IRIS Accounts Production v24.3.2.46 NI639819 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6398192023-08-31NI6398192024-08-31NI6398192023-09-012024-08-31NI6398192022-08-31NI6398192022-09-012023-08-31NI6398192023-08-31NI639819ns15:NorthernIreland2023-09-012024-08-31NI639819ns14:PoundSterling2023-09-012024-08-31NI639819ns10:Director12023-09-012024-08-31NI639819ns10:PrivateLimitedCompanyLtd2023-09-012024-08-31NI639819ns10:SmallEntities2023-09-012024-08-31NI639819ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-31NI639819ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-31NI639819ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-31NI639819ns10:FullAccounts2023-09-012024-08-31NI639819ns10:OrdinaryShareClass12023-09-012024-08-31NI639819ns10:Director22023-09-012024-08-31NI639819ns10:Director32023-09-012024-08-31NI639819ns10:RegisteredOffice2023-09-012024-08-31NI639819ns5:CurrentFinancialInstruments2024-08-31NI639819ns5:CurrentFinancialInstruments2023-08-31NI639819ns5:Non-currentFinancialInstruments2024-08-31NI639819ns5:Non-currentFinancialInstruments2023-08-31NI639819ns5:ShareCapital2024-08-31NI639819ns5:ShareCapital2023-08-31NI639819ns5:RevaluationReserve2024-08-31NI639819ns5:RevaluationReserve2023-08-31NI639819ns5:RetainedEarningsAccumulatedLosses2024-08-31NI639819ns5:RetainedEarningsAccumulatedLosses2023-08-31NI639819ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-31NI639819ns5:PlantMachinery2023-09-012024-08-31NI639819ns5:FurnitureFittings2023-09-012024-08-31NI639819ns5:LandBuildings2023-08-31NI639819ns5:PlantMachinery2023-08-31NI639819ns5:FurnitureFittings2023-08-31NI639819ns5:LandBuildings2023-09-012024-08-31NI639819ns5:LandBuildings2024-08-31NI639819ns5:PlantMachinery2024-08-31NI639819ns5:FurnitureFittings2024-08-31NI639819ns5:LandBuildings2023-08-31NI639819ns5:PlantMachinery2023-08-31NI639819ns5:FurnitureFittings2023-08-31NI639819ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-31NI639819ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-31NI639819ns5:Non-currentFinancialInstruments2023-09-012024-08-31NI639819ns10:OrdinaryShareClass12024-08-31NI639819ns5:RevaluationReserve2023-08-31
REGISTERED NUMBER: NI639819 (Northern Ireland)















L LOUGHRAN & SONS CONTRACTS LTD

Unaudited Financial Statements for the Year Ended 31 August 2024






L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


L LOUGHRAN & SONS CONTRACTS LTD

Company Information
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Laurence Loughran
Martin Loughran
Laurence C Loughran





REGISTERED OFFICE: 56 Ballymoyle Road
Cookstown
Tyrone
BT80 0AP





REGISTERED NUMBER: NI639819 (Northern Ireland)





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

L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)

Statement of Financial Position
31 AUGUST 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 1,376,431 1,085,292

CURRENT ASSETS
Inventories 6 71,400 270,669
Receivables 7 333,730 586,258
Cash at bank 2,920,423 2,064,522
3,325,553 2,921,449
PAYABLES
Amounts falling due within one year 8 (1,051,435 ) (1,190,955 )
NET CURRENT ASSETS 2,274,118 1,730,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,650,549

2,815,786

PAYABLES
Amounts falling due after more than
one year

9

(532,733

)

(361,148

)

PROVISIONS FOR LIABILITIES (213,749 ) (213,749 )
NET ASSETS 2,904,067 2,240,889

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 209,854 209,854
Retained earnings 2,694,113 2,030,935
SHAREHOLDERS' FUNDS 2,904,067 2,240,889

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 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.

L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)

Statement of Financial Position - continued
31 AUGUST 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 15 January 2025 and were signed on its behalf by:





Laurence Loughran - Director


L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

L Loughran & Sons Contracts Ltd 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.

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

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Plant and machinery - 15% straight line
Fixtures and fittings - 20% straight line

The carrying value of property, plant and equipment are reviews 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 inventories 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 all 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.

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.

L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings Totals
£ £ £ £
COST
At 1 September 2023 91,802 2,100,138 917 2,192,857
Additions - 555,550 1,634 557,184
Disposals - (96,470 ) - (96,470 )
At 31 August 2024 91,802 2,559,218 2,551 2,653,571
DEPRECIATION
At 1 September 2023 - 1,107,504 61 1,107,565
Charge for year - 255,043 301 255,344
Eliminated on disposal - (85,769 ) - (85,769 )
At 31 August 2024 - 1,276,778 362 1,277,140
NET BOOK VALUE
At 31 August 2024 91,802 1,282,440 2,189 1,376,431
At 31 August 2023 91,802 992,634 856 1,085,292

6. INVENTORIES
2024 2023
£ £
Work-in-progress 71,400 270,669

7. RECEIVABLES
2024 2023
£ £
Trade receivables 160,372 519,050
Other receivables 173,358 67,208
333,730 586,258

L LOUGHRAN & SONS CONTRACTS LTD (REGISTERED NUMBER: NI639819)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 28,141 28,141
Hire purchase contracts 361,998 220,531
Trade payables 457,372 732,716
Taxation and social security 203,924 204,515
Other payables - 5,052
1,051,435 1,190,955

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 8,333 36,475
Hire purchase contracts 524,400 324,673
532,733 361,148

Hire purchase liabilities are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1 100 100

11. RESERVES
Revaluation
reserve
£
At 1 September 2023
and 31 August 2024 209,854

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end there was an amount of £73,881 (2023 : £179 owed to the Director's from the company) owed to the Company from the Director's.