Benamara Properties Limited NI029121 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the construction of residential properties. Digita Accounts Production Advanced 6.30.9574.0 true true NI029121 2022-11-01 2023-10-31 NI029121 2023-10-31 NI029121 bus:OrdinaryShareClass1 2023-10-31 NI029121 core:CurrentFinancialInstruments 2023-10-31 NI029121 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI029121 core:Non-currentFinancialInstruments 2023-10-31 NI029121 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 NI029121 bus:SmallEntities 2022-11-01 2023-10-31 NI029121 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI029121 bus:FilletedAccounts 2022-11-01 2023-10-31 NI029121 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI029121 bus:RegisteredOffice 2022-11-01 2023-10-31 NI029121 bus:Director1 2022-11-01 2023-10-31 NI029121 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 NI029121 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI029121 countries:NorthernIreland 2022-11-01 2023-10-31 NI029121 2021-11-01 2022-10-31 NI029121 bus:OrdinaryShareClass1 2022-10-31 NI029121 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-10-31 NI029121 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2022-10-31 NI029121 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-10-31 NI029121 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2022-10-31 NI029121 core:PreviouslyStatedAmount 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI029121

Benamara Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Benamara Properties Limited

(Registration number: NI029121)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

2,375,940

2,628,366

Debtors

5

3,882,952

2,366,545

Cash at bank and in hand

 

1,299,190

2,244,972

 

7,558,082

7,239,883

Creditors : due within one year

6

(482,927)

(535,579)

Total assets less current liabilities

 

7,075,155

6,704,304

Creditors : due after more than one year

6

(35,034)

(35,034)

Net assets

 

7,040,121

6,669,270

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

7,040,021

6,669,170

Shareholders' funds

 

7,040,121

6,669,270

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Benamara Properties Limited

(Registration number: NI029121)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 30 July 2024
 

.........................................
James Hagan
Director

 

Benamara Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 181 Templepatrick Road, Ballyclare, County Antrim, BT39 0RA.

These financial statements were authorised for issue by the director on 30 July 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

The Company's primary source of income is generated from the sale of residential property. Revenue from property sales is recognised at the contract date, at which point a binding legal agreement between the company and the purchaser has been agreed. Revenue is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

 

Benamara Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial assets

Financial assets comprising loans are initially measured at fair value at the date of the transaction, adjusted for any direct transaction costs. They are subsequently carried on an amortised cost basis. Interest income is calculated using the effective interest method and recognised in the profit and loss account over the duration of the loan. The carrying values are reviewed at the balance sheet date with provision for impairment recognised through the profit and loss account where necessary.

Stocks

Stock and work in progress is valued at the lower of cost and net realisable value. Cost comprises acquisition price including any direct costs of acquisition, together with the cost of development including materials, labour and any directly attributable overheads. Net realisable value is calculated as the expected selling price less costs to complete and sell. At each reporting date the directors review the carrying value of stocks and work-in-progress for evidence of any impairment. If circumstances indicate that an impairment is required, provision is made to reduce the carrying value to the lower of cost or net realisable value. Where arising, the impairment is recognised through the profit and loss account.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Taxation

Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is measured on an undiscounted basis. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date and which are expected to apply to the reversal of the timing difference.

Defined contribution pension obligation

The Company operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the Company in an independently administered fund, and contributions are charged to profit and loss account as incurred.

Termination benefits

The Company recognises termination benefits as an expense when it is demonstrably committed to; terminate the employment of employees prior to the normal retirement date; or provide termination benefits as a result of an offer to encourage voluntary redundancy.

 

Benamara Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Foreign currency

Transactions denominated in foreign currencies are translated into sterling using the exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date with any exchange differences taken to the profit and loss account. Non-monetary assets and liabilities, transacted in foreign currencies, are stated at historical cost.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 10).

4

Stocks

2023
£

2022
£

Stocks and work in progress

2,375,940

2,628,366

5

Debtors

2023
£

2022
£

Amounts due from associated companies

3,466,380

2,277,663

Other debtors

416,040

88,629

Prepayments and accrued income

532

253

 

3,882,952

2,366,545

6

Creditors: due within one year

2023
£

2022
£

Trade creditors

205,533

164,250

Corporation tax

14,865

180,558

Other creditors

4,044

2,436

Accruals and deferred income

258,485

188,335

482,927

535,579

 

Benamara Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors: due after more than one year

2023
£

2022
£

Other borrowings

35,034

35,034

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100