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30/09/2022
2022-09-30
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2021-10-01
Sage Accounts Production 21.0 - FRS102_2021
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09892099
2021-10-01
2022-09-30
09892099
2022-09-30
09892099
2021-09-30
09892099
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Company registration number:
09892099
Outwood Developments Limited
Unaudited filleted abridged financial statements
30 September 2022
Outwood Developments Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Outwood Developments Limited
Directors and other information
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Directors |
Mr Ian George Coulter |
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Mr Stephen Robert Gray |
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Mr Jonathan Gareth Gwynne |
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Mr Michael Anthony Lagan |
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Company number |
09892099 |
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Registered office |
83 Ducie Street |
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Manchester |
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M1 2JQ |
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Accountants |
Hill Vellacott |
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22 Great Victoria Street |
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Belfast |
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BT2 7BA |
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Bankers |
Bank of Ireland |
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Belfast City Branch |
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1 Donegal Square South |
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Belfast |
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BT1 5LR |
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Report to the board of directors on the preparation of the
unaudited statutory financial statements of
Outwood 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 Outwood 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 Outwood 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 Outwood Developments Limited and state those matters that we have agreed to state to the board of directors of Outwood 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 Outwood Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Outwood 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 profit of Outwood Developments Limited. You consider that Outwood 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 Outwood 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
Outwood Developments Limited
Abridged statement of financial position
30 September 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Debtors |
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854,364 |
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932,893 |
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Cash at bank and in hand |
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20,503 |
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9,163 |
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_______ |
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_______ |
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874,867 |
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942,056 |
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Creditors: amounts falling due |
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within one year |
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(
1,216,734) |
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(
1,322,644) |
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_______ |
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Net current liabilities |
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(
341,867) |
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380,588) |
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_______ |
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Total assets less current liabilities |
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(
341,867) |
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(
380,588) |
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_______ |
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Net liabilities |
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(
341,867) |
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(
380,588) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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6 |
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6 |
Profit and loss account |
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(
341,873) |
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380,594) |
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Shareholders deficit |
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(
341,867) |
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(
380,588) |
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_______ |
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_______ |
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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:
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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;
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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:
09892099
Outwood 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 buying and selling of own real estate.
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.
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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.
Contingent assets and liabilities
The company's group is in dispute with a supplier in relation to site works undertaken and is seeking damages from the supplier. The directors are withholding monies owed to the supplier in relation to the works undertaken and have derecognised the liability of £94,665 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.
5.
Related party transactions
The company advanced £100 (2021 - £236,738) to group companies and was repaid £30,588 (2021 - £Nil) in the year. In the year the company recognised a reversal of a previous impairment of £30,488 (2021 - £Nil). The company recognised an impairment of £Nil (2021 - £374,453) on balances owed by group companies and at 30 September 2022 was owed £Nil, net of the impairment, (2021 - £105,393).The company received funding of £171,074 (2021 - £Nil) from group undertakings and repaid funding of £Nil (2021 - £1,020,738) in the year and at 30 September 2022 owed £500,809 (2021 - £329,735) to group undertakings.The company incurred costs of £24,450 (2021 - £908,532) during the year from other related parties and derecognised a liability of £15,000 (2021 - £Nil) that was owed and made bank payments of £40,259 (2021 - £1,903,002). At 30 September 2022 amounts owed to other related parties is £851,450 (2021 - £882,259).All the above amounts due by the company are unsecured, interest free and repayable upon demand.Two of the directors and a company related to an ultimate shareholder have a floating charge over all company undertakings and property and assets.
6.
Controlling party
LCG Endeavour Limited is the ultimate parent undertaking. The address of LCG Endeavour Limited is PO Box 145, Level 6, 10A Prospect Hill, IM991 FY, Isle of Man.