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No description of principal activity
2022-03-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI635752
2022-03-01
2023-02-28
NI635752
2023-02-28
NI635752
2022-02-28
NI635752
2021-03-01
2022-02-28
NI635752
2022-02-28
NI635752
2021-02-28
NI635752
core:PlantMachinery
2022-03-01
2023-02-28
NI635752
bus:Director1
2022-03-01
2023-02-28
NI635752
bus:Director2
2022-03-01
2023-02-28
NI635752
core:WithinOneYear
2023-02-28
NI635752
core:WithinOneYear
2022-02-28
NI635752
core:AfterOneYear
2023-02-28
NI635752
core:AfterOneYear
2022-02-28
NI635752
core:ShareCapital
2023-02-28
NI635752
core:ShareCapital
2022-02-28
NI635752
core:RetainedEarningsAccumulatedLosses
2023-02-28
NI635752
core:RetainedEarningsAccumulatedLosses
2022-02-28
NI635752
bus:Director1
2022-02-28
NI635752
bus:Director1
2023-02-28
NI635752
bus:Director2
2022-02-28
NI635752
bus:Director2
2023-02-28
NI635752
bus:Director1
2021-02-28
NI635752
bus:Director1
2022-02-28
NI635752
bus:Director2
2021-02-28
NI635752
bus:Director2
2022-02-28
NI635752
bus:Director2
2021-03-01
2022-02-28
NI635752
bus:SmallEntities
2022-03-01
2023-02-28
NI635752
bus:AuditExemptWithAccountantsReport
2022-03-01
2023-02-28
NI635752
bus:AbridgedAccounts
2022-03-01
2023-02-28
NI635752
bus:SmallCompaniesRegimeForAccounts
2022-03-01
2023-02-28
NI635752
bus:PrivateLimitedCompanyLtd
2022-03-01
2023-02-28
COMPANY REGISTRATION NUMBER:
NI635752
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
28 February 2023
Fixed assets
Tangible assets |
5 |
|
17,456 |
21,820 |
|
|
|
|
|
Current assets
Stocks |
528,404 |
|
498,461 |
Debtors |
1,996 |
|
37,397 |
Cash at bank and in hand |
892 |
|
58,303 |
|
--------- |
|
--------- |
|
531,292 |
|
594,161 |
|
|
|
|
Creditors: amounts falling due within one year |
17,055 |
|
71,115 |
|
--------- |
|
--------- |
Net current assets |
|
514,237 |
523,046 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
531,693 |
544,866 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
449,329 |
447,597 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
3,317 |
4,146 |
|
|
--------- |
--------- |
Net assets |
|
79,047 |
93,123 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
78,947 |
93,023 |
|
|
-------- |
-------- |
Shareholders funds |
|
79,047 |
93,123 |
|
|
-------- |
-------- |
|
|
|
|
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 28 February 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
.
Abridged Statement of Financial Position (continued) |
|
28 February 2023
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 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
4 April 2024
, and are signed on behalf of the board by:
Mr J C Allen |
Mr N R A Logan |
Director |
Director |
|
|
Company registration number:
NI635752
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o 50 Commercial Road, Banbridge, Co Down, BT32 3ES, Northern Ireland.
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.
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:
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 March 2022 and 28 February 2023 |
34,094 |
|
-------- |
Depreciation |
|
At 1 March 2022 |
12,274 |
Charge for the year |
4,364 |
|
-------- |
At 28 February 2023 |
16,638 |
|
-------- |
Carrying amount |
|
At 28 February 2023 |
17,456 |
|
-------- |
At 28 February 2022 |
21,820 |
|
-------- |
|
|
6.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J C Allen |
(
433,019) |
2,639 |
(
2,444) |
(
432,824) |
|
Mr N R A Logan |
(
14,578) |
74 |
(
2,000) |
(
16,504) |
|
|
--------- |
------- |
------- |
--------- |
|
|
(
447,597) |
2,713 |
(
4,444) |
(
449,328) |
|
|
--------- |
------- |
------- |
--------- |
|
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr J C Allen |
(
433,019) |
– |
– |
(
433,019) |
|
Mr N R A Logan |
(
17,078) |
2,500 |
– |
(
14,578) |
|
|
--------- |
------- |
---- |
--------- |
|
|
(
450,097) |
2,500 |
– |
(
447,597) |
|
|
--------- |
------- |
---- |
--------- |
|
|
|
|
|
|
7.
Related party transactions
The company was under the control of
Mr J C Allen
throughout the current period. Mr J C Allen
is the managing director and majority shareholder. During the period no further loans were advanced to the company by Mr J C Allen
. The loan previously provided is interest free and the total balance outstanding as at 28 February 2023 was £432,824. The loan is interest free and no repayment terms have been stipulated. The outstanding balance is included in the accounts under long term liabilities, as it is not expected to be repaid within twelve months due to the nature of the projects being undertaken. During the period no further loans were advanced to the company by Mr N Logan. The loan previously provided is interest free and the total balance outstanding as at 28 February 2023 was £16,504. The loan is interest free and no repayment terms have been stipulated. The outstanding balance is included in the amounts under long term liabilities, as it is not expected to be repaid within twelve months due to the nature of the projects being undertaken. Due to the economic climate prevailing during the year it was decided that all future projects would be paused until the economy is more stable. In addition it was agreed that Camlo Investments Ltd (an associated company through common control and ownership) be appointed to manage and maintain the assets of Camlo Properties Ltd
in the short term before being returned to Camlo Properties Ltd
to continue their development projects. There is an intention that Camlo Investments Ltd (an associated company through common control and ownership) will purchase a small parcel of land from Camlo Properties Ltd
. This transaction will be at an agreed marked value but has not yet been completed. In the meantime, a deposit of £12,000 has been paid from Camlo Investments Ltd to Camlo Properties Ltd
. This is currently reflected as a deferred credit within current liabilities.