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Registration number: NI036848

Stylux Development Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Stylux Development Company Ltd

(Registration number: NI036848)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,253

2,352

Investment property

5

1,424,230

1,424,230

 

1,425,483

1,426,582

Current assets

 

Debtors

6

3,008

1,429

Creditors: Amounts falling due within one year

7

(195,136)

(190,789)

Net current liabilities

 

(192,128)

(189,360)

Net assets

 

1,233,355

1,237,222

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

1,233,055

1,236,922

Shareholders' funds

 

1,233,355

1,237,222

For the financial year ending 31 January 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr Nigel William McConkey
Company secretary and director

.........................................
Mr Mervyn Frederick McConkey
Director

 
     
 

Stylux Development Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 166 Killyglen Road, Larne, Co. Antrim, BT40 2LB.

These financial statements were authorised for issue by the Board on 21 October 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

Rental recognition is recognised on a straight line basis over the lease term.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Stylux Development Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Plant and equipment

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, or if the likelihood of earlier settlement is remote.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Stylux Development Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Plant and equipment
£

Total
£

Cost or valuation

At 1 February 2023

95,412

95,412

At 31 January 2024

95,412

95,412

Depreciation

At 1 February 2023

93,060

93,060

Charge for the year

1,099

1,099

At 31 January 2024

94,159

94,159

Carrying amount

At 31 January 2024

1,253

1,253

At 31 January 2023

2,352

2,352

5

Investment property

2024
£

At 1 February 2023

1,424,230

At 31 January 2024

1,424,230

The Company's investment property is stated at cost. The property was valued by professional valuers in December 2017 and their assessment of the fair market value was not materially different to the historic cost.

 

Stylux Development Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

2024
£

2023
£

Prepayments

801

240

Other debtors

2,207

1,189

 

3,008

1,429

7

Creditors: due within one year

2024
£

2023
£

Bank overdraft

3,512

12,920

Shareholders' loans

 

133,500

136,500

Taxation and social security

 

10,913

9,772

Other creditors and accruals

 

47,211

31,597

 

195,136

190,789

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300