Registration number: NI646238

Aghincurk Plumbing Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 11

Aghincurk Plumbing Ltd

Company Information

Director

Mr Anthony Mc Cann

Registered office

48 Aghincurk Road Newtownhamilton Newry Armagh BT35 0AT

Accountants

SP McKeown & Co Ltd Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street Newry Co Down BT35 6BE

Aghincurk Plumbing Ltd

(Registration number: NI646238)
Balance Sheet as at 30 June 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	34,348	22,251
Current assets
Stocks	5	22,321	-
Debtors	6	71,032	85,911
Cash at bank and in hand		12,853	20,060
		106,206	105,971
Creditors: Amounts falling due within one year	7	(104,729)	(94,791)
Net current assets		1,477	11,180
Total assets less current liabilities		35,825	33,431
Creditors: Amounts falling due after more than one year	7	(35,419)	(33,337)
Net assets		406	94
Capital and reserves
Called up share capital	8	1	1
Retained earnings		405	93
Shareholders' funds		406	94

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 March 2025
 

......................................... Mr Anthony Mc Cann Director

Aghincurk Plumbing Ltd

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:
48 Aghincurk Road
Newtownhamilton
Newry
Armagh
BT35 0AT

These financial statements were authorised for issue by the director on 31 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).

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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Aghincurk Plumbing Ltd

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

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.

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
Plant and machinery	20% Reducing Balance
Motor Van	20% Reducing Balance

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.

Aghincurk Plumbing Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

Aghincurk Plumbing Ltd

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

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 July 2023	163	51,845	6,571	58,579
Additions	-	28,050	-	28,050
Disposals	-	(18,000)	-	(18,000)
At 30 June 2024	163	61,895	6,571	68,629
Depreciation
At 1 July 2023	63	32,309	3,956	36,328
Charge for the year	15	8,043	523	8,581
Eliminated on disposal	-	(10,628)	-	(10,628)
At 30 June 2024	78	29,724	4,479	34,281
Carrying amount
At 30 June 2024	85	32,171	2,092	34,348
At 30 June 2023	100	19,536	2,615	22,251

5

Stocks

	2024 £	2023 £
Work in progress	22,321	-

6

Debtors

Current	2024 £	2023 £
Other debtors	71,032	85,911
	71,032	85,911

7

Creditors

Creditors: amounts falling due within one year

Aghincurk Plumbing Ltd

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

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	7,835	5,472
Trade creditors		2,210	2,291
Taxation and social security		11,478	11,021
Accruals and deferred income		3,504	3,017
Other creditors		79,702	72,990
		104,729	94,791

Aghincurk Plumbing Ltd

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

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	35,419	33,337

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary share capital of £1 each	1	1	1	1

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	27,804	33,337
Hire purchase contracts	7,615	-
	35,419	33,337

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	5,472	5,472
Hire purchase contracts	2,363	-
	7,835	5,472

10

Dividends

		2024		2023
		£		£
Interim dividend of £33,500.00 (2023 - £42,000.00) per ordinary share		33,500		42,000

Aghincurk Plumbing Ltd

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

11	Related party transactions

Key management compensation

	2024 £	2023 £
Salaries and other short term employee benefits	9,785	9,785

Aghincurk Plumbing Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	9,784	9,785

In respect of the highest paid director:

	2024 £	2023 £
Remuneration	9,785	9,785

Dividends paid to the director

		2024 £		2023 £
Mr Anthony Mc Cann
Dividend		33,500		42,000