Bill Waugh Construction Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: NI010680

		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		159,572		207,304
Investments	5		561,950		372,533

			721,522		579,837
CURRENT ASSETS
Stocks		-		440,921
Debtors	6	358,777		36,046
Cash at bank and in hand		88,690		22,008

		447,467		498,975
Creditors: Amounts Falling Due Within One Year	7	(108,395 )		(214,913 )

NET CURRENT ASSETS (LIABILITIES)			339,072		284,062

TOTAL ASSETS LESS CURRENT LIABILITIES			1,060,594		863,899

Creditors: Amounts Falling Due After More Than One Year	8		(15,788 )		(32,142 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(86,760 )		(51,826 )

NET ASSETS			958,046		779,931

CAPITAL AND RESERVES
Called up share capital	10		10,000		10,000
Fair value reserve	12		187,467		-
Profit and Loss Account			760,579		769,931

SHAREHOLDERS' FUNDS			958,046		779,931

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Bill Waugh Construction Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr William John Waugh

Director

10 July 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Bill Waugh Construction Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI010680 . The registered office is Riverside, 17 Donacloney Road, Blackskull, Dromore, BT25 1JR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	- 15% on reducing balance
Motor Vehicles	- 25% on reducing balance
Computer Equipment	- 25% on reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Bill Waugh Construction Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	264,888	54,979	826	320,693
Additions	800	-	-	800

As at 31 March 2025	265,688	54,979	826	321,493

Depreciation
As at 1 April 2024	101,110	11,453	826	113,389
Provided during the period	34,787	13,745	-	48,532

As at 31 March 2025	135,897	25,198	826	161,921

Net Book Value
As at 31 March 2025	129,791	29,781	-	159,572

As at 1 April 2024	163,778	43,526	-	207,304

5. Investments

	Unlisted
	£
Cost
As at 1 April 2024	372,533
Additions	1,950
Revaluations	187,467

As at 31 March 2025	561,950

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	561,950

As at 1 April 2024	372,533

6. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
Other debtors	358,777	36,046

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Bill Waugh Construction Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	4,994	4,503
Trade creditors	3,474	63,288
Bank loans and overdrafts	10,323	10,063
Other creditors	20,665	70,872
Taxation and social security	68,939	66,187

	108,395	214,913

8. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	13,872	18,866
Bank loans	1,916	13,276

	15,788	32,142

9. Secured Creditors

Of the creditors the following amounts are secured.

Danske Bank hold:-

1. An all monies Solicitor's Undertaking over Development Lands at Blackskull, Dromore, Co Down.

2. An all monies Floating Charge over the undertaking of the Company and all its property whatsoever and wheresoever both present and future including uncalled capital for the time being.

3. A Charge over all Book Debts.

4. An all monies Solicitor's Undertaking over property known as 100 Blackscull Road, Dromore, Co Down.

5. An all monies charge over all that dwelling house and premises situated at and known as 57 Cloverdale, Blackskull, Dromore, Co Down being all the lands comprised in Folio DN 150803 together with all machinery, utensils, chattels and things now or at any time hereafter upon all of the aforesaid premises.

6. An all monies charge over part of the townland of Ballygunaghan comprised in Folio DN135649, Co Down, being all lands comprised in Folio DN135649 Co Down together with all machinery, utensils, chattels and things now or at any time hereafter upon all of the aforesaid premises.

	31 March 2025		31 March 2024
	£		£
Bank loans and overdrafts	12,239		23,339

10. Share Capital

	31 March 2025	31 March 2024
	£	£
Allotted, Called up and fully paid	10,000	10,000

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Bill Waugh Construction Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024 £	Amounts advanced £	Amounts repaid £	Amounts written off £	As at 31 March 2025 £
Mr WJ Waugh, Mr B Waugh & Mrs A Waugh	30,288	795,374	468,355	-	357,307

Loan balances are repayable on demand. The interest rate applied is the official rate for beneficial loan arrangements.

12. Reserves

	Fair Value Reserve
	£
Transfer to profit and loss	187,467

As at 31 March 2025	187,467

13. Related Party Transactions

During the year, total dividends of £31,000 were paid to the directors.

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