0 2 August 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI644519 2021-01-01 2021-12-31 NI644519 2021-12-31 NI644519 2020-12-31 NI644519 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 NI644519 bus:Director3 2021-01-01 2021-12-31 NI644519 core:WithinOneYear 2021-12-31 NI644519 core:WithinOneYear 2020-12-31 NI644519 core:ShareCapital 2021-12-31 NI644519 core:ShareCapital 2020-12-31 NI644519 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI644519 core:RetainedEarningsAccumulatedLosses 2020-12-31 NI644519 bus:SmallEntities 2021-01-01 2021-12-31 NI644519 bus:Audited 2021-01-01 2021-12-31 NI644519 bus:FullAccounts 2021-01-01 2021-12-31 NI644519 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 NI644519 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 NI644519 bus:OrdinaryShareClass1 2021-12-31 NI644519 bus:OrdinaryShareClass1 2020-12-31
COMPANY REGISTRATION NUMBER: NI644519
Lagpor Developments Limited
Filleted Financial Statements
31 December 2021
Lagpor Developments Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Current assets
Work in progress
2,230,510
2,097,803
Debtors
4
10
10
------------
------------
2,230,520
2,097,813
Creditors: amounts falling due within one year
5
2,230,609
2,097,846
------------
------------
Net current liabilities
89
33
----
----
Total assets less current liabilities
( 89)
( 33)
----
----
Capital and reserves
Called up share capital
6
10
10
Profit and loss account
( 99)
( 43)
----
----
Shareholders deficit
( 89)
( 33)
----
----
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: NI644519
Lagpor Developments Limited
Notes to the Financial Statements
Year ended 31 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 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.
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.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
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.
Work in progress
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. Debtors
2021
2020
£
£
Other debtors
10
10
----
----
5. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
7
6
Trade creditors
47,771
87,992
Amounts owed to related parties
2,182,831
2,009,848
------------
------------
2,230,609
2,097,846
------------
------------
6. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.01 each
1,000
10
1,000
10
-------
----
-------
----
7. 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 .
8. Related party transactions
The company is jointly owned by Lagan Homes (Lisburn) Limited and J W & J Porter Limited, both of which are incorporated in Northern Ireland. SG McCann and CJ Mulligan are directors of Lagan Homes (Lisburn) Limited and WC Porter is a director of J W & J Porter Limited. Loans due to related parties Included in note 5 to the financial statements:
2021 2020
£ £
Lagan Homes (Lisburn) Limited 1,153,173 1,044,625
J W & J Porter Limited 1,029,658 965,223
------------ ------------
2,182,831 2,009,848
------------ ------------
9. Control
The company is jointly controlled by Lagan Homes Limited and J W & J Porter Limited, each of whom hold 50% of the share capital in issue.