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Registration number: NI062378

Carncullough Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Carncullough Management Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Seymour Sweeney

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and are in accordance with FRS 102 Section 1A The Financial Reporting Standard applicable to the Small Entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the management of communal areas in the housing development known as Carncullough, Dervock. The Company is a non profit making organisation.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 April 2025
 

.........................................
Mr Seymour Sweeney
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Carncullough Management Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Carncullough Management Limited for the year ended 31 December 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are laid down by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Carncullough Management Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them, in this report in accordance with technical guidance issued by the Institute. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carncullough Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Carncullough Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Carncullough Management Limited. You consider that Carncullough Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Carncullough Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Stevenson & Wilson
22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

29 April 2025

 

Carncullough Management Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Income from residents

 

5,344

4,231

Other operating charges

 

(5,344)

(4,231)

Net incoming resources

 

-

-

Profit/(loss) before tax

-

-

Profit/(loss) for the financial year

 

-

-

 

Carncullough Management Limited

(Registration number: NI062378)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

15,451

10,346

Cash at bank and in hand

 

2,429

1,402

 

17,880

11,748

Creditors: Amounts falling due within one year

5

(17,870)

(11,738)

Net assets

 

10

10

Capital and reserves

 

Called up share capital

6

10

10

Shareholders' funds

 

10

10

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 29 April 2025
 

.........................................
Mr Seymour Sweeney
Director

 

Carncullough Management Limited

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

Share capital
£

Total
£

At 1 January 2024

10

10

At 31 December 2024

10

10

Share capital
£

Total
£

At 1 January 2023

10

10

At 31 December 2023

10

10

 

Carncullough Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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: The Old Barn, 6 Seaport Avenue, Portballintrae, Portballintrae, Co Antrim, BT57 8SB.

These financial statements were authorised for issue by the director on 29 April 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.

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.

Amounts outstanding from residents

Amounts outstanding from residents are amounts due in reimbursement of company expenses incurred during the period along with an amount requested in advance to enable the Company to meet liabilities as they fall due. Amounts outstanding are recognised initially at the transaction price. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due from the resident concerned. In this situation the remaining residents are required to meet the shortfall.

 

Carncullough Management Limited

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

Expense payments outstanding

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

2024
£

2023
£

Trade debtors

13,699

8,747

Prepayments

1,742

1,589

Other debtors

10

10

 

15,451

10,346

 

Carncullough Management Limited

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

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Expense payments outstanding

6,412

1,163

Advance deposits

10,676

9,247

Accruals

782

1,328

17,870

11,738

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each of £1 each

10

10

10

10

       
 

Carncullough Management Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2024

2024
 £

2023
 £

Income from residents

5,344

4,231

Administrative expenses

Light, heat and power

92

81

Insurance

3,330

2,488

Sundry expenses

700

548

Management charges payable

640

520

Accountancy fees

582

594

(5,344)

(4,231)

Net incoming resources for the period

-

-

Balance brought forward

-

-

Balance carried forward 31 December 2024

-

-