Loughview Contracts Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI673327

Loughview Contracts Ltd

Filleted Unaudited Financial Statements

31 October 2024

Loughview Contracts Ltd

Statement of Financial Position

31 October 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	7,290	12,565

Current assets

Stocks		39,000	24,000
Debtors	6	1,146	554
Cash at bank and in hand		11,604	14,668
		--------	--------
		51,750	39,222

Creditors: amounts falling due within one year	7	66,125	48,384
		--------	--------
Net current liabilities		14,375	9,162
		--------	--------
Total assets less current liabilities		( 7,085)	3,403

Creditors: amounts falling due after more than one year	8	1,681	3,170
		-------	-------
Net (liabilities)/assets		( 8,766)	233
		-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 8,866)	133
	-------	----
Shareholders (deficit)/funds	( 8,766)	233
	-------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Loughview Contracts Ltd

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Mr J Allen
Director

Company registration number: NI673327

Loughview Contracts Ltd

Notes to the Financial Statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office 54 Dungannon Road, Coalisland, Dungannon, BT71 4HP. The principal activity of the business is construction of domestic buildings.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	18% reducing balance
Fixtures and fittings	-	18% reducing balance
Motor vehicles	-	18% reducing balance
Equipment	-	18% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2023	15,880	3,916	–	300	20,096
Additions	–	–	1,600	–	1,600
Disposals	( 9,000)	–	–	–	( 9,000)
	--------	-------	-------	----	--------
At 31 October 2024	6,880	3,916	1,600	300	12,696
	--------	-------	-------	----	--------
Depreciation
At 1 November 2023	6,114	1,283	–	134	7,531
Charge for the year	808	474	288	30	1,600
Disposals	( 3,725)	–	–	–	( 3,725)
	--------	-------	-------	----	--------
At 31 October 2024	3,197	1,757	288	164	5,406
	--------	-------	-------	----	--------
Carrying amount
At 31 October 2024	3,683	2,159	1,312	136	7,290
	--------	-------	-------	----	--------
At 31 October 2023	9,766	2,633	–	166	12,565
	--------	-------	-------	----	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	554	554
Other debtors	592	–
	-------	----
	1,146	554
	-------	----

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	4,050	6,251
Social security and other taxes	14,443	14,671
Other creditors	47,632	27,462
	--------	--------
	66,125	48,384
	--------	--------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	1,681	3,170
	-------	-------

9. Director's advances, credits and guarantees

During the year a director loaned £20,170 to the company. The balance owed to the director at 31 October 2024 was £47,632 (2023:£27,462).