Trory Developments Limited 31/01/2020 iXBRL

TRORY DEVELOPMENTS LIMITED - Company Information

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Company registration number: NI056983

Trory Developments Limited

Unaudited filleted abridged financial statements

31 January 2020

Trory Developments Limited

Contents

Directors and other information

Accountants report

Abridged balance sheet

Notes to the financial statements

Trory Developments Limited

Directors and other information


	Directors	Mr Colin Johnston
		Mrs Alison Johnston


	Secretary	Robert Smyth


	Company number	NI056983


	Registered office	Block D
		17 Heron Road
		Belfast
		BT3 9LE


	Business address	Block D
		17 Heron Road
		Belfast
		BT3 9LE


	Accountants	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Bank of Ireland Limited
		12 Conway Square
		Newtownards
		BT23 4DJ


	Solicitors	Pinsent Masons
		Arnott House
		12-16 Bridge Street
		Belfast
		BT1 1LS

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Trory Developments Limited

Year ended 31 January 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trory Developments Limited for the year ended 31 January 2020 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of Trory Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Trory Developments Limited and state those matters that we have agreed to state to the board of directors of Trory Developments Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trory Developments Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Trory Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Trory Developments Limited. You consider that Trory Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Trory Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hill Vellacott

Chartered accountants

22 Great Victoria Street

Belfast

BT2 7BA

21 December 2020

Trory Developments Limited

Abridged Balance Sheet

31 January 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Investments	4	1		1
		_______		_______
			1		1

Current assets
Debtors		746,637		749,817
Cash at bank and in hand		466		270
		_______		_______
		747,103		750,087
Creditors: amounts falling due
within one year		( 937,883)		( 940,763)
		_______		_______
Net current liabilities			( 190,780)		( 190,676)
			_______		_______
Total assets less current liabilities			( 190,779)		( 190,675)

			_______		_______
Net liabilities			( 190,779)		( 190,675)
			_______		_______

Capital and reserves
Called up share capital			4		4
Profit and loss account			( 190,783)		( 190,679)
			_______		_______
Shareholders deficit			( 190,779)		( 190,675)
			_______		_______

For the year ending 31 January 2020 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.

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 Profit and Loss Account has not been delivered.

All of the members have consented to the preparation of the abridged Balance Sheet for the current year ending 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 21 December 2020 , and are signed on behalf of the board by:

Mr Colin Johnston

Director

Company registration number: NI056983

Trory Developments Limited

Notes to the financial statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Block D, 17 Heron Road, Belfast, BT3 9LE.The principal activity of the company is that of a holding company.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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

The financial statements have been prepared under the going concern concept. This assumption is based on the directors' assessments of the environment in which the company trades and the impact that this will have on the future. When considering the future and the continued validity of the use of the going concern concept, the directors have considered a period of twelve months from the date that these financial statements are approved. The directors are engaged in the development of the trade to attract more business by offering packages to customers. The directors have the support of the related party whose loan is the main creditor. As at 31 January 2020, the company's liabilities are greater than the value of the assets that they hold with a net deficiency of assets of £190,779. The related party has indicated that they will not seek repayment of this amount for the forseeable future.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Fixed asset 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

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 or 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. Investments


		£
	Cost
	At 1 February 2019 and 31 January 2020	1
		_______
	Impairment
	At 1 February 2019 and 31 January 2020	-
		_______
	Carrying amount
	At 31 January 2020	1
		_______
	At 31 January 2019	1
		_______

5. Related party transactions

Trory Developments Limited is connected to related parties by virtue of common control from the directors.At the balance sheet date, the amount owed to Trory Developments Limited from related parties was £746,637 (2019: £749,817), a decrease of £3,180 in the year. At the balance sheet date, the amount owed by Trory Developments Limited to related parties was £862,461 (2019: £868,341), a decrease of £5,880 in the year.All related party balances are unsecured, interest free and repayable upon demand.

6. Controlling party

The company is controlled by its directors.