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Registration number: NI651792

Roycroft Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Roycroft Developments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Roycroft Developments Ltd

Company Information

Directors

Mr Kieran Trainor

Angela Trainor

Registered office

75 Dromintee Road
Meigh
Newry
Co Down
BT35 8SJ

Accountants

SP McKeown & Co Chartered Certified Accountants
Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Roycroft Developments Ltd

(Registration number: NI651792)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

4

1,045,333

1,045,333

Current assets

 

Debtors

5

2

2

Cash at bank and in hand

 

23,399

2,936

 

23,401

2,938

Creditors: Amounts falling due within one year

6

(1,029,813)

(1,028,919)

Net current liabilities

 

(1,006,412)

(1,025,981)

Total assets less current liabilities

 

38,921

19,352

Creditors: Amounts falling due after more than one year

6

(3,692)

(14,414)

Provisions for liabilities

(294)

3,561

Net assets

 

34,935

8,499

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

34,933

8,497

Shareholders' funds

 

34,935

8,499

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 August 2025 and signed on its behalf by:
 

.........................................
Mr Kieran Trainor
Director

.........................................
Angela Trainor
Director

 
     
 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
75 Dromintee Road
Meigh
Newry
Co Down
BT35 8SJ

These financial statements were authorised for issue by the Board on 18 August 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

No depreciation is charged on investment property. Its value at the year end is valued by the director.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 directors) during the year, was 2 (2024 - 2).

4

Investment properties

2025
£

At 1 April

1,045,333

At 31 March

1,045,333

The property was purchased during the previous year and is held at fair value. The fair value has been determined by the directors and there has been no change in the fair value from the previous year.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2025
£

2024
£

Other debtors

2

2

 

2

2

 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

9,398

9,398

Trade creditors

 

720

3,613

Accruals and deferred income

 

1,150

1,150

Other creditors

 

1,018,545

1,014,758

 

1,029,813

1,028,919

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

3,692

14,414

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

3,692

14,414

Current loans and borrowings

2025
£

2024
£

Bank borrowings

9,398

9,398

Other borrowings

 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowing included in Directors' Account is denominated in Pounds sterling with a nominal interest rate of 6.5%%, and the final instalment is due on 26 March 2026. The carrying amount at year end is £543,779 (2024 - £553,074).

A fixed and floating charge, over property purchased via directors, is held by Newry Credit Union Limited over the premises at 16 Wellington Park, Belfast and all properties and undertakings of the company. A negative pledge is included.

Bank borrowing is denominated in Pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £13,091 (2024 - £23,812).

The loan is unsecured.

9

Related party transactions

 

Roycroft Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Mr Kieran Trainor

Directors Loan repayable on demand

(505,816)

28,166

(31,621)

(509,271)

Angela Trainor

Directors loan

(505,816)

28,166

(31,621)

(509,271)

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Kieran Trainor

Directors Loan repayable on demand

(118,183)

20,219

(407,853)

(505,816)

Angela Trainor

Directors loan

(118,183)

20,219

(407,853)

(505,816)