BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is construction of private & commercial property. 30 September 2024 38 34 NI045024 2023-12-31 NI045024 2022-12-31 NI045024 2021-12-31 NI045024 2023-01-01 2023-12-31 NI045024 2022-01-01 2022-12-31 NI045024 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI045024 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI045024 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI045024 uk-core:ShareCapital 2023-12-31 NI045024 uk-core:ShareCapital 2022-12-31 NI045024 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI045024 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI045024 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI045024 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI045024 uk-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI045024 uk-bus:FRS102 2023-01-01 2023-12-31 NI045024 uk-core:LandBuildings 2023-01-01 2023-12-31 NI045024 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI045024 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI045024 2023-01-01 2023-12-31 NI045024 uk-bus:Director1 2023-01-01 2023-12-31 NI045024 uk-bus:Director2 2023-01-01 2023-12-31 NI045024 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Down Developments Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023



Down Developments Limited
DIRECTORS' REPORT
for the financial year ended 31 December 2023

 
The directors present their report and the unaudited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The principal activity of the company is construction of private & commercial property.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £737,780 (2022 - £326,161).
     
Dividends of £120,000 were paid to the company directors during the financial year ended 31st December 2023.
     
Directors
The directors who served during the financial year are as follows:
     
Gary Black
Peter Black
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements
     
The directors made the following statement in respect of the unaudited financial statements:
     
"General responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Directors' declaration on unaudited financial statements
In relation to the financial statements comprising the Abridged Profit and Loss Account, the Abridged Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes:
     
The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.
     
The directors confirm that they have made available to John MacMahon & Co, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.
     
The directors confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the company for the financial year ended 31 December 2023."
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Peter Black
Director
     
     
___________________________
Gary Black
Director
     
30 September 2024



Down Developments Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Gross profit 1,748,787 938,972
 
Administrative expenses (773,947) (528,374)
Other operating income - 240
───────── ─────────
Profit before taxation 974,840 410,838
 
Tax on profit (237,060) (84,677)
───────── ─────────
Profit for the financial year 737,780 326,161
    ═════════   ═════════



Down Developments Limited
Company Registration Number: NI045024
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 1,109,488 1,143,811
───────── ─────────
 
Current Assets
Stocks 118,995 490,000
Debtors 1,227,187 860,718
Cash at bank and in hand 3,291,032 1,861,186
───────── ─────────
4,637,214 3,211,904
───────── ─────────
Creditors: amounts falling due within one year (2,280,518) (1,507,311)
───────── ─────────
Net Current Assets 2,356,696 1,704,593
───────── ─────────
Total Assets less Current Liabilities 3,466,184 2,848,404
 
Provisions for liabilities (28,010) (28,010)
───────── ─────────
Net Assets 3,438,174 2,820,394
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 3,438,074 2,820,294
───────── ─────────
Shareholders' Funds 3,438,174 2,820,394
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 30 September 2024 and signed on its behalf by
           
           
________________________________          
Peter Black          
Director          
           
           
________________________________
Gary Black
Director
           



Down Developments Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 31 December 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 January 2022 100 2,599,133 2,599,233
───────── ───────── ─────────
Profit for the financial year - 326,161 326,161
───────── ───────── ─────────
Payment of dividends - (105,000) (105,000)
  ───────── ───────── ─────────
At 31 December 2022 100 2,820,294 2,820,394
  ───────── ───────── ─────────
Profit for the financial year - 737,780 737,780
  ───────── ───────── ─────────
Payment of dividends - (120,000) (120,000)
  ───────── ───────── ─────────
At 31 December 2023 100 3,438,074 3,438,174
  ═════════ ═════════ ═════════



Down Developments Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Down Developments Limited is a private company limited by shares incorporated in Northern Ireland. 15 Chapel Road, Camlough, Newry, Co. Armagh, BT35 7HN, Northern Ireland is the registered office, which is also the principal place of business of the company.

The nature of the company’s operations and its principal activities are set out in the Directors' Report.

The financial statements have been presented in Pound (£) which is also the functional currency of the company and cover the individual entity for the year ended 31st December 2023.

The company number is NI045024 .
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 12.5% Straight line
  Fixtures, fittings and equipment - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 38 34
  ═════════ ═════════
           
4. Tangible assets
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost
At 1 January 2023 1,042,500 716,181 19,730 1,778,411
  ───────── ───────── ───────── ─────────
 
At 31 December 2023 1,042,500 716,181 19,730 1,778,411
  ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 617,139 17,461 634,600
Charge for the financial year - 33,555 768 34,323
  ───────── ───────── ───────── ─────────
At 31 December 2023 - 650,694 18,229 668,923
  ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 1,042,500 65,487 1,501 1,109,488
  ═════════ ═════════ ═════════ ═════════
At 31 December 2022 1,042,500 99,042 2,269 1,143,811
  ═════════ ═════════ ═════════ ═════════