,797
215,516
--------
---------
--------
---------
---------
At 31 March 2023
4,965
33,765
7,883
108,173
154,786
--------
---------
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
633,282
417,261
Other debtors
15,100
4,510
---------
---------
648,382
421,771
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
112,522
99,214
Corporation tax
268,333
151,183
Social security and other taxes
37,534
917
Other creditors
75,192
60,243
---------
---------
503,581
321,557
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,557
23,934
Other creditors
15,250
--------
--------
29,807
23,934
--------
--------
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.