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Registration number: NI697429

Carngrove Properties Limited

Unaudited Filleted Financial Statements

for the Period from 19 May 2023 to 31 May 2024

 

Carngrove Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Carngrove Properties Limited

(Registration number: NI697429)
Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

1,415

Investment property

5

73,274

 

74,689

Current assets

 

Debtors

6

37,628

Creditors: Amounts falling due within one year

7

(91,459)

Net current liabilities

 

(53,831)

Total assets less current liabilities

 

20,858

Provisions for liabilities

(354)

Net assets

 

20,504

Capital and reserves

 

Called up share capital

8

2

Retained earnings

20,502

Shareholders' funds

 

20,504

For the financial period ending 31 May 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 period 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 20 November 2024 and signed on its behalf by:
 

.........................................
Mr A R Morrison
Director

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 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:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 20 November 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.

The presentational currency of the financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 2024

Tax

The tax expense for the period comprises current and deferred 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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

The company assesses at each reporting date whether tangible fixed assets are impaired.

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 & Equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. They 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.

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.

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 2024

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.

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.

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

1,887

1,887

At 31 May 2024

1,887

1,887

Depreciation

Charge for the period

472

472

At 31 May 2024

472

472

Carrying amount

At 31 May 2024

1,415

1,415

5

Investment properties

2024
£

Additions

73,274

At 31 May

73,274

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

Prepayments

128

Accrued income

37,500

37,628

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Taxation and social security

4,560

Accruals and deferred income

2,508

Other creditors

84,391

91,459

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

2

2

   

9

Related party transactions

Key management personnel

The key management personnel are deemed to be the directors who received no remuneration from the company during the period.

Summary of transactions with key management

Key management acquired property and goods on behalf of the company during the period.
 

Summary of transactions with other related parties

Provision of services by the company.
 

Income and receivables from related parties

2024

Other related parties
£

Receipt of services

37,500

Amounts receivable from related party

37,500

 

Carngrove Properties Limited

Notes to the Unaudited Financial Statements for the Period from 19 May 2023 to 31 May 2024

Expenditure with and payables to related parties

2024

Key management
£

Purchase of goods

11,117

Purchase of property or other assets

73,274

84,391

Amounts payable to related party

84,391

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr A Morrison and Mrs U Morrison.