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COMPANY REGISTRATION NUMBER: NI648659
Mountainburg (Newtownards) Ltd
Filleted Unaudited Financial Statements
31 August 2023
Mountainburg (Newtownards) Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Current assets
Stocks
270,719
269,219
Debtors
3
1,298
Cash at bank and in hand
3,794
5,092
---------
---------
275,811
274,311
Creditors: amounts falling due within one year
4
129,454
128,954
---------
---------
Net current assets
146,357
145,357
---------
---------
Total assets less current liabilities
146,357
145,357
Creditors: amounts falling due after more than one year
5
146,354
146,354
---------
---------
Net assets/(liabilities)
3
( 997)
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
( 1,000)
----
-------
Shareholders funds/(deficit)
3
( 997)
----
-------
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 income statement has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mountainburg (Newtownards) Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 25 August 2024 , and are signed on behalf of the board by:
Mr J Clegg
Director
Company registration number: NI648659
Mountainburg (Newtownards) Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in N .Ireland. The address of the registered office is 412 Newtownards Rd, Belfast, BT4 1HH.
2. 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Debtors
2023
2022
£
£
Other debtors
1,298
-------
----
4. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
80,100
80,100
Other creditors
49,354
48,854
---------
---------
129,454
128,954
---------
---------
5. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
146,354
146,354
---------
---------
6. Related party transactions
The balances due to related parties, in respect of Mrs M J Armstrong, Mrs Katrina Edwards & Mr J B Anderson - executors of, are as follows
2022 2023
£ £
Balance due to M J Armstrong 46,354 46,354
Balance due to Mrs K Edwards 100,000 100,000
Balance due to J B Anderson (deceased) 46,354 46,354
Balance due to Mountainburg Ltd (Secured) 80,100 80,000