Company Registration No. NI676356 (Northern Ireland)
Shrogg Developments Limited
Unaudited accounts
for the year ended 29 February 2024
Shrogg Developments Limited
Statement of financial position
as at 29 February 2024
Cash at bank and in hand
255,858
5,570
Creditors: amounts falling due within one year
(265,662)
(302,624)
Net current (liabilities)/assets
(5,375)
477
Called up share capital
20,100
20,100
Profit and loss account
(16,621)
(18,736)
Shareholders' funds
3,479
1,364
For the year ending 29 February 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 director acknowledges his 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 and authorised for issue on 29 November 2024 and were signed on its behalf by
Benjamin Woods
Director
Company Registration No. NI676356
Shrogg Developments Limited
Notes to the Accounts
for the year ended 29 February 2024
Shrogg Developments Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI676356. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, Country Antrim, BT3 9DE, Northern Ireland.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from development property is recognised in the period in which the property is sold in accordance with the stage of completion of the contract when: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
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:
Plant & machinery
20% Straight Line
Motor vehicles
20% Straight Line
The director believes that the company Shrogg Developments 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.
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.
Shrogg Developments Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2023
1,437
-
1,437
Additions
2,517
7,200
9,717
At 29 February 2024
3,954
7,200
11,154
Charge for the year
790
960
1,750
At 29 February 2024
1,340
960
2,300
At 29 February 2024
2,614
6,240
8,854
At 28 February 2023
887
-
887
Amounts falling due within one year
Accrued income and prepayments
179
-
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
346
Other creditors
139,155
149,225
Loans from directors
124,448
151,053
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
20,000 Preference Shares of £1 each
20,000
20,000
Shrogg Developments Limited
Notes to the Accounts
for the year ended 29 February 2024
9
Post balance sheet events
Shrogg Developments purchased a site in March 2024 for £215,000. The site is to be refurbished and sold as multiple residential dwellings.
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).