Crevenagh Properties Limited iXBRL

CREVENAGH PROPERTIES LIMITED - Company Information

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Company Number: NI642839

Crevenagh Properties Limited

Unaudited Financial Statements

for the financial year ended 30 October 2019

Crevenagh Properties Limited

Company Number: NI642839

STATEMENT OF FINANCIAL POSITION

as at 30 October 2019

	Oct 19	Oct 18
	£	£
		as restated

Fixed Assets	7,760	-
	─────────	─────────
Current assets	2,782,629	1,431,988
Creditors: amounts falling due within one year	(2,861,059)	(1,434,002)
	─────────	─────────
Net Current Liabilities	(78,430)	(2,014)
	─────────	─────────
Total Assets less Current Liabilities	(70,670)	(2,014)
Accruals and deferred income	(9,429)	(1,701)
	─────────	─────────
Net Liabilities	(80,099)	(3,715)
	═════════	═════════

Capital and Reserves	(80,099)	(3,715)
	═════════	═════════

Notes to the financial statements

GENERAL INFORMATION

Crevenagh Properties Limited is a private company limited by shares incorporated in Northern Ireland. The registered office of the company is 16 Mount Charles, Belfast, BT7 1NZ with Unit 1 Creagh Industrial Park, Hillhead Road, Toomebridge, BT41 3UF, 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.

GOING CONCERN

The financial statements have been prepared on the basis of the company being a going concern. The company has the ongoing support of directors and related parties. The directors have reviewed the accounts and are satisfied for them to be prepared under the going concern basis.

MATERIAL UNCERTAINTIES AND SIGNIFICANT JUDGEMENTS

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are described below.

(i) Going concern assumption
As outlined in the accounting policies, current events and conditions related to the Covid-19 pandemic represent a material uncertainty that may cast significant doubt on the entity’s ability to continue as a going concern. The directors have made enquiries and considered the uncertainties but have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

(ii) Impairment of work in progress
The company makes an assessment of the net realisable value of work in progress. The company uses estimates based on information available and historical experience in determining the recoverability. Work in progress values are reviewed on an on-going basis, however, due to the global pandemic, the company is facing unprecedented circumstances which may cause a material uncertainty surrounding the recoverability of work in progress.

EMPLOYEES

The average monthly number of employees, including directors, during the financial year was 3, (Oct 18 - 3).

Oct 19

Oct 18

Number

Number

Director

═════════

PRIOR FINANCIAL YEAR ADJUSTMENT

Comparative figures

Certain figures relating to the previous year have been reclassified for comparative purposes where necessary. The changes have affected the results for the year by increasing current assets by £70,400 and increasing creditors: amounts falling due within one year by £70,400.

POST-BALANCE SHEET EVENTS

After the balance sheet date, the company’s trading activities were adversely impacted by the effects of the Covid-19 pandemic. The impact is ongoing and wide-reaching; therefore it is not possible to quantify the financial impact of the event.

For the financial year ended 30 October 2019 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.

These financial statements have been prepared in accordance with the provisions available to micro-entities in Part 15 of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

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

Approved by the Board on 2 September 2020 and signed on its behalf by:

________________________________

Mr. Mark Cuskeran

Director