Registered number
NI046454
H2 Contracts Limited
Filleted Accounts
31 December 2024
H2 Contracts Limited
Registered number: NI046454
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 235,000 -
Tangible assets 4 12,144 31,376
247,144 31,376
Current assets
Debtors 5 181,314 317,191
Cash at bank and in hand 5,585 98,339
186,899 415,530
Creditors: amounts falling due within one year 6 (119,461) (106,237)
Net current assets 67,438 309,293
Net assets 314,582 340,669
Capital and reserves
Called up share capital 100 100
Profit and loss account 314,482 340,569
Shareholders' funds 314,582 340,669
The directors are 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 directors acknowledge their 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.
Neville Mc Groarty
Director
Approved by the board on 9 July 2025
H2 Contracts Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 202 200
3 Intangible fixed assets £
Goodwill:
Cost
Additions 235,000
At 31 December 2024 235,000
Amortisation
At 31 December 2024 -
Net book value
At 31 December 2024 235,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 58,347 4,550 62,897
Additions 7,380 - 7,380
Disposals (43,926) (4,550) (48,476)
At 31 December 2024 21,801 - 21,801
Depreciation
At 1 January 2024 27,734 3,787 31,521
Charge for the year 1,290 - 1,290
On disposals (19,367) (3,787) (23,154)
At 31 December 2024 9,657 - 9,657
Net book value
At 31 December 2024 12,144 - 12,144
At 31 December 2023 30,613 763 31,376
5 Debtors 2024 2023
£ £
Trade debtors 181,314 258,006
Other debtors - 59,185
181,314 317,191
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 1,072
Trade creditors 2,286 11,071
Taxation and social security costs 48,557 68,013
Other creditors 68,618 26,081
119,461 106,237
7 Other information
H2 Contracts Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit 3 Southern Itec
52 Armagh Road
Newry
Co.Down
BT35 6HL
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