4026688

Sage Construction Limited

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 ST MARCH 2009

Registered Number 359764

Page 1

of Sage Construction Limited.

Directors and Other Information

Statement of Directors Responsibilities

Statement of Accounting Policies

Balance Sheet

Notes to the Financial Statements

Contents

Page 3

4

5

6

7-8

Page 2

Directors:

Sean Joyce Ethelle Fahey

Directors and Other Information

of Sage Construction Limited.

for the year ended 31 st March 2009

Secretary:

Sean Joyce

Accountants:

Michael Moran & Company, Chartered Accountants, Second Floor,

Unit 14,

Galway Technology Park, Parkmore,

Galway.

Bankers:

Bank of Ireland 19 Eyre Square Galway

Solicitors:

Brian Doherty & Co. Seville House,

New Dock Street, Galway.

Registered Office:

Grange Turloughmore Co Galway

Registered Number:

359764

Page 3

Sage Construction Limited year ended 31 st March 2009

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and published by The Institute of Chartered Accountants in Ireland.

Irish company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to

* select suitable accounting policies and then apply them consistently; * make judgments and estimates that are reasonable and prudent;

* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper books of account that

disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and with Irish statute comprising the Companies Acts 1963 to 2009.

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' declaration on unaudited financial statements

In relation to financial statements as set out on pages 5 to 8.

* The Directors approve these financial statements and confirm that they are responsible

for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.

* The Directors confirm that they have made available to Michael Moran & Co., Chartered Accountants, all the company's accounting records and provided all the information, books, or documents, necessary for the compilation of the financial statements.

* The Directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the company for the year ended 31 st March 2009.

Approved by the Board of Directors on 8th February 2010.

Director

Director

Page 4

Statement of Accounting Policies

of Sage Construction Limited.

for the year ended 31 st March 2009

The significant accounting policies adopted by the company are as follows:

BASIS OF PREPARA nON

The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Companies Acts, 1963 to 2009. Accounting Standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of

Chartered Accountants in Ireland and issued by the Accounting Standards Board.

2 ACCOUNTING CONVENTION

The financial statements are prepared under the Historical Cost Convention.

3 TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation.

4 DEPRECIA nON

Depreciation is calculated in order to write off the cost of tangible fixed assets over their estimated useful lives at the following annual rates:

Plant & Equipment Office Equipment Motor Vehicles Leased Assets

12.5%/15%/20% Straight Line 15% Straight Line

20% Reducing Balance 20%/25%/33.33%/50% Straight Line

5 INTANGIBLE FIXED ASSETS

Goodwill is being amortised at 15% Straight Line.

6 STOCKS AND WORK·IN·PROGRESS (i)Housing and related development land

Turnover on housing developments and the respective profits are not recognised until the property is structurally complete and legally transferred to the purchaser. Residential developments in progress and/or sold at the balance sheet date

and development land are valued at the lower of cost and net realisable value.

(ii)Contracting for third parties

Turnover and profits on long term contracts for third parties are recognised over the duration of the contracts to reflect the profit attributable to that part of the work performed during the financial year. Provision is made for any losses anticipated in the course of completion. Turnover and profits on short term contracts are recognised at completion.

7 LEASES

Assets acquired under Finance Leases are recorded separately under Fixed Assets at the present value of the minimum lease rentals and the corresponding net obligations are recorded under short and long term liabilities. Financial charges are written to the Profit and Loss Account so as to produce a constant periodic rate of charge.

8 CASH FLOW STATEMENT

The company meets the size criteria for a small company set by the Companies (Amendment) Act, 1986 and therefore, in accordance with FRS 1: Cash Flow Statements, it has not prepared a cash flow statement.

Page 5

Balance Sheet

of Sage Construction Limited.
for the year ended 31 st March 2009
2009 2008
Notes € € € €
FIXED ASSETS
Tangible Assets 0 0
CURRENT ASSETS
Stocks and Work-in-Progress 0 0
Debtors and Prepayments 2 1,814,654 1,953,798
Cash on hand and at bank 19,521 6,178
1,834,175 1,959,976 CREDITORS: (Amounts falling due within one year)

NET CURRENT ASSETS/(LlABILITIES)

1,933,433
26,543 26,543
26,543 26,543
(0) (0)
26,543 26,543
2 2
26,541 26,541
26,543 26,543 3

1,807,632

TOTAL ASSETS LESS CURRENT LIABILITIES

CREDITORS: (Amounts falling due after one year)

NET ASSETS

CAPITAL AND RESERVES Called Up Share Capital Profit and Loss Accounl TOTAL EQUITY SHAREHOLDERS FUNDS

4

5

We, as Directors of Sage Construction Limited, state that:

The company is availing itself of the exemption provided for by Part III of the Companies (Amendment) (No.2) Act, 1999 on the grounds that the company satisfies the conditions specified in Section 32 of the Act, as amended.

No notice has been deposited under Section 33(2) of the Companies (Amendment) (No.2) Act, 1999.

The directors acknowledge the obligations of the company, under the Companies Acts, 1963

to 2009 to keep proper books of account and prepare accounts which give a true and fair view of the state of affairs of the company at the end of its financial year and of its profit or loss for such a year and to otherwise comply with the provisions of those Acts relating to accounts so far as they are applicable to a company.

On 8th February 2010, we prepared the abridged financial statements and have relied

on specified exemptions contained in Sections 10 and 12 of the Companies (Amendment) Act, 1986 on the grounds that the company is entitled to benefil of those exemptions as a small company,

Page 6

Notes to the Financial Statements

of Sage Construction Limited.

for the year ended 31 st March 2009

TURNOVER

Turnover is stated net of Value Added Tax and arose exclusively in the Republic of Ireland. The amount of turnover by class of activity is as follows:

2009 €

2008 € 1,272,077

Construction

1,272,077

2

DEBTORS & PREPA YMENTS Amounts falling due within one year:

2009 €

2008 €

Trade Debtors RCT PAYE/PRSI Corporation Tax

1,814,654

1,814,654 78,750 3,999 56,395

1,814,654

1,953,798

3 CREDITORS: (Amounts fafling due

within one year)

2009 €

2008 € 11,825 98,009 1,823,599

Accruals Vat

Directors Current Accounts

1,807,632 1,807,632

1,933,433

4 CALLED UP SHARE CAPITAL
2009
€
Authorised
100,000 Ordinary Shares @ €1 each 100,000
Allotted, Issued and Fully Paid
2 Ordinary Shares @ €1 each 2
5 RECONCILIA TION OF SHAREHOLDERS FUNDS
2009
€
Opening Shareholders Funds 26,543
ProfiU(Loss) for the financial year
Closing Shareholders Funds 26,543 2008 €

100,000

2

200B €

26,543

26,543

Page 7

Notes to the Financial Statements (continued)

of Sage Construction Limited.

for the year ended 31 st March 2009

6 MATERIAL TRANSACTIONS WITH DIRECTORS

Directors Loan Account

Sean Ethelle
Joyce Fahey
€ €
874,803 948,796
(15,484) (15,484 )
7,500 7,500
866,820 940,813
874,803 948,796 Balance at 1 st April 2008 Advances during year Repayments during year

Balance at 31st March 2009

Maximum amount outstanding to the directors during the year

Total

€ 1,823,599 (30,967) 15,000

1,807,632

1,823,599

7 CAPITAL COMMITMENTS

There were no capital commitments at the year ended 31 st March 2009.

Page 8