COMPANY REGISTRATION NUMBER:
NI051534
Veragh Developments Limited |
|
Filleted Unaudited Financial Statements |
|
Veragh Developments Limited |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Current assets
Stocks |
– |
150,000 |
Debtors |
6 |
832,323 |
568,642 |
Cash at bank and in hand |
32,401 |
6,943 |
|
--------- |
--------- |
|
864,724 |
725,585 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
42,138 |
48,271 |
|
--------- |
--------- |
Net current assets |
822,586 |
677,314 |
|
--------- |
--------- |
Total assets less current liabilities |
822,592 |
677,320 |
|
--------- |
--------- |
Net assets |
822,592 |
677,320 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
822,590 |
677,318 |
|
--------- |
--------- |
Shareholders funds |
822,592 |
677,320 |
|
--------- |
--------- |
|
|
|
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
.
Veragh 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:
NI051534
Veragh Developments Limited |
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Notes to the Financial Statements |
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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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 July 2022 and 30 June 2023 |
6 |
|
---- |
Impairment |
|
At 1 July 2022 and 30 June 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 June 2023 |
6 |
|
---- |
At 30 June 2022 |
6 |
|
---- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
6,157 |
409,568 |
Other debtors |
826,166 |
159,074 |
|
--------- |
--------- |
|
832,323 |
568,642 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
3,046 |
Social security and other taxes |
27,748 |
30,435 |
Other creditors |
14,390 |
14,790 |
|
-------- |
-------- |
|
42,138 |
48,271 |
|
-------- |
-------- |
|
|
|
8.
Security
In February 2021
Veragh Developments Limited
entered into a unlimited cross-company guarantee with GF Construction Limited, CN Developments Limited, Inver Properties Limited, Streamvale Developments Limited & Sharmont Properties Limited.
9.
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.
10.
Directors' advances, credits and guarantees
There was a total amount of £352,189 advanced to sons of the director during the year. This was repaid within 9 months of the year end. Interest was charged on the outstanding amounts at the official rate.
11.
Related party transactions
An amount of £62,000 was repaid from GF Construction Limited during the year end in respect of a loan previously advanced. GF Construction Limited also charged the company for management charges in the amount of £55,000 during the year. This amount is outstanding at the year end. GF Construction Limited is a company controlled by the directors. During the year a loan was advanced to Streamvale Developments Limited in the amount of £272,770. There is a net balance due from Streamvale Developments Limited of £369,864 at the year end. Streamvale Developments Limited is a company controlled by the directors.