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Company Registration No. NI071146 (Northern Ireland)
Ballycullen Property Development Company Limited Unaudited accounts for the year ended 31 March 2024
Ballycullen Property Development Company Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
112 
177 
Current assets
Inventories
282,752 
218,323 
Debtors
23,396 
532 
Cash at bank and in hand
19,305 
54,752 
325,453 
273,607 
Creditors: amounts falling due within one year
(299,602)
(235,758)
Net current assets
25,851 
37,849 
Net assets
25,963 
38,026 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
25,863 
37,926 
Shareholders' funds
25,963 
38,026 
For the year ending 31 March 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by
Desmond Stephens Director Company Registration No. NI071146
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Ballycullen Property Development Company Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Ballycullen Property Development Company Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI071146. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, Antrim, BT3 9DE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors believe that the company Ballycullen Property Development Company Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be measured reliably. Revenue from the rental of property is measured as the fair value of any consideration received or receivable, excluding discounts, value added taxes and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Restatement
The prior year figures have been restated to correctly recognise the investment property as stock. This has resulted in an increase of £218,322 to stock and a decrease of £218,322 to investment property fixed asset at 31 March 2023. There is no impact on reserves.
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Ballycullen Property Development Company Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 April 2023
5,986 
At 31 March 2024
5,986 
Depreciation
At 1 April 2023
5,809 
Charge for the year
65 
At 31 March 2024
5,874 
Net book value
At 31 March 2024
112 
At 31 March 2023
177 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
254 
Accrued income and prepayments
23,396 
278 
23,396 
532 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
66 
- 
Trade creditors
873 
109 
Other creditors
563 
395 
Loans from directors
296,420 
233,804 
Accruals
1,680 
1,450 
299,602 
235,758 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
26 A Ordinary Shares of £1 each
26 
26 
26 B Ordinary Shares of £1 each
26 
26 
24 C Ordinary Shares of £1 each
24 
24 
24 D Ordinary Shares of £1 each
24 
24 
100 
100 
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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