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COMPANY REGISTRATION NUMBER: NI059891
Streamvale Developments Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2023
Streamvale Developments Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
69,393
37,809
Current assets
Stocks
703,384
587,822
Debtors
6
14,440
73,761
Cash at bank and in hand
321,094
56,910
------------
---------
1,038,918
718,493
Creditors: amounts falling due within one year
7
907,278
465,838
------------
---------
Net current assets
131,640
252,655
---------
---------
Total assets less current liabilities
201,033
290,464
Creditors: amounts falling due after more than one year
8
14,097
---------
---------
Net assets
186,936
290,464
---------
---------
Capital and reserves
Called up share capital
6
6
Profit and loss account
186,930
290,458
---------
---------
Shareholders funds
186,936
290,464
---------
---------
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.
For the year ending 30 June 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 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 .
Streamvale Developments Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 22 March 2024 , and are signed on behalf of the board by:
Mr A Shields
Mr C Shields
Director
Director
Company registration number: NI059891
Streamvale Developments Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 196 Seacon Road, Ballymoney, Co Antrim, BT53 6PZ.
2. Statement of compliance
These 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 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.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts invoiced and aggregate sales contracts entered into during the year exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
Office Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Development Land, work in progress and related costs are stated at the lower of cost and net realisable value. Cost is calculated as the land costs, stamp duty, acquisition costs, interest and all other costs related to the acquisition, holding and development of the land. Where net realisable is used it is based on the Directors best assessment of the realisable value given the market conditions prevailing at the relevant time and their view of the medium term prospects. During the year the company's bankers have taken the view that £385,000 of debt is irrecoverable and have written this off. The stock has been written down to the recoverable amount accordingly.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company applies the Amortised Cost Basis of Accounting in accordance with IAS 39 in measuring Financial Assets and Liabilities.A financial asset or a financial liability is recognised only when the entity 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. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
47,261
47,261
Additions
3,192
45,490
250
48,932
--------
--------
----
--------
At 30 June 2023
50,453
45,490
250
96,193
--------
--------
----
--------
Depreciation
At 1 July 2022
9,452
9,452
Charge for the year
8,200
9,098
50
17,348
--------
--------
----
--------
At 30 June 2023
17,652
9,098
50
26,800
--------
--------
----
--------
Carrying amount
At 30 June 2023
32,801
36,392
200
69,393
--------
--------
----
--------
At 30 June 2022
37,809
37,809
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
119
267
Other debtors
14,321
73,494
--------
--------
14,440
73,761
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,513
75,991
Social security and other taxes
33,753
21,205
Other creditors
855,012
368,642
---------
---------
907,278
465,838
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
14,097
--------
----
9. Security
In February 2021 Streamvale Developments Limited entered into a unlimited cross-company guarantee with GF Construction Limited, CN Developments Limited, Inver Properties Limited, Sharmont Properties Limited & Veragh Developments Limited.
10. Deferred tax
There are losses available to set against future profits but a deferred tax provision has not been recognised for this as it is not certain when profits might arise in the future.
11. Directors' advances, credits and guarantees
There is an amount of £52,274 owing from the directors and son at the year end. These amount has been repaid in full in March 2024. Interest was being charged on the outstanding amounts at the official rate.
12. Related party transactions
There is a net balance owing to Burrenview Limited of £147,893 at the year end. Burrenview Limited is a company controlled by the director. During the year Veragh Developments Limited advanced a loan in the amount of £90,000. There is a balance due to Veragh Developments Limited of £459,864.44 at the year end. Veragh Developments Limited is a company controlled by the director. During the year Sharmont Properties Limited advanced a loan in the amount of £100,000. There is a balance due to Sharmont Properties Limited of £230,231 at the year end. Sharmont Properties Limited is a company controlled by the director of Streamvale Developments Limited. There is a net balance owing to andena Residential Home Limited of £100,000 at the year end. Andena Residential Home Limited is a company jointly controlled by the director.