O'Kane Woodworking 2010 Limited 31/03/2026 iXBRL

Company registration number: NI601849

O'Kane Woodworking 2010 Limited

Unaudited filleted financial statements

31 March 2026

O'Kane Woodworking 2010 Limited

Contents

Directors and other information

Balance sheet

Notes to the financial statements

O'Kane Woodworking 2010 Limited

Directors and other information



	Director	Mr Michael O'Kane


	Company number	NI601849


	Registered office	13 Hass Road
		Dungiven
		Co Derry
		BT47 4QH


	Accountants	Fergus McAteer & Co.
		31/33 Clarendon Street
		Derry
		BT48 7ER




	Bankers	Bank of Ireland
		Market Street
		Magherafelt
		BT45 6EE

		Bank of Ireland
		Main Street
		Buncrana
		Co Donegal

O'Kane Woodworking 2010 Limited

Balance sheet

31 March 2026

		2026		2025
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,535,766		1,804,166
		_______		_______
			1,535,766		1,804,166

Current assets
Stocks	6	628,901		408,445
Debtors	7	1,566,731		1,919,221
Cash at bank and in hand		1,234,986		577,882
		_______		_______
		3,430,618		2,905,548
Creditors: amounts falling due
within one year	8	( 1,476,758)		( 1,198,460)
		_______		_______
Net current assets			1,953,860		1,707,088
			_______		_______
Total assets less current liabilities			3,489,626		3,511,254

Creditors: amounts falling due
after more than one year	9		( 95,429)		( 120,125)

Provisions for liabilities			( 252,300)		( 303,890)

			_______		_______
Net assets			3,141,897		3,087,239
			_______		_______

Capital and reserves
Called up share capital	10		74		74
Capital redemption reserve			26		26
Profit and loss account			3,141,797		3,087,139
			_______		_______
Shareholder funds			3,141,897		3,087,239
			_______		_______

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 profit and loss account and director's report have not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 10 August 2026 , and are signed on behalf of the board by:

Mr Michael O'Kane

Director

Company registration number: NI601849

O'Kane Woodworking 2010 Limited

Notes to the financial statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is O'Kane Woodworking 2010 Limited, 13 Hass Road, Dungiven, Co Derry, BT47 4QH.

2. Statement of compliance

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

3. Summary of significant accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

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.

Sale of goods

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.

Rendering of services

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Interest and dividends payable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.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.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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	-	25 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Computer software	-	33.33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 65 (2025: 59 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computer software	Total
	£	£	£	£	£
Cost
At 1 April 2025	4,303,299	107,252	196,665	95,600	4,702,816
Additions	176,693	7,736	34,849	-	219,278
Disposals	-	-	( 8,400)	-	( 8,400)
	_______	_______	_______	_______	_______
At 31 March 2026	4,479,992	114,988	223,114	95,600	4,913,694
	_______	_______	_______	_______	_______
Depreciation
At 1 April 2025	2,678,992	71,200	75,275	73,183	2,898,650
Charge for the year	429,420	7,889	38,250	10,333	485,892
Disposals	-	-	( 6,614)	-	( 6,614)
	_______	_______	_______	_______	_______
At 31 March 2026	3,108,412	79,089	106,911	83,516	3,377,928
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2026	1,371,580	35,899	116,203	12,084	1,535,766
	_______	_______	_______	_______	_______
At 31 March 2025	1,624,307	36,052	121,390	22,417	1,804,166
	_______	_______	_______	_______	_______

6. Stocks

	2026	2025
	£	£
Raw materials and consumables	321,567	255,992
Work in progress	307,334	152,453
	_______	_______
	628,901	408,445
	_______	_______

7. Debtors

	2026	2025
	£	£
Trade debtors	1,292,238	1,632,498
Other debtors	274,493	286,723
	_______	_______
	1,566,731	1,919,221
	_______	_______

8. Creditors: amounts falling due within one year

	2026	2025
	£	£
Trade creditors	1,370,566	1,063,624
Corporation tax	6,646	33,905
Social security and other taxes	40,060	30,416
Other creditors	59,486	70,515
	_______	_______
	1,476,758	1,198,460
	_______	_______

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

	2026	2025
	£	£
Other creditors	95,429	120,125
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2026		2025
	No	£	No	£
Ordinary shares of £ 1.00 each	74	74	74	74
	_______	_______	_______	_______