0 30/09/2022 2022-09-30 false false false false false false false false false false true false false false false false false false false true false 2021-10-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09811581 2021-10-01 2022-09-30 09811581 2022-09-30 09811581 2021-09-30 09811581 bus:RegisteredOffice 2021-10-01 2022-09-30 09811581 bus:LeadAgentIfApplicable 2021-10-01 2022-09-30 09811581 bus:Director1 2021-10-01 2022-09-30 09811581 bus:Director2 2021-10-01 2022-09-30 09811581 bus:Director3 2021-10-01 2022-09-30 09811581 bus:Director4 2021-10-01 2022-09-30 09811581 core:WithinOneYear 2022-09-30 09811581 core:WithinOneYear 2021-09-30 09811581 core:ShareCapital 2022-09-30 09811581 core:ShareCapital 2021-09-30 09811581 core:RetainedEarningsAccumulatedLosses 2022-09-30 09811581 core:RetainedEarningsAccumulatedLosses 2021-09-30 09811581 bus:SmallEntities 2021-10-01 2022-09-30 09811581 bus:AuditExemptWithAccountantsReport 2021-10-01 2022-09-30 09811581 bus:AbridgedAccounts 2021-10-01 2022-09-30 09811581 bus:SmallCompaniesRegimeForAccounts 2021-10-01 2022-09-30 09811581 bus:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 09811581 core:OtherRelatedParties 2021-10-01 2022-09-30
Company registration number: 09811581
Blackley Developments Limited
Unaudited filleted abridged financial statements
30 September 2022
Blackley Developments Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Blackley Developments Limited
Directors and other information
Directors Mr Ian George Coulter
Mr Jonathan Gwynne
Mr Michael Anthony Lagan
Mr Stephen Gray
Company number 09811581
Registered office 83 Ducie Street
Manchester
M1 2JQ
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers Bank Of Ireland
Belfast City Branch
1 Donegal Square South
Belfast
BT1 5LR
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Blackley Developments Limited
Year ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blackley Developments Limited for the year ended 30 September 2022 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Blackley Developments Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Blackley Developments Limited and state those matters that we have agreed to state to the board of directors of Blackley Developments Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackley Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Blackley Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Blackley Developments Limited. You consider that Blackley Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blackley Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
23 May 2023
Blackley Developments Limited
Abridged statement of financial position
30 September 2022
2022 2021
Note £ £ £ £
Current assets
Stocks 4 2,966,602 2,198,898
Debtors 187,493 19,152
Cash at bank and in hand - 82,121
_________ _________
3,154,095 2,300,171
Creditors: amounts falling due
within one year 5 ( 4,265,414) ( 3,223,001)
_________ _________
Net current liabilities ( 1,111,319) ( 922,830)
_________ _________
Total assets less current liabilities ( 1,111,319) ( 922,830)
_________ _________
Net liabilities ( 1,111,319) ( 922,830)
_________ _________
Capital and reserves
Called up share capital 4 4
Profit and loss account ( 1,111,323) ( 922,834)
_________ _________
Shareholders deficit ( 1,111,319) ( 922,830)
_________ _________
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 23 May 2023 , and are signed on behalf of the board by:
Mr Ian George Coulter Mr Michael Anthony Lagan
Director Director
Company registration number: 09811581
Blackley Developments Limited
Notes to the financial statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 83 Ducie Street, Manchester, M1 2JQ. The principal activity of the company is the development of building projects.
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. 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.
Going concern
The directors have decided that the company will cease operations at the conclusion of the development and the financial statements have therefore been prepared on the breakup 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. Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Work in progress is stated at the lower of cost and net realisable value. At the balance sheet date, there is an estimated value of £2,966,602 being the lower of cost and net realisable value based on the sale price of the land.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
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.
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.
4. Stocks
2022 2021
£ £
Work in progress 2,966,602 2,198,898
_________ _________
Included in work in progress above is interest of £747,909 (2021 - £636,132).
5. Creditors: amounts falling due within one year
Bank loans of £912,780 (2021 - £866,710) are secured by a legal charge over the property known as Blackley Mere, Bowker Bank Avenue, Manchester, M8 4LD and a debenture over all assets and undertakings.
6. Contingent liabilities
The company is in dispute with a supplier in relation to site works undertaken and also intends to seek damages from such supplier. The directors are withholding monies owed to the supplier in relation to the works undertaken and have derecognised the liability of £204,466 in the prior year on the basis that this will not be payable. A contingent liability exists for this amount, but the directors are of the opinion that no payment will be made.
7. Related party transactions
The company was repaid £Nil (2021 - £19,220) and advanced £6,427 (2021 - £7,374) to group undertakings in the year and recognised an impairment of £6,427 (2021 - £Nil). Company recognised an impairment reversal of £Nil (2021 - £11,846) in the year of amounts owed by group companies. The company was owed £Nil (2021 - £Nil) by group companies, net of the impairment.The company received funding of £1,081,118 from group undertakings (2021 - £396,735) and repaid funding of £16,183 (2021 - £72,922) to group undertakings in the year. The company owed £2,198,471 (2021 - £1,133,536) to group undertakings at 30 September 2022.The above loans are unsecured, interest free and repayable upon demand.The company incurred costs of £38,250 (2021: £1.463,599) during the year from other related parties, were charged interest of £259,368 (2021: £93,356), de recognised liabilities of £259,200 (2021: £Nil) and made bank payments of £43,520 (2021: £335,073). At 30 Setember 2022 amounts owed to other related parties is £1,136,724 (2021: £1,141,826).Lagan Aviation & Infrastructure Limited & Clonrose Developments Limited which is related to the company by common shareholder, has a charge over the freehold property at Blackley Mere owned by the company.
8. Controlling party
LCG Endeavour Limited is the ultimate parent undertaking. The address for LCG Endeavour Limited is PO Box 145, Level 6, 10A Prospect Hill, Douglas, IM991 FY, Isle of Man