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Company registration number: NI622403
Emtek Ireland Ltd
Trading as Emtek Ireland Ltd
Unaudited filleted financial statements
31 May 2024
Emtek Ireland Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Emtek Ireland Ltd
Directors and other information
Directors Mr Neil McKee
Mr Garry Archer
Secretary Mrs Sharon McKee
Company number NI622403
Registered office 14 Altona Road
Lisburn
BT27 5QB
Business address 14 Altona Road
Lisburn
BT27 5QB
Accountant Grace Gault
114 Ardmore Road
Derryadd
Lurgan
Armagh
BT666QP
Bankers Bank of Ireland
43 High Street
Portadown
Co Armagh
BT62 1HY
Solicitors MacCorkell Legal
Garvey Studios
8-10 Longstone Street
Lisburn
BT28 1TP
Emtek Ireland Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Emtek Ireland Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Emtek Ireland Ltd for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland , I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Emtek Ireland Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Emtek Ireland Ltd and state those matters that we have agreed to state to the board of directors of Emtek Ireland Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Emtek Ireland Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Emtek Ireland Ltd 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 profit of Emtek Ireland Ltd. You consider that Emtek Ireland Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Emtek Ireland Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Grace Gault
Chartered Accountant
114 Ardmore Road
Derryadd
Lurgan
Armagh
BT666QP
16 January 2025
Emtek Ireland Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 861,161 208,331
_______ _______
861,161 208,331
Current assets
Stocks 157,353 156,536
Debtors 6 779,914 481,242
Cash at bank and in hand 569,455 879,793
_______ _______
1,506,722 1,517,571
Creditors: amounts falling due
within one year 7 ( 654,607) ( 494,249)
_______ _______
Net current assets 852,115 1,023,322
_______ _______
Total assets less current liabilities 1,713,276 1,231,653
Creditors: amounts falling due
after more than one year 8 ( 446,149) ( 75,405)
Provisions for liabilities ( 32,979) ( 31,113)
_______ _______
Net assets 1,234,148 1,125,135
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,234,048 1,125,035
_______ _______
Shareholders funds 1,234,148 1,125,135
_______ _______
For the year ending 31 May 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr Neil McKee
Director
Company registration number: NI622403
Emtek Ireland Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 14 Altona Road, Lisburn, BT27 5QB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents, and financial liabilities are assumed to be approximate to their book value. The company does not enter into derivative financial instruments.
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 in finance costs 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 12 (2023: 15 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2023 - 24,911 75,633 218,203 318,747
Additions 723,032 - - 23,395 746,427
Disposals - - - ( 41,000) ( 41,000)
_______ _______ _______ _______ _______
At 31 May 2024 723,032 24,911 75,633 200,598 1,024,174
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 - 17,917 43,025 49,474 110,416
Charge for the year - 2,271 15,953 34,373 52,597
_______ _______ _______ _______ _______
At 31 May 2024 - 20,188 58,978 83,847 163,013
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 723,032 4,723 16,655 116,751 861,161
_______ _______ _______ _______ _______
At 31 May 2023 - 6,994 32,608 168,729 208,331
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 697,600 441,985
Other debtors 82,314 39,257
_______ _______
779,914 481,242
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 32,493 -
Trade creditors 488,494 373,125
Corporation tax 59,138 34,622
Social security and other taxes 18,646 40,073
Other creditors 55,836 46,429
_______ _______
654,607 494,249
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 446,149 75,405
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 82,326 39,214
Later than 1 year and not later than 5 years 69,869 41,612
_______ _______
152,195 80,826
_______ _______
Operating commitments are vehicle contract hire
10. Controlling party
Neil McKee as majority shareholder
11. Transactions with Directors
During the year, a director was advanced £42,000 which is due to be repaid within 9 months of the company's year end. The balance at the year end 31 May 2024 is £42,000 (2022: NIL)