Company Registration No. NI623885 (Northern Ireland)
GOSFORD DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
GOSFORD DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
740,100
951,435
Current assets
Stocks
-
17,666
Debtors
895,816
3,132,375
Cash at bank and in hand
1,745
11,811
897,561
3,161,852
Creditors: amounts falling due within one year
(1,278,443)
(3,565,489)
Net current liabilities
(380,882)
(403,637)
Net assets
359,218
547,798
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
359,217
547,797
Total equity
359,218
547,798

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
Mr F J McAliskey
Director
Company registration number NI623885 (Northern Ireland)
GOSFORD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Gosford Developments Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Factory, 184 Newry Road, BANBRIDGE, Co Down, BT32 3NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

Gosford Developments Limited is a wholly owned subsidiary of Coolmoyne Limited and the results of Gosford Developments Limited are included in the consolidated financial statements of Coolmoyne Limited.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Comprehensive Income.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Statement of Comprehensive Income. Reversals of impairment losses are also recognised in the Statement of Comprehensive Income.

GOSFORD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GOSFORD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

There were no employees in the company during the year apart from the directors.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
740,100
951,435
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
951,435
Share of results
(211,335)
At 31 December 2023
740,100
Carrying amount
At 31 December 2023
740,100
At 31 December 2022
951,435
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mrs Alison Wallace
Statutory Auditor:
IDS Chartered Accountants LLP
Date of audit report:
12 September 2024
GOSFORD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
882,666
882,666
Other information

The company has taken advantage of the exemption available under Section 33.1A of FRS 102 not to disclose transactions entered into between two or more wholly owned members of a group. Balances between all group companies are disclosed in the notes to the financial statements.

7
Parent company

The immediate parent company is Coolmoyne Limited (formerly Lotus Homes Holdings Limited) and its registered office is 184 Newry Road, Banbridge, Co Down, BT32 3NB. The results of Gosford Developments Limited are consolidated in the financial statements of Coolmoyne Limited.

 

The ultimate parent company is MPBM Holdings Limited, a company registered in the Isle of Man.

 

As of 17 July 2024, the immediate parent company is Lotus Homes Holdings Limited and its registered office is 6th Floor, Victory House, Prospect Hill, Douglas, Isle of Man.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Coolmoyne Limited
Smallest group
Coolmoyne Limited
2023-12-312023-01-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMrs F N MurdockMrs K M MurdockMr P J O'RourkeMr F J McAliskeyMr M A Tumiltyfalsefalse0NI6238852023-01-012023-12-31NI6238852023-12-31NI6238852022-12-31NI623885core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31NI623885core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31NI623885core:ShareCapital2023-12-31NI623885core:ShareCapital2022-12-31NI623885core:RetainedEarningsAccumulatedLosses2023-12-31NI623885core:RetainedEarningsAccumulatedLosses2022-12-31NI623885bus:Director42023-01-012023-12-31NI623885bus:PrivateLimitedCompanyLtd2023-01-012023-12-31NI623885bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31NI623885bus:FRS1022023-01-012023-12-31NI623885bus:Audited2023-01-012023-12-31NI623885bus:Director12023-01-012023-12-31NI623885bus:Director22023-01-012023-12-31NI623885bus:Director32023-01-012023-12-31NI623885bus:Director52023-01-012023-12-31NI623885bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP