Carnwood Properties Limited NI625873 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is building construction and maintenance Digita Accounts Production Advanced 6.30.9574.0 true NI625873 2022-08-01 2023-07-31 NI625873 2023-07-31 NI625873 bus:OrdinaryShareClass1 2023-07-31 NI625873 bus:PreferenceShareClass1 2023-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2023-07-31 NI625873 core:ShareCapital 2023-07-31 NI625873 core:CurrentFinancialInstruments 2023-07-31 NI625873 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI625873 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 NI625873 core:Goodwill 2023-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2023-07-31 NI625873 core:MotorVehicles 2023-07-31 NI625873 core:OtherPropertyPlantEquipment 2023-07-31 NI625873 bus:SmallEntities 2022-08-01 2023-07-31 NI625873 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 NI625873 bus:FullAccounts 2022-08-01 2023-07-31 NI625873 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI625873 bus:RegisteredOffice 2022-08-01 2023-07-31 NI625873 bus:Director1 2022-08-01 2023-07-31 NI625873 bus:Director2 2022-08-01 2023-07-31 NI625873 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 NI625873 bus:PreferenceShareClass1 2022-08-01 2023-07-31 NI625873 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 NI625873 core:ShareCapital 2022-08-01 2023-07-31 NI625873 core:Goodwill 2022-08-01 2023-07-31 NI625873 core:FurnitureFittings 2022-08-01 2023-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI625873 core:MotorVehicles 2022-08-01 2023-07-31 NI625873 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 NI625873 core:PlantMachinery 2022-08-01 2023-07-31 NI625873 countries:NorthernIreland 2022-08-01 2023-07-31 NI625873 2022-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI625873 core:ShareCapital 2022-07-31 NI625873 core:Goodwill 2022-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2022-07-31 NI625873 core:MotorVehicles 2022-07-31 NI625873 core:OtherPropertyPlantEquipment 2022-07-31 NI625873 2021-08-01 2022-07-31 NI625873 2022-07-31 NI625873 bus:OrdinaryShareClass1 2022-07-31 NI625873 bus:PreferenceShareClass1 2022-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI625873 core:ShareCapital 2022-07-31 NI625873 core:CurrentFinancialInstruments 2022-07-31 NI625873 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 NI625873 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2022-07-31 NI625873 core:MotorVehicles 2022-07-31 NI625873 core:OtherPropertyPlantEquipment 2022-07-31 NI625873 bus:PreferenceShareClass1 2021-08-01 2022-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 NI625873 core:ShareCapital 2021-08-01 2022-07-31 NI625873 2021-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2021-07-31 NI625873 core:ShareCapital 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI625873

Carnwood Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Carnwood Properties Limited

(Registration number: NI625873)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

68,549

72,376

Current assets

 

Stocks

6

588,212

190,566

Debtors

7

66,197

53,248

Cash at bank and in hand

 

202,236

509,998

 

856,645

753,812

Creditors: Amounts falling due within one year

8

(467,731)

(467,799)

Net current assets

 

388,914

286,013

Total assets less current liabilities

 

457,463

358,389

Creditors: Amounts falling due after more than one year

8

(130,643)

(140,896)

Net assets

 

326,820

217,493

Capital and reserves

 

Called up share capital

9

240,001

1

Retained earnings

86,819

217,492

Shareholders' funds

 

326,820

217,493

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Carnwood Properties Limited

(Registration number: NI625873)
Balance Sheet as at 31 July 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mr Thomas Ross Compton
Director

.........................................
Mr David Compton
Director

 

Carnwood Properties Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

1

217,492

217,493

Loss for the year

-

(120,673)

(120,673)

Dividends

-

(10,000)

(10,000)

Issue of preference shares

240,000

-

240,000

At 31 July 2023

240,001

86,819

326,820


 

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

1

94,477

94,478

Profit for the year

-

148,015

148,015

Dividends

-

(25,000)

(25,000)

At 31 July 2022

1

217,492

217,493

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 48 Woodtown Road, Ballymena, County Antrim, BT43 5JU.

These financial statements were authorised for issue by the Board on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures, fittings and equipment

20% straight line

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

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 income statement in operating expenses.

Stocks

Land for development and work in progress are valued at the lower of cost and net realisable value.

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital element of future obligations under the lease are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 August 2022

24,406

24,406

At 31 July 2023

24,406

24,406

Amortisation

At 1 August 2022

24,406

24,406

At 31 July 2023

24,406

24,406

Carrying amount

At 31 July 2023

-

-

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

540

47,796

98,783

147,119

Additions

-

-

23,218

23,218

Disposals

-

-

(3,000)

(3,000)

At 31 July 2023

540

47,796

119,001

167,337

Depreciation

At 1 August 2022

540

32,520

41,683

74,743

Charge for the year

-

2,801

23,044

25,845

Eliminated on disposal

-

-

(1,800)

(1,800)

At 31 July 2023

540

35,321

62,927

98,788

Carrying amount

At 31 July 2023

-

12,475

56,074

68,549

At 31 July 2022

-

15,276

57,100

72,376

6

Stocks

2023
£

2022
£

Work in progress

581,112

181,666

Stocks

7,100

8,900

588,212

190,566

7

Debtors

2023
£

2022
£

Trade debtors

19,611

47,408

Other debtors

46,586

5,840

 

66,197

53,248

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9,357

9,103

Trade creditors

 

47,639

60,997

Directors current account

 

139,568

165,020

Accruals and deferred income

 

271,167

198,620

Other creditors

 

-

34,059

 

467,731

467,799

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

130,643

140,896

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

Preference shares of £1 (2022 - £0) each

240,000

240,000

-

-

 

240,001

240,001

1

1

10

Related party transactions

At the balance sheet date the amount owed by the Company to the Director was £249,568 (2022: £275,020). No interest has been charged on the amount outstanding.