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REGISTERED NUMBER: NI053316 (Northern Ireland)















QUINN BUILDING SUPPLIES LTD

Unaudited Financial Statements for the Year Ended 31 December 2024






QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


QUINN BUILDING SUPPLIES LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Sean Quinn
Mary Sarah Quinn





REGISTERED OFFICE: 78 Kilmascally Road
Clunto Airfield
Ardboe
Dungannon
Co. Tyrone
BT71 5BJ





REGISTERED NUMBER: NI053316 (Northern Ireland)





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

QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

Statement of Financial Position
31 DECEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 1,961,883 1,645,127
1,961,883 1,645,127

CURRENT ASSETS
Inventories 7 1,252,828 1,005,348
Receivables 8 761,752 512,363
Cash at bank and in hand 549,963 739,292
2,564,543 2,257,003
PAYABLES
Amounts falling due within one year 9 (1,799,006 ) (1,852,909 )
NET CURRENT ASSETS 765,537 404,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,727,420

2,049,221

PAYABLES
Amounts falling due after more than
one year

10

(1,028,287

)

(572,703

)

PROVISIONS FOR LIABILITIES (141,771 ) (66,564 )

GOVERNMENT GRANTS (4,755 ) (4,953 )
NET ASSETS 1,552,607 1,405,001

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 1,552,605 1,404,999
SHAREHOLDERS' FUNDS 1,552,607 1,405,001

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

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

QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

Statement of Financial Position - continued
31 DECEMBER 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 8 July 2025 and were signed on its behalf by:





Sean Quinn - Director


QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

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

1. STATUTORY INFORMATION

Quinn Building Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 financial statements 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property- 4% Straight Line
Plant and machinery- 10% Reducing Balance
Fixtures and fittings- 10% Reducing Balance
Motor vehicles- 15% Reducing Balance

The carrying values of property, plant and equipment are reviewed 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.


QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

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

3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer
substantially all the risks and rewards of ownership to the company are capitalised and included in
the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding
commitments are recorded as liabilities. Payments in respect of these obligations are treated as
consisting of capital and interest elements, with interest charged to the Income Statement.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to Income Statement in the period to which they relate.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

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.

Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 42 ) .

QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2024
and 31 December 2024 450,441
AMORTISATION
At 1 January 2024
and 31 December 2024 450,441
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2024 397,820 2,302,969 190,555 244,655 3,135,999
Additions - 467,025 27,028 - 494,053
At 31 December 2024 397,820 2,769,994 217,583 244,655 3,630,052
DEPRECIATION
At 1 January 2024 120,916 1,063,200 114,000 192,756 1,490,872
Charge for year 19,618 139,879 10,015 7,785 177,297
At 31 December 2024 140,534 1,203,079 124,015 200,541 1,668,169
NET BOOK VALUE
At 31 December 2024 257,286 1,566,915 93,568 44,114 1,961,883
At 31 December 2023 276,904 1,239,769 76,555 51,899 1,645,127

7. INVENTORIES
2024 2023
£ £
Inventories 1,252,828 1,005,348

8. RECEIVABLES
2024 2023
£ £
Trade receivables 761,752 512,363

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,165 13,821
Hire purchase contracts 240,397 208,122
Trade payables 831,504 599,979
Amounts owed to group undertakings 515,037 881,636
Taxation and social security 178,588 129,178
Other payables 23,315 20,173
1,799,006 1,852,909

QUINN BUILDING SUPPLIES LTD (REGISTERED NUMBER: NI053316)

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

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 5,506 17,046
Hire purchase contracts 522,781 555,657
Amounts owed to group undertakings 500,000 -
1,028,287 572,703

The bank loan and overdrafts are secured by the company by a fixed and floating charge over company assets.

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary Shares 1 2 2

12. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.