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COMPANY REGISTRATION NUMBER: NI045915
Bann Construction Limited
Filleted Unaudited Financial Statements
30 April 2024
Bann Construction Limited
Financial Statements
Year ended 30th April 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Bann Construction Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
17,560
5,637
Current assets
Stock and work in progress
260,000
2,500
Debtors
5
25,716
19,200
Cash at bank and in hand
4,254
158,922
----------
----------
289,970
180,622
Creditors: amounts falling due within one year
6
219,334
75,053
----------
----------
Net current assets
70,636
105,569
--------
----------
Total assets less current liabilities
88,196
111,206
Creditors: amounts falling due after more than one year
7
5,619
2,507
--------
----------
Net assets
82,577
108,699
--------
----------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
72,577
98,699
--------
----------
Shareholders funds
82,577
108,699
--------
----------
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 30th April 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 .
Bann Construction Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 9 January 2025 , and are signed on behalf of the board by:
Mr P McPeake
Director
Company registration number: NI045915
Bann Construction Limited
Notes to the Financial Statements
Year ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 74 Inisrush Road, Portglenone, BT44 8LG, 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.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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.
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving stock. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st May 2023
46,000
19,250
433
65,683
Additions
16,000
16,000
--------
--------
----
--------
At 30th April 2024
46,000
35,250
433
81,683
--------
--------
----
--------
Depreciation
At 1st May 2023
45,825
13,788
433
60,046
Charge for the year
44
4,033
4,077
--------
--------
----
--------
At 30th April 2024
45,869
17,821
433
64,123
--------
--------
----
--------
Carrying amount
At 30th April 2024
131
17,429
17,560
--------
--------
----
--------
At 30th April 2023
175
5,462
5,637
--------
--------
----
--------
5. Debtors
2024
2023
£
£
Trade debtors
15,700
15,700
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,500
3,500
Other debtors
6,516
--------
--------
25,716
19,200
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,800
5,600
Social security and other taxes
1,209
Other creditors
204,534
68,244
----------
--------
219,334
75,053
----------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,507
2,507
Other creditors
3,112
-------
-------
5,619
2,507
-------
-------
8. Directors' advances, credits and guarantees
At the year end, included in creditors of Note 7, there was a balance owing to the directors by the company of £191,744 (2023 - £57,744).
9. Related party transactions
Included within note 6 are amounts totalling £3,500 (2023 - £3,500) due from related parties. These are considered related parties for the purposes of FRS 102 due to the fact they are with close family members of the directors and shareholders.
10. Controlling party
The company was under the control of Mr P McPeake and Mrs B McPeake throughout the current and previous year. Mr P McPeake and Mrs B McPeake together own 100% of the issued share capital of the company.