Ingledene Developments Limited NI657632 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true true NI657632 2023-01-01 2023-12-31 NI657632 2023-12-31 NI657632 bus:OrdinaryShareClass1 2023-12-31 NI657632 core:CurrentFinancialInstruments 2023-12-31 NI657632 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI657632 core:FurnitureFittingsToolsEquipment 2023-12-31 NI657632 bus:SmallEntities 2023-01-01 2023-12-31 NI657632 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI657632 bus:FilletedAccounts 2023-01-01 2023-12-31 NI657632 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI657632 bus:RegisteredOffice 2023-01-01 2023-12-31 NI657632 bus:Director1 2023-01-01 2023-12-31 NI657632 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI657632 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI657632 core:ComputerEquipment 2023-01-01 2023-12-31 NI657632 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI657632 countries:NorthernIreland 2023-01-01 2023-12-31 NI657632 2022-12-31 NI657632 core:FurnitureFittingsToolsEquipment 2022-12-31 NI657632 2022-01-01 2022-12-31 NI657632 2022-12-31 NI657632 bus:OrdinaryShareClass1 2022-12-31 NI657632 core:CurrentFinancialInstruments 2022-12-31 NI657632 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI657632 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI657632

Ingledene Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ingledene Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Ingledene Developments Limited

(Registration number: NI657632)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

163

Current assets

 

Stocks

5

251,955

224,612

Debtors

6

-

5,749

Cash at bank and in hand

 

18,475

42,653

 

270,430

273,014

Creditors: Amounts falling due within one year

7

(277,441)

(278,442)

Net current liabilities

 

(7,011)

(5,428)

Net liabilities

 

(7,011)

(5,265)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(7,111)

(5,365)

Shareholders' deficit

 

(7,011)

(5,265)

For the financial year ending 31 December 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.

Approved and authorised by the director on 23 September 2024
 

.........................................
Mr Nicholas Cumming
Director

 

Ingledene Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

These financial statements were authorised for issue by the director on 23 September 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 company meets its day to day working capital requirements through the support of its creditors and member. The director expects this to continue and as such considers it to be appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support outlined.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

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.

 

Ingledene Developments Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 the director) during the year, was 1 (2022 - 1).

 

Ingledene Developments Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

649

649

At 31 December 2023

649

649

Depreciation

At 1 January 2023

486

486

Charge for the year

163

163

At 31 December 2023

649

649

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

163

163

5

Stocks

2023
£

2022
£

Work in progress

251,955

224,612

6

Debtors

2023
£

2022
£

Other debtors

-

5,749

-

5,749

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

2,990

2,100

Other creditors

274,451

276,342

277,441

278,442

 

Ingledene Developments Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

9

Related party transactions

Other transactions with the director

During the year the company repaid £1,891 to the director. At the balance sheet date the amount owed to the director was £274,451 (2022 - £276,342). The advance is unsecured, interest free, and repayable on demand.