11 10 Ballymena Engines Spares Limited NI022724 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Retailing Motor Components Digita Accounts Production Advanced 6.30.9574.0 true NI022724 2023-07-01 2024-06-30 NI022724 2024-06-30 NI022724 bus:OrdinaryShareClass1 2024-06-30 NI022724 core:CurrentFinancialInstruments 2024-06-30 NI022724 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI022724 core:FurnitureFittings 2024-06-30 NI022724 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI022724 core:MotorVehicles 2024-06-30 NI022724 core:OfficeEquipment 2024-06-30 NI022724 bus:SmallEntities 2023-07-01 2024-06-30 NI022724 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI022724 bus:FilletedAccounts 2023-07-01 2024-06-30 NI022724 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI022724 bus:RegisteredOffice 2023-07-01 2024-06-30 NI022724 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 NI022724 bus:Director3 2023-07-01 2024-06-30 NI022724 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI022724 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI022724 bus:Agent1 2023-07-01 2024-06-30 NI022724 core:FurnitureFittings 2023-07-01 2024-06-30 NI022724 core:LandBuildings 2023-07-01 2024-06-30 NI022724 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI022724 core:MotorVehicles 2023-07-01 2024-06-30 NI022724 core:OfficeEquipment 2023-07-01 2024-06-30 NI022724 countries:NorthernIreland 2023-07-01 2024-06-30 NI022724 2023-06-30 NI022724 core:FurnitureFittings 2023-06-30 NI022724 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI022724 core:MotorVehicles 2023-06-30 NI022724 core:OfficeEquipment 2023-06-30 NI022724 2022-07-01 2023-06-30 NI022724 2023-06-30 NI022724 bus:OrdinaryShareClass1 2023-06-30 NI022724 core:CurrentFinancialInstruments 2023-06-30 NI022724 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI022724 core:FurnitureFittings 2023-06-30 NI022724 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI022724 core:MotorVehicles 2023-06-30 NI022724 core:OfficeEquipment 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI022724

Ballymena Engines Spares Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Ballymena Engines Spares Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ballymena Engines Spares Limited

Company Information

Directors

Mr Harry Kearney

Mr Gareth Kearney

Company secretary

Mr Harry Kearney

Registered office

36 Railway Street
Ballymena
Antrim
BT42 3AE

Accountants

McKeown and Company
Chartered Certified Accountants44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

 

Ballymena Engines Spares Limited

(Registration number: NI022724)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

288,749

290,367

Current assets

 

Stocks

5

307,873

211,096

Debtors

6

291,331

324,314

Cash at bank and in hand

 

77,437

29,328

 

676,641

564,738

Creditors: Amounts falling due within one year

(363,327)

(284,192)

Net current assets

 

313,314

280,546

Total assets less current liabilities

 

602,063

570,913

Provisions for liabilities

(646)

(646)

Net assets

 

601,417

570,267

Capital and reserves

 

Called up share capital

7

16,002

16,002

Retained earnings

585,415

554,265

Shareholders' funds

 

601,417

570,267

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
Mr Harry Kearney
Company secretary and director

 

Ballymena Engines Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
36 Railway Street
Ballymena
Antrim
BT42 3AE
Northern Ireland

These financial statements were authorised for issue by the Board on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ballymena Engines Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land and Buildings

4% straight line basis

Fixtures and Fittings

20% reducing balance basis

Motor Vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ballymena Engines Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

Ballymena Engines Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

261,154

54,370

12,296

49,800

Additions

-

-

-

13,000

Disposals

-

-

-

(5,500)

At 30 June 2024

261,154

54,370

12,296

57,300

Depreciation

At 1 July 2023

18,748

37,724

2,459

28,322

Charge for the year

493

3,329

2,459

6,535

Eliminated on disposal

-

-

-

(3,698)

At 30 June 2024

19,241

41,053

4,918

31,159

Carrying amount

At 30 June 2024

241,913

13,317

7,378

26,141

At 30 June 2023

242,406

16,646

9,837

21,478

Total
£

Cost or valuation

At 1 July 2023

377,620

Additions

13,000

Disposals

(5,500)

At 30 June 2024

385,120

Depreciation

At 1 July 2023

87,253

Charge for the year

12,816

Eliminated on disposal

(3,698)

At 30 June 2024

96,371

Carrying amount

At 30 June 2024

288,749

At 30 June 2023

290,367

Included within the net book value of land and buildings above is £241,913 (2023 - £242,406) in respect of freehold land and buildings.
 

 

Ballymena Engines Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Stocks

2024
£

2023
£

Other inventories

307,873

211,096

6

Debtors

Current

2024
£

2023
£

Trade debtors

289,936

323,061

Prepayments

1,395

1,253

 

291,331

324,314

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

16,002

16,002

16,002

16,002