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Registration number: NI039685

Downferm Development Co. Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Downferm Development Co. Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Downferm Development Co. Ltd

Company Information

Directors

Mr Frank McGovern

Mr Adrian McGovern

Mr Michael Curran

Mr J G O'Hare

Registered office

27 College Gardens
Belfast
BT9 6BS

Solicitors

O'Hare Solicitors
St Georges Buildings
37-41 High Street
Belfast
BT1 2AB

Accountants

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

 

Downferm Development Co. Ltd

(Registration number: NI039685)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

267,800

267,800

Debtors

5

150

150

Cash at bank and in hand

 

11,776

11,671

 

279,726

279,621

Creditors: Amounts falling due within one year

6

(731,485)

(730,705)

Net liabilities

 

(451,759)

(451,084)

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

(451,879)

(451,204)

Total equity

 

(451,759)

(451,084)

For the financial year ending 30 November 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.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

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

Mr J G O'Hare

Director

 

Downferm Development Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
27 College Gardens
Belfast
BT9 6BS
Northern Ireland

The principal place of business is:
St Georges Building
37-41 High Street
Belfast
BT1 2AB

These financial statements were authorised for issue by the Board on 20 August 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.

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.

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.

 

Downferm Development Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Development land has been retained within stock at original cost.

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.

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.

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 4 (2022 - 4).

4

Stocks

2023
£

2022
£

Other inventories

267,800

267,800

5

Debtors

2023
£

2022
£

Other debtors

150

150

150

150

 

Downferm Development Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans from directors

 

730,105

730,105

Accruals and deferred income

 

1,380

600

 

731,485

730,705

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

120

120

120

120