Acrow Formwork (N.I.) Ltd

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

1. General Information

Acrow Formwork (N.I.) Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI047833 . The registered office is Unit 10 Granville Industrial Estate, 90, Granville Road, Dungannon, County Tyrone, BT70 1NJ.

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.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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:

Freehold	N/a
Plant & Machinery	20% SL / 10% SL
Motor Vehicles	25% SL
Fixtures & Fittings	25% SL

2.4. 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.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Acrow Formwork (N.I.) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 15 (2023: 11)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 October 2023	601,851	778,577	126,030	20,651	1,527,109
Additions	-	32,268	26,628	-	58,896

As at 30 September 2024	601,851	810,845	152,658	20,651	1,586,005

Depreciation
As at 1 October 2023	-	613,173	97,991	16,525	727,689
Provided during the period	-	39,346	5,178	1,031	45,555

As at 30 September 2024	-	652,519	103,169	17,556	773,244

Net Book Value
As at 30 September 2024	601,851	158,326	49,489	3,095	812,761

As at 1 October 2023	601,851	165,404	28,039	4,126	799,420

5. Stocks

	2024	2023
	£	£
Finished goods	2,257,926	2,209,804

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Acrow Formwork (N.I.) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	7,495	5,678
VAT	60,880	-
Directors' loan accounts	56,512	35,074
Amounts owed by related parties	1,131,390	1,385,991

	1,256,277	1,426,743

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	462	12,989
Bank loans and overdrafts	16,436	8,830
Corporation tax	7,728	76,637
Other taxes and social security	8,944	13,154
VAT	-	108,607
Net wages	15,498	9,061
Other creditors	16,065	16,065
Accruals and deferred income	22,755	10,234
Amounts owed to group undertakings	462,681	561,507
Amounts owed to related parties	3,185,137	3,135,467

	3,735,706	3,952,551

Security:

The bank facilities are guaranteed on the assets of the company and a Letter of Guarantee from the directors for £750,000 plus any interest.

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans from directors:

	As at 1 October 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 30 September 2024
	£	£	£	£	£
Mr Patrick Hughes	45,250	56,162	80,000	-	21,462
Mr Eamon Jordan	(10,176 )	117,226	72,000	-	35,050

The above loan is unsecured, interest charged at HM Revenue approved rates and repayable on demand.

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Acrow Formwork (N.I.) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

10. Related Party Transactions

The company has availed of the exemption under FRS102 in relation to the disclosure of transactions with group companies.

Acrow Rental Ltd

Shared directors

Sales of goods and services to value of £1,740,000(2023: £2,025,000). Debtor balance due of £1,261,913 (2023: £1,114,460). No provision for doubtful debt has been made.

Ardcrete Ltd

Relative of director

At the balance sheet date an amount of £162,875 (2023: £39,048) was payable. The balance represents an unsecured, interest-free loan and is repayable on demand. No other transactions with this related party occurred during the year.

Raptic Contracts Ltd

Relative of director

At the balance sheet date an amount of £329,000 (2024: £239,000) was receivable. The balance arose from an interest-free loan, is unsecured and repayable on demand. No provision for doubtful debt has been made. No other transactions with this related party occurred during the year

Ubest Engineering Ltd

Shared directors

Purchases of goods to value of £420,826 (2023: £662,796). Creditor balance due at year end £3,514,137 (2023:£3,096,417).

TWD Engineering Ltd

Shared director

Sales of goods and services to value of £nil (2023: £6,000). Debtor balance due of £32,350 (2023: £32,350). No provision for doubtful debt has been made.

Balances are disclosed in Debtors and Creditors balances less than one year.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		812,761		799,420

			812,761		799,420
CURRENT ASSETS
Stocks	5	2,257,926		2,209,804
Debtors	6	1,256,277		1,426,743
Cash at bank and in hand		936,904		960,466

		4,451,107		4,597,013
Creditors: Amounts Falling Due Within One Year	7	(3,735,706 )		(3,952,551 )

NET CURRENT ASSETS (LIABILITIES)			715,401		644,462

TOTAL ASSETS LESS CURRENT LIABILITIES			1,528,162		1,443,882

PROVISIONS FOR LIABILITIES
Deferred Taxation			(48,014 )		(43,781 )

NET ASSETS			1,480,148		1,400,101

CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and Loss Account			1,480,147		1,400,100

SHAREHOLDERS' FUNDS			1,480,148		1,400,101