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Company registration number: NI048752
Buildcon Homes Limited
Unaudited filleted financial statements
30 March 2024
Buildcon Homes Limited
Contents
Directors and other information
Directors report
Accountants report
Balance sheet
Notes to the financial statements
Buildcon Homes Limited
Directors and other information
Directors Malachy Conlon
Paul Conlon
Andrea Morton
Company number NI048752
Registered office 173 Scarva Road
Banbridge
Down
BT32 3QL
Business address 173 Scarva Road
Banbridge
Down
BT32 3QL
Accountants Jones Peters Chartered Accountants
6 Church Street
Banbridge
Down
BT32 4AA
Bankers Ulster Bank
Bridge Street
Banbridge
Buildcon Homes Limited
Directors report
Year ended 30 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 March 2024.
Directors
The directors who served the company during the year were as follows:
Malachy Conlon
Paul Conlon
Andrea Morton
Qualifying indemnity provision
This report of the directors' has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 04 June 2025 and signed on behalf of the board by:
Malachy Conlon
Director
Buildcon Homes Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Buildcon Homes Limited
Year ended 30 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Buildcon Homes Limited for the year ended 30 March 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Buildcon Homes Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Buildcon Homes Limited and state those matters that we have agreed to state to the board of directors of Buildcon Homes Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buildcon Homes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Buildcon Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Buildcon Homes Limited. You consider that Buildcon Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Buildcon Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters Chartered Accountants
6 Church Street
Banbridge
Down
BT32 4AA
4 June 2025
Buildcon Homes Limited
Balance sheet
30 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 782,112 870,893
_______ _______
782,112 870,893
Current assets
Stocks 2,368,778 2,619,331
Debtors 7 267,149 203,593
Cash at bank and in hand 8,133,329 7,917,978
_______ _______
10,769,256 10,740,902
Creditors: amounts falling due
within one year 8 ( 5,753,732) ( 6,363,877)
_______ _______
Net current assets 5,015,524 4,377,025
_______ _______
Total assets less current liabilities 5,797,636 5,247,918
_______ _______
Net assets 5,797,636 5,247,918
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 5,797,634 5,247,916
_______ _______
Shareholders funds 5,797,636 5,247,918
_______ _______
For the year ending 30 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss and Retained Earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 June 2025 , and are signed on behalf of the board by:
Malachy Conlon
Director
Company registration number: NI048752
Buildcon Homes Limited
Notes to the financial statements
Year ended 30 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 173 Scarva Road, Banbridge, Down, BT32 3QL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Other Asset - Non-depreciable
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stock and Work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 3 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 236,052 54,110
Double taxation relief - 3,328
_______ _______
Tax on profit 236,052 57,438
_______ _______
Reconciliation of tax expense
2024 2023
£ £
Profit before taxation 855,770 263,580
_______ _______
Profit multiplied by rate of tax 213,943 50,080
Effect of capital allowances and depreciation 22,109 4,030
Utilisation of tax losses - 3,328
_______ _______
Tax on profit 236,052 57,438
_______ _______
6. Tangible assets
Land & Buildings Other assets Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £ £
Cost
At 31 March 2023 514,969 15,483 940,337 14,363 1,485,152
Additions - - 16,663 - 16,663
_______ _______ _______ _______ _______
At 30 March 2024 514,969 15,483 957,000 14,363 1,501,815
_______ _______ _______ _______ _______
Depreciation
At 31 March 2023 133,890 - 466,006 14,363 614,259
Charge for the year 10,300 - 95,144 - 105,444
_______ _______ _______ _______ _______
At 30 March 2024 144,190 - 561,150 14,363 719,703
_______ _______ _______ _______ _______
Carrying amount
At 30 March 2024 370,779 15,483 395,850 - 782,112
_______ _______ _______ _______ _______
At 30 March 2023 381,079 15,483 474,331 - 870,893
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Prepayments and accrued income 95,411 64,621
Other debtors 171,738 138,972
_______ _______
267,149 203,593
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 136,085 128,593
Amounts owed to related parties 4,965,111 5,569,484
Accruals and deferred income 128,834 162,455
Corporation tax 240,187 213,036
Social security and other taxes 3,134 2,784
Obligations under finance leases - 15,340
Directors current accounts 275,656 272,063
Other creditors 4,725 122
_______ _______
5,753,732 6,363,877
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Malachy Conlon ( 189,584) 867 - ( 188,717)
Andrea Morton - 31,140 ( 35,000) ( 3,860)
Paul Conlon ( 82,479) 34,400 ( 35,000) ( 83,079)
_______ _______ _______ _______
( 272,063) 66,407 ( 70,000) ( 275,656)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Malachy Conlon ( 191,400) 1,816 - ( 189,584)
Andrea Morton - - - -
Paul Conlon ( 82,479) - - ( 82,479)
_______ _______ _______ _______
( 273,879) 1,816 - ( 272,063)
_______ _______ _______ _______
11. Related party transactions
At 31 March 2024, Buildcon Homes Limited owed Conlon Bros £4,965,111 . Conlon Bros is a partnership in which two company directors are partners. All related transaction have been made at arms length.