Cartel Developments Ltd Filleted accounts for Companies House (small and micro)

CARTEL DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI033278

Cartel Developments Ltd

Filleted Unaudited Financial Statements

31 March 2022

Cartel Developments Ltd

Financial Statements

Year ended 31 March 2022

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4

Cartel Developments Ltd

Officers and Professional Advisers

Director	Mr K McKay

Registered office	Unit 1 Ground Floor
	Adelaide Exchange
	24-26 Adelaide Street
	Belfast
	BT2 8GD

Accountants	Maneely Mc Cann
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Cartel Developments Ltd

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Cartel Developments Ltd

Year ended 31 March 2022

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

25 August 2022

Cartel Developments Ltd

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Current assets

Debtors	4	773	773

Creditors: amounts falling due within one year	5	1,141,527	1,141,527
		------------	------------
Net current liabilities		1,140,754	1,140,754
		------------	------------
Total assets less current liabilities		( 1,140,754)	( 1,140,754)
		------------	------------
Net liabilities		( 1,140,754)	( 1,140,754)
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 1,140,756)	( 1,140,756)
	------------	------------
Shareholders deficit	( 1,140,754)	( 1,140,754)
	------------	------------

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.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act 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 25 August 2022 , and are signed on behalf of the board by:

Mr K McKay
Director

Company registration number: NI033278

Cartel Developments Ltd

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1 Ground Floor, Adelaide Exchange, 24-26 Adelaide Street, Belfast, BT2 8GD.

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.

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

	2022	2021
	£	£
Other debtors	773	773
	----	----

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	5,343	5,343
Other creditors	1,136,184	1,136,184
	------------	------------
	1,141,527	1,141,527
	------------	------------

6. Related party transactions

Transactions As the company is a wholly subsidiary and consolidated financial statements have been prepared which are publicly available, advantage has been taken 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.