Reagalmac Limited NI018847 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is residential property development Digita Accounts Production Advanced 6.30.9574.0 true true NI018847 2023-01-01 2023-12-31 NI018847 2023-12-31 NI018847 bus:OrdinaryShareClass1 2023-12-31 NI018847 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI018847 core:ShareCapital 2023-12-31 NI018847 core:CurrentFinancialInstruments 2023-12-31 NI018847 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI018847 core:FurnitureFittingsToolsEquipment 2023-12-31 NI018847 bus:SmallEntities 2023-01-01 2023-12-31 NI018847 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI018847 bus:FullAccounts 2023-01-01 2023-12-31 NI018847 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI018847 bus:RegisteredOffice 2023-01-01 2023-12-31 NI018847 bus:Director2 2023-01-01 2023-12-31 NI018847 bus:Director3 2023-01-01 2023-12-31 NI018847 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI018847 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI018847 core:FurnitureFittings 2023-01-01 2023-12-31 NI018847 countries:AllCountries 2023-01-01 2023-12-31 NI018847 2022-12-31 NI018847 core:FurnitureFittingsToolsEquipment 2022-12-31 NI018847 2022-01-01 2022-12-31 NI018847 2022-12-31 NI018847 bus:OrdinaryShareClass1 2022-12-31 NI018847 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI018847 core:ShareCapital 2022-12-31 NI018847 core:CurrentFinancialInstruments 2022-12-31 NI018847 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI018847

Reagalmac Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Reagalmac Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Reagalmac Limited

Company Information

Directors

Mrs Frances Rea

Mr Martin Patrick Rea

Registered office

57 Drum Road
Cookstown
BT80 8QS

Solicitors

Kearney Sefton Solicitors
Franklin House
10-12 Brunswick Street
Belfast
BT2 7GE

Accountants

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

 

Reagalmac Limited

(Registration number: NI018847)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

5

609,040

609,040

Debtors

6

-

3,000

Cash at bank and in hand

 

256

692

 

609,296

612,732

Creditors: Amounts falling due within one year

7

(458,323)

(457,064)

Net assets

 

150,973

155,668

Capital and reserves

 

Called up share capital

10,002

10,002

Profit and loss account

140,971

145,666

Total equity

 

150,973

155,668

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.

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 23 September 2024 and signed on its behalf by:
 

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

Mrs Frances Rea
Director

 

Reagalmac 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 the United Kingdom.

The address of its registered office is:
57 Drum Road
Cookstown
BT80 8QS

These financial statements were authorised for issue by the Board 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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Reagalmac Limited

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

2

Accounting policies (continued)

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

Fixtures and fittings

Fully depreciated

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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.

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.

 

Reagalmac Limited

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

2

Accounting policies (continued)

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 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

21,410

21,410

At 31 December 2023

21,410

21,410

Depreciation

At 1 January 2023

21,410

21,410

At 31 December 2023

21,410

21,410

Carrying amount

At 31 December 2023

-

-

5

Stocks

2023
£

2022
£

Development land & work in progress

609,040

609,040

 

Reagalmac Limited

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

6

Debtors

2023
£

2022
£

Other debtors

-

3,000

-

3,000

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,294

4,691

Taxation and social security

 

1,457

1,448

Other creditors

 

288,375

284,728

Loans from directors

 

164,398

164,398

Accruals and deferred income

 

1,799

1,799

 

458,323

457,064

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,002

10,002

10,002

10,002