Lisnamore Developments Limited iXBRL

Lisnamore Developments Limited

Abridged Unaudited Financial Statements

for the financial year ended 30 April 2025

Lisnamore Developments Limited

Company Registration Number: NI064003

ABRIDGED BALANCE SHEET

as at 30 April 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

15,299

21,794

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Current Assets

Stocks

905,000

990,000

Debtors

276,522

88,171

Cash at bank and in hand

180

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1,181,612

1,078,351

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Creditors: amounts falling due within one year

(1,541,319)

(1,435,644)

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Net Current Liabilities

(359,707)

(357,293)

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Total Assets less Current Liabilities

(344,408)

(335,499)

Creditors:

amounts falling due after more than one year

(4,964)

(15,040)

Provisions for liabilities

(2,907)

(4,141)

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Net Liabilities

(352,279)

(354,680)

═════════

Capital and Reserves

Called up share capital

Retained earnings

(352,281)

(354,682)

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Shareholders' Deficit

(352,279)

(354,680)

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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 26 February 2026 and signed on its behalf by



________________________________
Gabriel Paul Mary Bell
Director

Lisnamore Developments Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the financial year ended 30 April 2025

General Information

Lisnamore Developments Limited is a private company, limited by shares and incorporated and registered in Northern Ireland. The registration number of the company is NI064003. The registered office of the company is 22 Drakesbridge Road, Crossgar, Co. Down, BT30 9EW, Northern Ireland which is also the principal place of business of the company

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

The financial statements cover the individual entity of Lisnamore Developments Limited for the year ended 30 April 2025.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 30 April 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Consolidated accounts

The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised when substantially all of the risks and rewards of ownership of ownership have been transferred to the purchaser. Risks and rewards of ownership are deemed to have been transferred on completion of the sale agreement.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

15% Reducing balance

Motor vehicles

20% Straight line

Computer equipment

15% Reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and estimated selling price, less costs to complete. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition, including direct materials valued on a first-in, first-out basis, as well as direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price, less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversal of impairment losses are also recognised in the profit and loss account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash at bank and in hand

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The company did not employ any employees in the current year, nor in the comparative year.


4.	Tangible assets
		Plant and machinery	Motor vehicles	Computer equipment	Total


		£	£	£	£
	Cost
	At 1 May 2024	15,770	27,449	487	43,706
		─────────	─────────	─────────	─────────

	At 30 April 2025	15,770	27,449	487	43,706
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 May 2024	9,152	12,352	408	21,912
	Charge for the financial year	993	5,490	12	6,495
		─────────	─────────	─────────	─────────
	At 30 April 2025	10,145	17,842	420	28,407
		─────────	─────────	─────────	─────────
	Net book value
	At 30 April 2025	5,625	9,607	67	15,299
		═════════	═════════	═════════	═════════
	At 30 April 2024	6,618	15,097	79	21,794
		═════════	═════════	═════════	═════════


5.	Investments
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost

	At 30 April 2025	350,000	350,000
		─────────	─────────
	Provision for
	diminution in value:

	At 30 April 2025	350,000	350,000
		─────────	─────────
	Net book value
	At 30 April 2025	-	-
		═════════	═════════

5.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following company:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Subsidiary undertaking

Rostrevor Property Developments Limited

22 Drakesbridge Road, Crossgar, Co Down, Northern Ireland, BT30 9EW

Construction of civil engineering projects

Ordinary

In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.

Secured creditors

The company has provided security over loans totaling £15,842 (2024: £26,200) in the form of a negative pledge and a fixed and floating charge over assets of the company.

Related party transactions

The directors, Gabriel and Elizabeth Bell are also directors of Lisnamore Retail Limited. During the year, Lisnamore Developments Limited raised sales invoices to Lisnamore Retail Ltd to the value of £185,000. At the year end, amounts totaling £222,000 were owed to the company from Lisnamore Retail Limited and are included within Debtors.

At the year end 30 April 2025, Lisnamore Developments Limited owed an outstanding loan of £1,511,202 (2024: £1,367,495) to Lisnamore Retail Ltd. This loan is repayable on demand and is not subject to interest charges. The balance is included within Creditors; amounts falling due within one year.

Going concern

At the year ended 30 April 2025, the company Balance Sheet showed a net deficit of £352,279 (2024: £354,680). The deficit originated due to a diminution in value of investments which were adjusted in 2021.

The company continues to trade post year end and the directors are confident that the company will become profitable again in the foreseeable future. The directors have provided assurances that they will continue to finance the company until such time as it becomes profitable. On this basis, the financial statements have been prepared on a going concern basis.