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Registered number: NI016734
Linette Developments Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Gray + Press Accountants
21 Old Channel Road
Unit 4A Channel Wharf
Belfast
Antrim
BT3 9DE
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: NI016734
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,618 9,780
Investment Properties 5 2,387,518 2,250,000
2,396,136 2,259,780
CURRENT ASSETS
Debtors 6 507,910 9,582
Cash at bank and in hand 586,434 1,243,514
1,094,344 1,253,096
Creditors: Amounts Falling Due Within One Year 7 (91,504 ) (89,956 )
NET CURRENT ASSETS (LIABILITIES) 1,002,840 1,163,140
TOTAL ASSETS LESS CURRENT LIABILITIES 3,398,976 3,422,920
NET ASSETS 3,398,976 3,422,920
CAPITAL AND RESERVES
Called up share capital 300 300
Revaluation reserve 1,419,069 1,419,069
Income Statement 1,979,607 2,003,551
SHAREHOLDERS' FUNDS 3,398,976 3,422,920
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
The financial statements were approved by the board of directors on 20 December 2024 and were signed on its behalf by:
Richard McLoughlin
Director
20/12/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Linette Developments Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI016734 . The registered office is 11 Bloomfield Avenue, Belfast, BT5 5AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. 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 10% Straight line
Fixtures & Fittings 20% Straight line
2.4. Investment Properties
Investment property is included at market fair value. Gains are recognised in the income statement.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.6. Presentation currency
The accounts are presented in £ sterling.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery etc.
£
Cost or Valuation
As at 1 November 2023 268,554
As at 31 October 2024 268,554
Depreciation
As at 1 November 2023 258,774
Provided during the period 1,162
As at 31 October 2024 259,936
Net Book Value
As at 31 October 2024 8,618
As at 1 November 2023 9,780
Page 3
Page 4
5. Investment Property
2024
£
Fair Value
As at 1 November 2023 2,250,000
Additions 137,518
As at 31 October 2024 2,387,518
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10 1,348
Prepayments and accrued income 7,681 7,116
Other debtors 500,219 1,118
507,910 9,582
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,321 1,781
Accruals and deferred income 2,534 2,687
Director's loan account 85,450 84,289
Amounts owed to group undertakings 1,199 1,199
91,504 89,956
Page 4