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COMPANY REGISTRATION NUMBER: NI060165
Sharmont Properties Limited
Filleted Unaudited Financial Statements
30 June 2023
Sharmont Properties Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Current assets
Stocks
76,515
76,515
Debtors
5
375,223
110,007
Cash at bank and in hand
3,650
689
---------
---------
455,388
187,211
Creditors: amounts falling due within one year
6
44,191
( 29,553)
---------
---------
Net current assets
411,197
216,764
---------
---------
Total assets less current liabilities
411,197
216,764
---------
---------
Net assets
411,197
216,764
---------
---------
Capital and reserves
Called up share capital
14
14
Profit and loss account
411,183
216,750
---------
---------
Shareholders funds
411,197
216,764
---------
---------
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 .
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: NI060165
Sharmont Properties 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.
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 £397,706 of debt is irrecoverable and have written this off. The stock has been written down to the recoverable amount accordingly.
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. Debtors
2023
2022
£
£
Trade debtors
245,198
8,007
Other debtors
130,025
102,000
---------
---------
375,223
110,007
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,225
Social security and other taxes
40,391
885
Other creditors
3,800
( 32,663)
--------
--------
44,191
( 29,553)
--------
--------
7. Security
In February 2021 Sharmont Properties Limited entered into a unlimited cross-company guarantee with GF Construction Limited, CN Developments Limited, Inver Properties Limited, Streamvale Developments Limited & Veragh Developments Limited.
8. 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.
9. Directors' advances, credits and guarantees
There were no transactions to report during the year.
10. Related party transactions
At the beginning of the year an amount of £20.16, in relation to expenses paid, was owing from CN Developments Limited. This was repaid in full during the year. CN Developments Limited is a company controlled by the directors. At the beginning of the year an amount of £17.74, in relation to expenses paid, was owing from GF Construction Limited. This was repaid in full during the year. GF Construction Limited is a company controlled by the directors. During the year a loan in the amount of £90,000 was advanced to Streamvale Developments Limited. There is a balance of £130,025 owing from Streamvale Developments Limited at the year end. Streamvale Developments Limited is a company controlled by the directors.