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COMPANY REGISTRATION NUMBER: NI045094
Squarefield Developments Limited
Filleted Unaudited Financial Statements
31 October 2024
Squarefield Developments Limited
Financial Statements
Year ended 31st October 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Squarefield Developments Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
642,954
642,954
Investments
6
57,041
106,996
---------
---------
699,995
749,950
Current assets
Debtors
7
10,876
10,548
Cash at bank and in hand
3,820
23,376
--------
--------
14,696
33,924
Creditors: amounts falling due within one year
8
3,000
12,759
--------
--------
Net current assets
11,696
21,165
---------
---------
Total assets less current liabilities
711,691
771,115
---------
---------
Net assets
711,691
771,115
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
1,469,902
1,469,902
Profit and loss account
( 758,311)
( 698,887)
------------
------------
Shareholders funds
711,691
771,115
------------
------------
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 31st October 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 .
Squarefield Developments Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 24 July 2025 , and are signed on behalf of the board by:
Mr G McAteer
Director
Company registration number: NI045094
Squarefield Developments Limited
Notes to the Financial Statements
Year ended 31st October 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Fixtures, fittings and equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Debtors and creditors receivable / payable within one year
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 profit and loss accounts in other administrative expenses.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1st November 2023 and 31st October 2024
642,954
1,200
6,990
651,144
---------
-------
-------
---------
Depreciation
At 1st November 2023 and 31st October 2024
1,200
6,990
8,190
---------
-------
-------
---------
Carrying amount
At 31st October 2024
642,954
642,954
---------
-------
-------
---------
At 31st October 2023
642,954
642,954
---------
-------
-------
---------
6. Investments
Other investments other than loans
£
Cost
At 1st November 2023
106,996
Additions
6,045
Disposals
( 56,000)
---------
At 31st October 2024
57,041
---------
Impairment
At 1st November 2023 and 31st October 2024
---------
Carrying amount
At 31st October 2024
57,041
---------
At 31st October 2023
106,996
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,542
5,542
Other debtors
5,334
5,006
--------
--------
10,876
10,548
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,305
Social security and other taxes
2,454
Other creditors
3,000
3,000
-------
--------
3,000
12,759
-------
--------
9. Directors' advances, credits and guarantees
At the year ended 31st October 2024 there was a balance owed by the directors of £264. (2023 £264)
10. Related party transactions
The company has availed of the exemption under the terms of financial reporting standard 102 from disclosing related party transactions with entities that are part of the Fergal Holding Company Limited group. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
11. Control
The company's immediate and ultimate parent company is Fergal Holding Company Limited, which is incorporated in Northern Ireland and acts as a holding company.