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COMPANY REGISTRATION NUMBER: NI658756
Osprey Pacific Quay Limited
Filleted Unaudited Financial Statements
29 February 2024
Osprey Pacific Quay Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Current assets
Debtors
4
210,000
210,000
Cash at bank and in hand
26,276
27,977
---------
---------
236,276
237,977
Creditors: amounts falling due within one year
5
235,600
235,600
---------
---------
Net current assets
676
2,377
----
-------
Total assets less current liabilities
676
2,377
----
-------
Net assets
676
2,377
----
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
576
2,277
----
-------
Shareholders funds
676
2,377
----
-------
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 29 February 2024 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 2 September 2024 , and are signed on behalf of the board by:
Mr G McKeever
Director
Company registration number: NI658756
Osprey Pacific Quay Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Ewart, 3 Bedford Square, Belfast, Northern Ireland, BT2 7EP, United Kingdom.
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.
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.
4. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
210,000
210,000
---------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
235,600
235,600
---------
---------
6. Directors' advances, credits and guarantees
During the year there was no transactions with the directors. The balance outstanding to the director at the balance sheet date was £234,900. (2023: £234,900).
7. Related party transactions
Ligoniel Developments Limited is a related party by virtue of common directors. During the year the company paid the outstanding balance of £Nil net loans from Ligoniel Developments Limited. (2023: net loans paid to Ligoniel Developments of £430). There was £Nil outstanding to Ligoniel Developments at the balance sheet date (2023: £Nil outstanding from Ligoniel Developments). Expresso Property (Pacific Quay) Limited is a related party by virtue of common directors. During the year the company received £Nil net loans from Expresso Property (Pacific Quay) Limited. Osprey Pacific Quay Limited have distributed net loans of £Nil during the year. (2023: £25,000). The balance outstanding at the balance sheet date was £210,000 (2023: £210,000).