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Tiercon Construction Limited

Unaudited Financial Statements

for the financial year ended 31 October 2024

Tiercon Construction Limited

DIRECTOR AND OTHER INFORMATION

Director | Conor Higgins
Company Registration Number | NI620793
Registered Office and Business Address | 34 Liscall Road
| Garvagh
| Co. Derry
| BT51 5EP
Accountants | Quarter
| Chartered Accountants
| 15 Church Street
| Belfast
| BT1 1PG

Tiercon Construction Limited

Company Registration Number: NI620793

STATEMENT OF FINANCIAL POSITION

as at 31 October 2024

|  |  | 2024 |  | 2023
|  | Notes | £ |  | £
Non-Current Assets

Property, plant and equipment |  | 4 | 114,574 |  | 69,297
|  |  | ───────── |  | ─────────
Current Assets

Inventories |  | 5 | 107,463 |  | 74,375
Receivables |  | 6 | 188,572 |  | 197,750
Cash and cash equivalents |  |  | 18,761 |  | 75,891
|  |  | ───────── |  | ─────────
|  |  | 314,796 |  | 348,016
|  |  | ───────── |  | ─────────
Payables: amounts falling due within one year |  | 7 | (248,483) |  | (271,340)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 66,313 |  | 76,676
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 180,887 |  | 145,973
Payables:

amounts falling due after more than one year |  | 8 | (38,647) |  | (42,684)
Provisions for liabilities |  | 10 | (21,769) |  | (13,166)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 120,471 |  | 90,123
|  |  | ═════════ |  | ═════════
Equity

Called up share capital |  |  | 1 |  | 1
Retained earnings |  |  | 120,470 |  | 90,122
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 120,471 |  | 90,123
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 9 October 2025

________________________________ |  |  |  |  |
Conor Higgins |  |  |  |  |
Director |  |  |  |  |

Tiercon Construction Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2024

1. | General Information
| Tiercon Construction Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 34 Liscall Road, Garvagh, Co. Derry, BT51 5EP which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 31 October 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Revenue
| Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
| Property, plant and equipment and depreciation
| Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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:
|  | Plant and machinery | - | 20% Reducing Balance
|  | Fixtures, fittings and equipment | - | 20% Reducing Balance
|  | Motor vehicles | - | 25% Reducing Balance
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Leasing and hire purchases
| 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.
| Leasing
| Inventories
| Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks 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.
| Trade and other receivables
| Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other payables
| Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Employees
| The average monthly number of employees, including director, during the financial year was 4, (2023 - 1).
|  | 2024 | 2023
|  | Number | Number
| Employees | 4 | 4
|  | ═════════ | ═════════

4. | Property, plant and equipment
|  | Plant and | Fixtures, | Motor | Total
|  | machinery | fittings and | vehicles |
|  |  | equipment |  |
|  | £ | £ | £ | £
| Cost
| At 1 November 2023 | 35,885 | 839 | 106,075 | 142,799
| Additions | 59,087 | - | 26,250 | 85,337
| Disposals | - | - | (33,675) | (33,675)
|  | ───────── | ───────── | ───────── | ─────────
| At 31 October 2024 | 94,972 | 839 | 98,650 | 194,461
|  | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 November 2023 | 21,270 | 733 | 51,499 | 73,502
| Charge for the financial year | 12,979 | 21 | 20,488 | 33,488
| On disposals | - | - | (27,103) | (27,103)
|  | ───────── | ───────── | ───────── | ─────────
| At 31 October 2024 | 34,249 | 754 | 44,884 | 79,887
|  | ───────── | ───────── | ───────── | ─────────
| Carrying amount
| At 31 October 2024 | 60,723 | 85 | 53,766 | 114,574
|  | ═════════ | ═════════ | ═════════ | ═════════
| At 31 October 2023 | 14,615 | 106 | 54,576 | 69,297
|  | ═════════ | ═════════ | ═════════ | ═════════

5. | Inventories | 2024 | 2023
|  | £ | £
| Work in progress | 107,463 | 74,375
|  | ═════════ | ═════════
| The replacement cost of stock did not differ significantly from the figures shown.

6. | Receivables | 2024 | 2023
|  | £ | £
| Trade receivables | 135,662 | 156,888
| Taxation (Note 9) | 52,910 | 40,862
|  | ───────── | ─────────
|  | 188,572 | 197,750
|  | ═════════ | ═════════

7. | Payables | 2024 | 2023
| Amounts falling due within one year | £ | £
| Bank loan | 18,056 | 16,477
| Net obligations under finance leases
| and hire purchase contracts | 16,085 | 10,170
| Trade payables | 146,636 | 181,368
| Taxation (Note 9) | 24,989 | 9,757
| Director's current account | 3,747 | 16,374
| Accruals | 38,970 | 37,194
|  | ───────── | ─────────
|  | 248,483 | 271,340
|  | ═════════ | ═════════

8. | Payables | 2024 | 2023
| Amounts falling due after more than one year | £ | £
| Bank loan | 12,143 | 21,684
| Finance leases and hire purchase contracts | 26,504 | 21,000
|  | ───────── | ─────────
|  | 38,647 | 42,684
|  | ═════════ | ═════════
| Loans
| Repayable in one year or less, or on demand (Note 7) | 18,056 | 16,477
| Repayable between one and two years | 8,772 | 16,477
| Repayable between two and five years | 3,371 | 5,207
|  | ───────── | ─────────
|  | 30,199 | 38,161
|  | ═════════ | ═════════
| Net obligations under finance leases
| and hire purchase contracts
| Repayable within one year | 16,085 | 10,170
| Repayable between one and five years | 26,504 | 21,000
|  | ───────── | ─────────
|  | 42,589 | 31,170
|  | ═════════ | ═════════

9. | Taxation | 2024 | 2023
|  | £ | £
| Receivables:
| VAT | 52,910 | 40,862
|  | ═════════ | ═════════
| Payables:
| Corporation tax | 5,186 | 6,553
| PAYE / NI | 3,363 | 969
| Subcontractors tax | 16,440 | 2,235
|  | ───────── | ─────────
|  | 24,989 | 9,757
|  | ═════════ | ═════════

10. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total | Total
|  | allowances |  |
|  |  | 2024 | 2023
|  | £ | £ | £
| At financial year start | 13,166 | 13,166 | 15,040
| Charged to profit and loss | 8,603 | 8,603 | (1,874)
|  | ───────── | ───────── | ─────────
| At financial year end | 21,769 | 21,769 | 13,166
|  | ═════════ | ═════════ | ═════════

11. | Capital commitments
| The company had no material capital commitments at the financial year-ended 31 October 2024.

12. | Events After the End of the Reporting Period
| There have been no significant events affecting the company since the financial year-end.