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COMPANY REGISTRATION NUMBER: NI670857
Corbet Homes (NI) Limited
Filleted Unaudited Abridged Financial Statements
31 July 2023
Corbet Homes (NI) Limited
Abridged Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Current assets
Debtors
28,615
328,318
Cash at bank and in hand
678,573
479,025
---------
---------
707,188
807,343
Creditors: amounts falling due within one year
445,077
536,683
---------
---------
Net current assets
262,111
270,660
---------
---------
Total assets less current liabilities
262,111
270,660
---------
---------
Net assets
262,111
270,660
---------
---------
Capital and reserves
Called up share capital
4
Profit and loss account
262,107
270,660
---------
---------
Shareholders funds
262,111
270,660
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Corbet Homes (NI) Limited
Abridged Statement of Financial Position (continued)
31 July 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:
Mr J J Taylor
Director
Company registration number: NI670857
Corbet Homes (NI) Limited
Notes to the Abridged Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Mallview Terrace, Armagh, Co Armagh, BT61 9AN.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
4. Related party transactions
The company was under the control of it's directors throughout the current period. The amounts of £401,552 (2022 - £401,552) and £37,000 (2021 - £67,000) in respect of unsecured loans from the directors to the company are included in'Creditors falling due within one year' as at 31 July 2022. The loans are repayable on demand and no interest is chargeable.