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COMPANY REGISTRATION NUMBER: NI603480
Eassda (Bush Road Antrim) Limited
Filleted Financial Statements
31 December 2021
Eassda (Bush Road Antrim) Limited
Financial Statements
Year ended 31st December 2021
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Eassda (Bush Road Antrim) Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Current assets
Stocks
1,148,221
384,393
Debtors
5
101
101
------------
---------
1,148,322
384,494
Creditors: amounts falling due within one year
6
793,318
29,490
------------
---------
Net current assets
355,004
355,004
---------
---------
Total assets less current liabilities
355,004
355,004
---------
---------
Net assets
355,004
355,004
---------
---------
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
355,003
355,003
---------
---------
Shareholders funds
355,004
355,004
---------
---------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 1 August 2022 , and are signed on behalf of the board by:
CJ Mulligan
Director
Company registration number: NI603480
Eassda (Bush Road Antrim) Limited
Notes to the Financial Statements
Year ended 31st December 2021
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lagan House, Clarendon Road, Belfast, BT1 3BG, Northern Ireland.
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 in accordance with the Companies Act 2006. They are 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.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock currently consists of undeveloped land. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 are 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to NIL (2020: NIL)
5. Debtors
2021
2020
£
£
Other debtors
101
101
----
----
6. Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
784,761
28,390
Other creditors
8,557
1,100
---------
--------
793,318
29,490
---------
--------
7. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
8. Summary audit opinion
The auditor's report for the year dated 2 August 2022 was unqualified .
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
9. Related party transactions
The company has availed of the exemption under the terms of FRS 102 Section 1A from disclosing related party transactions with entities which are part of Lagan Homes Group Ltd. group.
10. Controlling party
The company considers JPK Lagan to be the ultimate controlling party.