COMPANY REGISTRATION NUMBER:
NI058105
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 June 2024
Current assets
Stocks |
388,648 |
|
388,648 |
Debtors |
5 |
5,643 |
|
5,958 |
Cash at bank and in hand |
408 |
|
2,007 |
|
--------- |
|
--------- |
|
394,699 |
|
396,613 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
165,892 |
|
163,492 |
|
--------- |
|
--------- |
Net current assets |
|
228,807 |
233,121 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
228,807 |
233,121 |
|
|
--------- |
--------- |
Net assets |
|
228,807 |
233,121 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
8 |
8 |
Profit and loss account |
|
228,799 |
233,113 |
|
|
--------- |
--------- |
Shareholders funds |
|
228,807 |
233,121 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 March 2025
, and are signed on behalf of the board by:
Mr A Shields |
Mr C Shields |
Director |
Director |
|
|
Company registration number:
NI058105
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 196 Seacon Road, Ballymoney, Co Antrim, BT53 6PZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocks
Development Land, work in progress and related costs are stated at the lower of cost and net realisable value. Cost is calculated as the land costs, stamp duty, acquisition costs, interest and all other costs related to the acquisition, holding and development of the land. Where net realisable is used it is based on the Directors best assessment of the realisable value given the market conditions prevailing at the relevant time and their view of the medium term prospects. Independent professional valuations were not obtained.
Financial instruments
The company applies the Amortised Cost Basis of Accounting in accordance with IAS 39 in measuring Financial Assets and Liabilities.A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
643 |
643 |
Other debtors |
5,000 |
5,315 |
|
------- |
------- |
|
5,643 |
5,958 |
|
------- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Social security and other taxes |
867 |
867 |
Other creditors |
165,025 |
162,625 |
|
--------- |
--------- |
|
165,892 |
163,492 |
|
--------- |
--------- |
|
|
|
7.
Security
In February 2021 Veragh Developments Limited entered into a unlimited cross-company guarantee with GF Construction Limited, CN Developments Limited,
Inver Properties Limited
, Streamvale Developments Limited & Sharmont Properties Limited.
8.
Deferred tax
There are losses available to set against future profits but a deferred tax provision has not been recognised for this as it is not certain when profits might arise in the future.
9.
Directors' advances, credits and guarantees
There were no transactions to report during the year.
10.
Related party transactions
During the year GF Construction Limited advances a loan of £2,000 to the company. The balance due from the company to GF Construction Limited at the year end is £160,500 at the end of the period. GF Construction Limited is a company controlled by the director.