Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 NI675833 Mr John Stewart Mr Nicholas Brown Mr James Patterson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI675833 2022-12-31 NI675833 2023-12-31 NI675833 2023-01-01 2023-12-31 NI675833 frs-core:CurrentFinancialInstruments 2023-12-31 NI675833 frs-core:PlantMachinery 2023-12-31 NI675833 frs-core:PlantMachinery 2023-01-01 2023-12-31 NI675833 frs-core:PlantMachinery 2022-12-31 NI675833 frs-core:ShareCapital 2023-12-31 NI675833 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI675833 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI675833 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 NI675833 frs-bus:SmallEntities 2023-01-01 2023-12-31 NI675833 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI675833 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI675833 frs-bus:Director1 2023-01-01 2023-12-31 NI675833 frs-bus:Director2 2023-01-01 2023-12-31 NI675833 frs-bus:Director3 2023-01-01 2023-12-31 NI675833 frs-countries:NorthernIreland 2023-01-01 2023-12-31 NI675833 2021-12-31 NI675833 2022-12-31 NI675833 2022-01-01 2022-12-31 NI675833 frs-core:CurrentFinancialInstruments 2022-12-31 NI675833 frs-core:ShareCapital 2022-12-31 NI675833 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: NI675833
Sealstown Development Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
RWCA LTD
158 Upper Newtownards Road
Belfast
Co Antrim
BT4 3EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI675833
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,400 11,200
8,400 11,200
CURRENT ASSETS
Stocks 5 155,000 900,118
Debtors 6 2,901,977 1,162,046
Cash at bank and in hand 44,119 941,094
3,101,096 3,003,258
Creditors: Amounts Falling Due Within One Year 7 (962,142 ) (939,130 )
NET CURRENT ASSETS (LIABILITIES) 2,138,954 2,064,128
TOTAL ASSETS LESS CURRENT LIABILITIES 2,147,354 2,075,328
NET ASSETS 2,147,354 2,075,328
CAPITAL AND RESERVES
Called up share capital 9 6 6
Profit and Loss Account 2,147,348 2,075,322
SHAREHOLDERS' FUNDS 2,147,354 2,075,328
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Stewart
Director
Mr Nicholas Brown
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sealstown Development Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI675833 . The registered office is 158 Upper Newtownards Road, Belfast, BT4 3EQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current  tax for the year is recognised in profit or loss.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 14,000
As at 31 December 2023 14,000
Depreciation
As at 1 January 2023 2,800
Provided during the period 2,800
As at 31 December 2023 5,600
Net Book Value
As at 31 December 2023 8,400
As at 1 January 2023 11,200
5. Stocks
2023 2022
£ £
Stock 155,000 -
Work in progress - 900,118
155,000 900,118
6. Debtors
2023 2022
£ £
Due within one year
VAT 3,685 22,093
Amounts owed by associates 2,898,292 1,139,953
2,901,977 1,162,046
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1 ) (1 )
Corporation tax 445,477 422,465
Amounts owed to group undertakings 516,666 516,666
962,142 939,130
8. Secured Creditors
The bank borrowings noted below are secured by charges against the site held by the company.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 6 6
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10. Related Party Transactions
The 'Amounts owed by associates'  of £2,898,292 (2022: £1,139,953), refers to monies owed by various companies related to the directors and shareholders.
At the Balance Sheet date the company still owed its parent, Park Road Developments (NI) Ltd, £516,666 for a site transferred to it during the previous accounting period. This loan is interest free and will not be repaid until the company is in a position to do so.
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