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Company Registration No. NI034454 (Northern Ireland)
Belfast Insulation Co. Limited Unaudited accounts for the year ended 30 April 2024
Belfast Insulation Co. Limited Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
94,526 
94,826 
Current assets
Inventories
17,000 
16,000 
Debtors
656,519 
656,228 
Cash at bank and in hand
442,800 
36,676 
1,116,319 
708,904 
Creditors: amounts falling due within one year
(741,880)
(562,871)
Net current assets
374,439 
146,033 
Total assets less current liabilities
468,965 
240,859 
Creditors: amounts falling due after more than one year
(9,665)
(17,665)
Net assets
459,300 
223,194 
Capital and reserves
Called up share capital
8 
8 
Profit and loss account
459,292 
223,186 
Shareholders' funds
459,300 
223,194 
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by
Ryan James Gilpin Director Company Registration No. NI034454
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Belfast Insulation Co. Limited Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Belfast Insulation Co. Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI034454. The registered office is 81 Whinney Hill, Dundonald, Belfast, Northern Ireland, BT16 0UA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Going concern
Having reviewed the resources available, the directors believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in the preparation of its financial statements.
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Turnover from the rendering of construction installation services is recognised by reference to the stage of completion of the contract when: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Belfast Insulation Co. Limited Notes to the Accounts for the year ended 30 April 2024
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2023
173,965 
155,034 
328,999 
Additions
10,183 
14,392 
24,575 
Disposals
- 
(3,100)
(3,100)
At 30 April 2024
184,148 
166,326 
350,474 
Depreciation
At 1 May 2023
127,903 
106,270 
234,173 
Charge for the year
9,882 
14,257 
24,139 
On disposals
- 
(2,364)
(2,364)
At 30 April 2024
137,785 
118,163 
255,948 
Net book value
At 30 April 2024
46,363 
48,163 
94,526 
At 30 April 2023
46,062 
48,764 
94,826 
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
17,000 
16,000 
17,000 
16,000 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
68,177 
60,145 
Trade debtors
575,698 
585,621 
Accrued income and prepayments
12,644 
10,462 
656,519 
656,228 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
8,000 
8,000 
Trade creditors
526,810 
364,912 
Taxes and social security
133,050 
61,784 
Other creditors
- 
36 
Loans from directors
50,558 
122,839 
Accruals
23,462 
5,300 
741,880 
562,871 
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Belfast Insulation Co. Limited Notes to the Accounts for the year ended 30 April 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
9,665 
17,665 
Security on the loan is provided by way of fixed and floating charge of the assets of the company.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary A shares of £1 each
1 
1 
3 Ordinary B shares of £1 each
3 
3 
4 Ordinary C shares of £1 each
4 
4 
8 
8 
10
Average number of employees
During the year the average number of employees was 19 (2023: 19).
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