BrightAccountsProduction v1.0.0 v1.0.0 2023-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The company's principal activity in the period is the development of building projects. 20 March 2025 2 2 NI669971 2024-06-30 NI669971 2023-06-30 NI669971 2022-06-30 NI669971 2023-07-01 2024-06-30 NI669971 2022-07-01 2023-06-30 NI669971 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI669971 uk-curr:PoundSterling 2023-07-01 2024-06-30 NI669971 uk-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI669971 uk-bus:FullAccounts 2023-07-01 2024-06-30 NI669971 uk-core:ShareCapital 2024-06-30 NI669971 uk-core:ShareCapital 2023-06-30 NI669971 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 NI669971 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI669971 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-06-30 NI669971 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI669971 uk-bus:FRS102 2023-07-01 2024-06-30 NI669971 uk-core:CurrentFinancialInstruments 2024-06-30 NI669971 uk-core:CurrentFinancialInstruments 2023-06-30 NI669971 uk-core:CurrentFinancialInstruments 2024-06-30 NI669971 uk-core:CurrentFinancialInstruments 2023-06-30 NI669971 uk-core:WithinOneYear 2024-06-30 NI669971 uk-core:WithinOneYear 2023-06-30 NI669971 uk-core:EmployeeBenefits 2023-06-30 NI669971 uk-core:EmployeeBenefits 2023-07-01 2024-06-30 NI669971 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI669971 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-06-30 NI669971 uk-core:OtherDeferredTax 2024-06-30 NI669971 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-06-30 NI669971 uk-core:EmployeeBenefits 2024-06-30 NI669971 uk-core:ParentEntities 2023-07-01 2024-06-30 NI669971 uk-core:UltimateParent 2023-07-01 2024-06-30 NI669971 uk-countries:NorthernIreland 2023-07-01 2024-06-30 NI669971 uk-bus:Director1 2023-07-01 2024-06-30 NI669971 uk-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI669971
 
 
LDS Devco Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 June 2024
LDS Devco Limited
Company Registration Number: NI669971
Statement of Financial Position
as at 30 June 2024

2024 2023
Notes £ £
 
Current Assets
Stocks 5 12,828,296 10,502,567
Debtors 6 110,096 20,037
Cash and cash equivalents 184,461 78,172
───────── ─────────
13,122,853 10,600,776
───────── ─────────
Creditors: amounts falling due within one year 7 (13,143,054) (10,615,842)
───────── ─────────
Net Current Liabilities (20,201) (15,066)
───────── ─────────
Total Assets less Current Liabilities (20,201) (15,066)
 
Provisions for liabilities 9 5,101 3,818
───────── ─────────
Net Liabilities (15,100) (11,248)
═════════ ═════════
 
Capital and Reserves
Called up share capital 200 200
Retained earnings (15,300) (11,448)
───────── ─────────
Equity attributable to owners of the company (15,100) (11,248)
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 20 March 2025 and signed on its behalf by
           
           
________________________________          
Mr. Brian Martin McCracken          
Director          
           



LDS Devco Limited
Notes to the Financial Statements
for the financial year ended 30 June 2024

   
1. General Information
 
LDS Devco Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI669971. The registered office of the company is 12 Cromac Place, Belfast, Co. Antrim, BT7 2JB, Northern Ireland which is also the principal place of business of the company. The company's principal activity in the period is the development of building projects. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 June 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company does not operate a defined contribution pension scheme as its only employees (its directors) are not remunerated.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
Whilst the company has net liabilities,  its major creditor is loans from companies controlled by its shareholders/directors. These will not be repaid until the company has the liquidity and profitability to do so. In addition, the directors consider the company's principal asset, development land, has an open market realisable value in excess of cost.  The directors have thus concluded that it is appropriate to continue to adopt the going concern basis in preparing the company's financial statements.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 2, (2023 - 2).
 
  2024 2023
  Number Number
 
Directors 2 2
  ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Development land 5,606,300 5,606,300
Work in progress 6,885,167 4,867,070
  ───────── ─────────
  12,491,467 10,473,370
Consumables 336,829 29,197
  ───────── ─────────
  12,828,296 10,502,567
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.

Consumables represents initial spend on development of the land.
       
6. Debtors 2024 2023
  £ £
 
Amounts owed by group undertakings 200 200
Taxation  (Note 8) 109,896 19,837
  ───────── ─────────
  110,096 20,037
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 1,068,054 37,610
Amounts owed to connected parties (Note 11) 11,320,000 7,770,000
Accruals 755,000 2,808,232
  ───────── ─────────
  13,143,054 10,615,842
  ═════════ ═════════
       
8. Taxation 2024 2023
  £ £
 
Debtors:
VAT 109,896 19,837
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Losses Total Total
       
       
    2024 2023
  £ £ £
 
At financial year start (3,818) (3,818) (2,549)
Charged to profit and loss (1,283) (1,283) (1,269)
  ───────── ───────── ─────────
At financial year end (5,101) (5,101) (3,818)
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 June 2024.
           
11. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
GMMI Investments Limited     5,660,000 3,885,000
BKCE Investments Limited     5,660,000 3,885,000
      ───────── ─────────
      11,320,000 7,770,000
      ═════════ ═════════
   
12. Parent and ultimate parent company
 
The company regards LDS Propco Limited as its parent company.
 
The companys ultimate parent undertaking is GBK Investments Limited.
The address of GBK Investments Limited is 12 Cromac Place, The Gasworks, Belfast, United Kin Northern Ireland.
 
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
14. Share Capital
 
The share capital of the company is comprised of 200 £1 ordinary shares. There were no changes to issued share capital during the period.