Deramore Developments Limited NI612073 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and share investment Digita Accounts Production Advanced 6.30.9574.0 true true NI612073 2023-04-01 2024-03-31 NI612073 2024-03-31 NI612073 bus:OrdinaryShareClass1 2024-03-31 NI612073 core:CurrentFinancialInstruments 2024-03-31 NI612073 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI612073 core:OtherResidualIntangibleAssets 2024-03-31 NI612073 core:FurnitureFittingsToolsEquipment 2024-03-31 NI612073 core:LandBuildings 2024-03-31 NI612073 bus:SmallEntities 2023-04-01 2024-03-31 NI612073 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI612073 bus:FilletedAccounts 2023-04-01 2024-03-31 NI612073 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI612073 bus:RegisteredOffice 2023-04-01 2024-03-31 NI612073 bus:Director3 2023-04-01 2024-03-31 NI612073 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI612073 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI612073 core:ComputerSoftware 2023-04-01 2024-03-31 NI612073 core:FurnitureFittings 2023-04-01 2024-03-31 NI612073 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI612073 core:LandBuildings 2023-04-01 2024-03-31 NI612073 core:OfficeEquipment 2023-04-01 2024-03-31 NI612073 countries:NorthernIreland 2023-04-01 2024-03-31 NI612073 2023-03-31 NI612073 core:OtherResidualIntangibleAssets 2023-03-31 NI612073 core:FurnitureFittingsToolsEquipment 2023-03-31 NI612073 core:LandBuildings 2023-03-31 NI612073 2022-04-01 2023-03-31 NI612073 2023-03-31 NI612073 bus:OrdinaryShareClass1 2023-03-31 NI612073 core:CurrentFinancialInstruments 2023-03-31 NI612073 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI612073 core:FurnitureFittingsToolsEquipment 2023-03-31 NI612073 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI612073

Deramore Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Deramore Developments Limited

(Registration number: NI612073)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

65,365

75,310

Investment property

5

2,684,093

1,814,808

Investments

7

3,103,145

2,707,835

 

5,852,603

4,597,953

Current assets

 

Debtors

8

164,527

11,124

Cash at bank and in hand

 

1,262,359

2,261,153

 

1,426,886

2,272,277

Creditors: Amounts falling due within one year

9

(811,145)

(796,332)

Net current assets

 

615,741

1,475,945

Total assets less current liabilities

 

6,468,344

6,073,898

Provisions for liabilities

(73,178)

-

Net assets

 

6,395,166

6,073,898

Capital and reserves

 

Called up share capital

10

10,000

10,000

Retained earnings

6,385,166

6,063,898

Shareholders' funds

 

6,395,166

6,073,898

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Deramore Developments Limited

(Registration number: NI612073)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 13 June 2024
 

.........................................

Mr Darren Lonergan
Director

 

Deramore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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: 4 Annadale Avenue, Belfast, BT7 3JH.

These financial statements were authorised for issue by the director on 13 June 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 income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Deramore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Office equipment

25% straight line

Fixtures and fittings

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website design

20% straight-line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured
reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured
reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective
interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Consolidation

Under section 399 of The Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.

 

Deramore Developments Limited

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

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension scheme

The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Intangible assets

Website design
£

Total
£

Cost or valuation

At 1 April 2023

2,380

2,380

At 31 March 2024

2,380

2,380

Amortisation

At 1 April 2023

2,380

2,380

At 31 March 2024

2,380

2,380

Carrying amount

At 31 March 2024

-

-

 

Deramore Developments Limited

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

5

Investment property

2024
£

At 1 April 2023

1,814,808

Additions

869,285

At 31 March 2024

2,684,093

The director has revalued the company's investment properties to fair value at the balance sheet date.

6

Tangible assets

Land and buildings
£

Office fixtures & equipment
 £

Total
£

Cost or valuation

At 1 April 2023

62,987

26,623

89,610

Additions

-

416

416

At 31 March 2024

62,987

27,039

90,026

Depreciation

At 1 April 2023

-

18,362

18,362

Charge for the year

6,299

-

6,299

At 31 March 2024

6,299

18,362

24,661

Carrying amount

At 31 March 2024

56,688

8,677

65,365

At 31 March 2023

62,987

12,323

75,310

Included within the net book value of land and buildings above is £56,688 (2023 - £62,987) in respect of freehold land and buildings.
 

 

Deramore Developments Limited

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

7

Investments

2024
£

2023
£

Investment in subsidiary

2

2

Share portfolio

3,103,143

2,707,833

3,103,145

2,707,835

8

Debtors

2024
£

2023
£

Prepayments

2,816

3,941

Other debtors

161,711

7,183

 

164,527

11,124

9

Creditors: due within one year

2024
£

2023
£

Trade creditors

45,247

1,975

Amounts due to group undertakings

676,984

780,788

Other creditors and accruals

34,886

8,845

Director's current account

54,028

4,724

811,145

796,332

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.10 each

100,000

10,000

100,000

10,000