Registered number
NI658535
Blue Ridge Developments NI Ltd
Filleted Accounts
31 January 2023
Blue Ridge Developments NI Ltd
Registered number: NI658535
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Current assets
Stocks 275,000 275,000
Cash at bank and in hand 100 100
275,100 275,100
Creditors: amounts falling due within one year 3 (281,278) (280,933)
Net current liabilities (6,178) (5,833)
Net liabilities (6,178) (5,833)
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,278) (5,933)
Shareholders' funds (6,178) (5,833)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Vincent McNabb
Director
Approved by the board on 27 September 2023
Blue Ridge Developments NI Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 281,278 280,933
4 Related party transactions
There were no transactions with related parties during the year other than those already disclosed elsewhere in the accounts.
5 Controlling party
James and Geraldine McNabb are the controlling parties as they control the majority of the issued share capital.
6 Other information
Blue Ridge Developments NI Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
23 Aghnamoe Road
Dromore
Omagh
County Tyrone
BT78 3HR
7 Going concern
The directors acknowledge the negative balance sheet position. The largest creditor on the balance sheet is one of the directors. No repayment of this balance will be sought until the company commences trading and generating stable, reliable profits. The directors are not aware of any other concerns regarding the company ability to meet its obligations. The accounts are prepared on a going concern basis.
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