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COMPANY REGISTRATION NUMBER: NI674787

Lesley Developments (Greenisland) Limited

Filleted Financial Statements

31 December 2024

Lesley Developments (Greenisland) Limited

Financial Statements

Year ended 31 December 2024

Contents | Page

Officers and professional advisers | 1

Statement of financial position | 2

Notes to the financial statements | 3

Lesley Developments (Greenisland) Limited

Officers and Professional Advisers

The board of directors | Mr J Carlisle
| Mr M A Herbert

Registered office | Aisling House
| 50 Stranmillis Embankment
| Belfast
| BT9 5FL

Auditor | Maneely Mc Cann Chartered Accountants
| Chartered Accountants & Statutory Auditors
| Aisling House
| 50 Stranmillis Embankment
| Belfast
| BT9 5FL

Solicitors | Carson McDowell
| Murray House
| Murray Street
| Belfast
| BT1 6DN

Lesley Developments (Greenisland) Limited

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £

Current assets

Stocks | 6,003,318 | 6,500,028
Debtors | 4 | 465,880 | 412,362
Cash at bank and in hand | 57,035 | 67,167
| ------------ | ------------
| 6,526,233 | 6,979,557

Creditors: amounts falling due within one year | 5 | 62,574 | 194,527
| ------------ | ------------
Net current assets | 6,463,659 | 6,785,030
| ------------ | ------------
Total assets less current liabilities | 6,463,659 | 6,785,030

Creditors: amounts falling due after more than one year | 6 | 7,029,622 | 6,785,770
| ------------ | ------------
Net liabilities | ( 565,963) | ( 740)
| ------------ | ------------

Capital and reserves

Called up share capital | 100 | 100
Profit and loss account | ( 566,063) | ( 840)
| --------- | ----
Shareholders deficit | ( 565,963) | ( 740)
| --------- | ----

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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 23 April 2025 , and are signed on behalf of the board by:

Mr J Carlisle
Director

Company registration number: NI674787

Lesley Developments (Greenisland) Limited

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
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.
Going concern
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net liabilities and a shareholders deficit of £565,963 at the balance sheet date. The company is in the early stages of property development and accordingly losses are anticipated. The director has evaluated the company's current position and future plans, and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director continues to pursue the development potential of land held and has included the current economic climate and property market in their considerations. The company, along with other members of the group, have the necessary cash to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 89,501 | 56,178
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 359,540 | 355,540
Other debtors | 16,839 | 644
| --------- | ---------
| 465,880 | 412,362
| --------- | ---------

The debtors above include the following amounts falling due after more than one year:

| 2024 | 2023
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 359,540 | 355,540
| --------- | ---------

5. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 894 | –
Other creditors | 61,680 | 194,527
| -------- | ---------
| 62,574 | 194,527
| -------- | ---------

6. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 7,029,622 | 6,785,770
| ------------ | ------------

7. Summary audit opinion
The auditor's report for the year dated 23 April 2025 was unqualified , however it included an emphasis of matter in respect of uncertainty in relation to going concern as follows:
We draw attention to note 3 to the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
8. Related party transactions
Control The company is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell Limited is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
9. Controlling party
Herbert Corporate Holdings (IOM) Limited is the company's ultimate parent company. Copies of the consolidated financial statements may be obtained from Ground Floor, Dorchester House, Belmont Hill, Douglas, Isle of Man, IM1 4RE .