Registered number
NI050405
Mervyn Crean Building & Joinery Ltd
Filleted Accounts
31 March 2024
Mervyn Crean Building & Joinery Ltd
Registered number: NI050405
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,783 17,244
Current assets
Stocks 8,000 8,204
Debtors 4 1,377 3,475
Cash at bank and in hand 1,948 2,467
11,325 14,146
Creditors: amounts falling due within one year 5 (32,090) (32,999)
Net current liabilities (20,765) (18,853)
Total assets less current liabilities (7,982) (1,609)
Creditors: amounts falling due after more than one year 6 (2,500) (4,316)
Net liabilities (10,482) (5,925)
Capital and reserves
Called up share capital 400 400
Profit and loss account (10,882) (6,325)
Shareholders' funds (10,482) (5,925)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mervyn Crean
Director
Approved by the board on 27 March 2025
Mervyn Crean Building & Joinery Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 109,216 10,300 119,516
At 31 March 2024 109,216 10,300 119,516
Depreciation
At 1 April 2023 92,172 10,100 102,272
Charge for the year 4,261 200 4,461
At 31 March 2024 96,433 10,300 106,733
Net book value
At 31 March 2024 12,783 - 12,783
At 31 March 2023 17,044 200 17,244
4 Debtors 2024 2023
£ £
Trade debtors 1,377 3,475
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,000 2,259
Trade creditors 2,757 5,981
Taxation and social security costs 82 17
Other creditors 27,251 24,742
32,090 32,999
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,500 4,316
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mervyn Crean (23,542) (1,165) - (24,707)
(23,542) (1,165) - (24,707)
8 Other information
Mervyn Crean Building & Joinery Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
8 Mullaghinch Road
Aghadowey
Coleraine
BT51 4AP
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