ABCL Developments Ltd |
Notes to the Accounts |
for the year ended 30 September 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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2,521 |
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2,083 |
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Other creditors |
349 |
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349 |
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2,870 |
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2,432 |
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4 |
Related party transactions |
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In the period the the company made repayments on an interest free inter-company loan given by Circular Property Developments Ltd. The balance at the start of the year was £44,447. Repayments of £52,000 have been made in the period and the balance as at 30th September 2022. Circular Property Development Ltd is now owed £1,469. |
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5 |
Controlling party |
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The ultimate controlling parties of the company are Laurence McCann and Adrian Mimnagh |
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6 |
Going concern |
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The directors acknowledge the continued negative balance sheet. The balance sheet remains negative for the current year ended 30 September 2022 due to bank fees and low level bank interest on the repayment of a bank loan. The director's note that the biggest single creditor is to a connected company who wll not be seeking repaymnt of this amount until the company becomes sustainably profitable. The directors are not aware of any material concerns around the company's ability to continue as a going concern. |
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7 |
Other information |
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ABCL Developments Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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7 Letfern Avenue |
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Tattyreagh |
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Omagh |
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Co Tyrone |
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BT78 1LA |