3 3 Carnwood Properties Limited NI625873 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is building construction and maintenance Digita Accounts Production Advanced 6.30.9574.0 true NI625873 2023-08-01 2024-07-31 NI625873 2024-07-31 NI625873 bus:OrdinaryShareClass1 2024-07-31 NI625873 bus:PreferenceShareClass1 2024-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2024-07-31 NI625873 core:ShareCapital 2024-07-31 NI625873 core:CurrentFinancialInstruments 2024-07-31 NI625873 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 NI625873 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 NI625873 core:Goodwill 2024-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2024-07-31 NI625873 core:MotorVehicles 2024-07-31 NI625873 core:OtherPropertyPlantEquipment 2024-07-31 NI625873 bus:SmallEntities 2023-08-01 2024-07-31 NI625873 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 NI625873 bus:FilletedAccounts 2023-08-01 2024-07-31 NI625873 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI625873 bus:RegisteredOffice 2023-08-01 2024-07-31 NI625873 bus:Director1 2023-08-01 2024-07-31 NI625873 bus:Director2 2023-08-01 2024-07-31 NI625873 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 NI625873 bus:PreferenceShareClass1 2023-08-01 2024-07-31 NI625873 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 NI625873 core:ShareCapital 2023-08-01 2024-07-31 NI625873 core:Goodwill 2023-08-01 2024-07-31 NI625873 core:FurnitureFittings 2023-08-01 2024-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 NI625873 core:MotorVehicles 2023-08-01 2024-07-31 NI625873 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 NI625873 core:PlantMachinery 2023-08-01 2024-07-31 NI625873 countries:NorthernIreland 2023-08-01 2024-07-31 NI625873 2023-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2023-07-31 NI625873 core:ShareCapital 2023-07-31 NI625873 core:Goodwill 2023-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2023-07-31 NI625873 core:MotorVehicles 2023-07-31 NI625873 core:OtherPropertyPlantEquipment 2023-07-31 NI625873 2022-08-01 2023-07-31 NI625873 2023-07-31 NI625873 bus:OrdinaryShareClass1 2023-07-31 NI625873 bus:PreferenceShareClass1 2023-07-31 NI625873 core:CurrentFinancialInstruments 2023-07-31 NI625873 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI625873 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 NI625873 core:FurnitureFittingsToolsEquipment 2023-07-31 NI625873 core:MotorVehicles 2023-07-31 NI625873 core:OtherPropertyPlantEquipment 2023-07-31 NI625873 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 NI625873 core:ShareCapital 2022-08-01 2023-07-31 NI625873 2022-07-31 NI625873 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI625873 core:ShareCapital 2022-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI625873

Carnwood Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Carnwood Properties Limited

(Registration number: NI625873)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

51,934

68,549

Current assets

 

Stocks

6

703,319

588,212

Debtors

7

35,940

66,197

Cash at bank and in hand

 

88,495

202,236

 

827,754

856,645

Creditors: Amounts falling due within one year

8

(663,246)

(467,731)

Net current assets

 

164,508

388,914

Total assets less current liabilities

 

216,442

457,463

Creditors: Amounts falling due after more than one year

8

(119,578)

(130,643)

Net assets

 

96,864

326,820

Capital and reserves

 

Called up share capital

9

240,001

240,001

Retained earnings

(143,137)

86,819

Shareholders' funds

 

96,864

326,820

For the financial year ending 31 July 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 year 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.

 

Carnwood Properties Limited

(Registration number: NI625873)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
Mr Thomas Ross Compton
Director

.........................................
Mr David Compton
Director

 

Carnwood Properties Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

240,001

86,819

326,820

Loss for the year

-

(229,956)

(229,956)

At 31 July 2024

240,001

(143,137)

96,864


 

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

1

217,492

217,493

Loss for the year

-

(120,673)

(120,673)

Dividends

-

(10,000)

(10,000)

Other share capital movements

240,000

-

240,000

At 31 July 2023

240,001

86,819

326,820

 

Carnwood Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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: 48 Woodtown Road, Ballymena, County Antrim, BT43 5JU.

These financial statements were authorised for issue by the Board on 22 January 2025.

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.

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.

Tax

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 in the countries where the company operates and generates taxable income.

 

Carnwood Properties Limited

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

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.

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 and machinery

20% straight line

Fixtures, fittings and equipment

20% straight line

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% straight line

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.

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. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Land for development and work in progress are valued at the lower of cost and net realisable value.

 

Carnwood Properties Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital element of future obligations under the lease are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

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.

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.

 

Carnwood Properties Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 August 2023

24,406

24,406

At 31 July 2024

24,406

24,406

Amortisation

At 1 August 2023

24,406

24,406

At 31 July 2024

24,406

24,406

Carrying amount

At 31 July 2024

-

-

 

Carnwood Properties Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

540

47,796

119,001

167,337

Additions

-

-

10,986

10,986

At 31 July 2024

540

47,796

129,987

178,323

Depreciation

At 1 August 2023

540

35,321

62,927

98,788

Charge for the year

-

2,495

25,106

27,601

At 31 July 2024

540

37,816

88,033

126,389

Carrying amount

At 31 July 2024

-

9,980

41,954

51,934

At 31 July 2023

-

12,475

56,074

68,549

6

Stocks

2024
£

2023
£

Work in progress

693,319

581,112

Stocks

10,000

7,100

703,319

588,212

7

Debtors

2024
£

2023
£

Trade debtors

629

19,611

Other debtors

35,311

46,586

 

35,940

66,197

 

Carnwood Properties Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

10,421

9,357

Trade creditors

91,656

47,639

Accruals and deferred income

227,775

271,167

Other creditors

333,394

139,568

663,246

467,731

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

119,578

130,643

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

Preference shares of £1 each

240,000

240,000

240,000

240,000

240,001

240,001

240,001

240,001

10

Related party transactions

At the balance sheet date the amount owed by the Company to the Director was £443,394 (2023: £249,568). No interest has been charged on the amount outstanding.