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Registration number: NI631351

Monaviesh Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Monaviesh Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Monaviesh Developments Limited

Company Information

Directors

Ms Emma Dowds-Tsang

Joseph Bernard Dowds

Mr Nicholas McKee

Mr John Joseph Dowds

Mrs Carolyn McKiernan

Registered office

111a Bridge Road
Dunloy
Co Antrim
BT44 9EG

Solicitors

Thomas Taggart & Sons
27 Church Street
Ballymoney
BT53 6HS

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Monaviesh Developments Limited

(Registration number: NI631351)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

88,030

8,554

Investment property

5

502,970

502,970

Investments

6

50

50

 

591,050

511,574

Current assets

 

Stocks

7

44,486

39,848

Debtors

8

623,339

103,240

Cash at bank and in hand

 

11,256

441,632

 

679,081

584,720

Creditors: Amounts falling due within one year

9

(882,294)

(821,393)

Net current liabilities

 

(203,213)

(236,673)

Total assets less current liabilities

 

387,837

274,901

Creditors: Amounts falling due after more than one year

9

(60,608)

-

Net assets

 

327,229

274,901

Capital and reserves

 

Called up share capital

6

6

Profit and loss account

327,223

274,895

Total equity

 

327,229

274,901

For the financial year ending 31 May 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.

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 and the option not to file the Profit and Loss Account has been taken.

 

Monaviesh Developments Limited

(Registration number: NI631351)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................

Mrs Carolyn McKiernan

Director

 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
111a Bridge Road
Dunloy
Co Antrim
BT44 9EG

These financial statements were authorised for issue by the Board on 16 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

2

Accounting policies (continued)

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

Buildings

0%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 0).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

8,554

-

8,554

Additions

-

79,476

79,476

At 31 May 2023

8,554

79,476

88,030

Depreciation

Carrying amount

At 31 May 2023

8,554

79,476

88,030

At 31 May 2022

8,554

-

8,554

Included within the net book value of land and buildings above is £8,554 (2022 - £8,554) in respect of freehold land and buildings.
 

 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Investment properties

2023
£

At 1 June

502,970

At 31 May

502,970

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in associates

50

50

Associates

£

Cost

At 1 June 2022

50

Carrying amount

At 31 May 2023

50

At 31 May 2022

50

Details of undertakings

Associates

Vict Properties Limited

The principal activity of Vict Properties Limited is property development..

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Associates

Vict Properties Limited

Ordinary

50%

50%

 

Northern Ireland

     
 

Monaviesh Developments Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

7

Stocks and Work In Progress

2023
£

2022
£

Work in progress

44,486

39,848

8

Debtors

2023
£

2022
£

Prepayments

871

814

Other debtors

622,468

102,426

623,339

103,240

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

3,361

Corporation tax liability

 

-

24,395

Taxation and social security

 

4,466

-

Other creditors

 

207,232

318,441

Loans from directors

 

657,583

472,396

Accruals and deferred income

 

13,013

2,800

 

882,294

821,393

Due after one year

 

Obligations under finance leases

 

60,608

-

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6

6

6

6