IRIS Accounts Production v24.3.2.46 NI626598 Board of Directors Board of Directors 1.5.23 30.4.24 30.4.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6265982023-04-30NI6265982024-04-30NI6265982023-05-012024-04-30NI6265982022-04-30NI6265982022-05-012023-04-30NI6265982023-04-30NI626598ns15:NorthernIreland2023-05-012024-04-30NI626598ns14:PoundSterling2023-05-012024-04-30NI626598ns10:Director12023-05-012024-04-30NI626598ns10:Director22023-05-012024-04-30NI626598ns10:PrivateLimitedCompanyLtd2023-05-012024-04-30NI626598ns10:SmallEntities2023-05-012024-04-30NI626598ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-30NI626598ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-30NI626598ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-30NI626598ns10:FullAccounts2023-05-012024-04-30NI626598ns10:RegisteredOffice2023-05-012024-04-30NI626598ns5:CurrentFinancialInstruments2024-04-30NI626598ns5:CurrentFinancialInstruments2023-04-30NI626598ns5:Non-currentFinancialInstruments2024-04-30NI626598ns5:Non-currentFinancialInstruments2023-04-30NI626598ns5:ShareCapital2024-04-30NI626598ns5:ShareCapital2023-04-30NI626598ns5:RetainedEarningsAccumulatedLosses2024-04-30NI626598ns5:RetainedEarningsAccumulatedLosses2023-04-30NI626598ns5:PlantMachinery2023-04-30NI626598ns5:FurnitureFittings2023-04-30NI626598ns5:MotorVehicles2023-04-30NI626598ns5:ComputerEquipment2023-04-30NI626598ns5:PlantMachinery2023-05-012024-04-30NI626598ns5:FurnitureFittings2023-05-012024-04-30NI626598ns5:MotorVehicles2023-05-012024-04-30NI626598ns5:ComputerEquipment2023-05-012024-04-30NI626598ns5:PlantMachinery2024-04-30NI626598ns5:FurnitureFittings2024-04-30NI626598ns5:MotorVehicles2024-04-30NI626598ns5:ComputerEquipment2024-04-30NI626598ns5:PlantMachinery2023-04-30NI626598ns5:FurnitureFittings2023-04-30NI626598ns5:MotorVehicles2023-04-30NI626598ns5:ComputerEquipment2023-04-30NI626598ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-30NI626598ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-30NI626598ns5:DeferredTaxation2023-04-30NI626598ns5:DeferredTaxation2023-05-012024-04-30NI626598ns5:DeferredTaxation2024-04-30
REGISTERED NUMBER: NI626598 (Northern Ireland)















LAGAN ENERGY ENGINEERING LIMITED

Unaudited Financial Statements for the Year Ended 30 April 2024






LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LAGAN ENERGY ENGINEERING LIMITED

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Emmet Lagan
Stephen John Lagan





REGISTERED OFFICE: Unit 3b Bankmore Business Park
Omagh
Co. Tyrone
BT79 0BE





REGISTERED NUMBER: NI626598 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Statement of Financial Position
30 APRIL 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 819,684 525,103

CURRENT ASSETS
Stocks & WIP 227,015 402,041
Receivables: amounts falling due within
one year

6

1,608,240

467,845
Cash at bank and in hand 1,014,776 1,139,148
2,850,031 2,009,034
PAYABLES
Amounts falling due within one year 7 (1,875,242 ) (1,267,807 )
NET CURRENT ASSETS 974,789 741,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,794,473

1,266,330

PAYABLES
Amounts falling due after more than
one year

8

(222,809

)

(155,287

)

PROVISIONS FOR LIABILITIES 9 (104,381 ) (11,469 )
NET ASSETS 1,467,283 1,099,574

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 1,467,083 1,099,374
1,467,283 1,099,574

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Statement of Financial Position - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:




Emmet Lagan - Director



Stephen John Lagan - Director


LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Lagan Energy Engineering Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery- 20% Straight Line
Commercial vehicles- 25% Straight Line
Computer equipment- 33.33% Straight Line

The carrying values of Property, Plant and Equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less further costs to completion or to be incurred in marketing and selling.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at of Financial Position date are translated using the closing rate.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchase arrangements which transfer substantially all the risks and rewards or ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees, The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period which they relate.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Cash flow exemption
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 33 ) .

LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 May 2023 380,320 36,776 678,599 45,574 1,141,269
Additions 227,623 4,835 355,469 14,920 602,847
Disposals - - (180,557 ) - (180,557 )
At 30 April 2024 607,943 41,611 853,511 60,494 1,563,559
DEPRECIATION
At 1 May 2023 220,796 6,785 367,373 21,212 616,166
Charge for year 76,407 7,838 156,832 13,201 254,278
Eliminated on disposal - - (126,569 ) - (126,569 )
At 30 April 2024 297,203 14,623 397,636 34,413 743,875
NET BOOK VALUE
At 30 April 2024 310,740 26,988 455,875 26,081 819,684
At 30 April 2023 159,524 29,991 311,226 24,362 525,103

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 1,587,073 435,942
VAT - 8,629
Prepayments and accrued income 21,167 23,274
1,608,240 467,845

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 200,513 118,488
Trade payables 256,473 168,953
Amounts owed to associates 1,169,481 794,481
Tax 5,889 78,176
Social security and other taxes 99,411 38,802
VAT 61,343 -
Other payables 992 4,763
Directors' current accounts 74,390 51,268
Accruals and deferred income 6,750 12,876
1,875,242 1,267,807

8. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Hire purchase contracts 222,809 155,287

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 104,381 11,469

LAGAN ENERGY ENGINEERING LIMITED (REGISTERED NUMBER: NI626598)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 May 2023 11,469
Charge to Income Statement during year 92,912
Balance at 30 April 2024 104,381

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30th April 2024 the company owed the directors £74,390 (30 April 2023 - £51,268).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.