LMG Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI617940 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2020

for

LMG Developments Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Elliott

A Elliott

REGISTERED OFFICE:

19 Church Road

Portadown

Co. Armagh

BT63 5HT

REGISTERED NUMBER:

NI617940 (Northern Ireland)

AUDITORS:

WHR Accountants Ltd

Chartered Certified Accountants

Statutory Auditors

56 English Street

Armagh

Co. Armagh

BT61 7LG

CURRENT ASSETS

Stocks

1,252,750

2,183,199

Debtors

131,674

216,469

Cash at bank

1,862,753

314,805

3,247,177

2,714,473

CREDITORS

Amounts falling due within one year

2,536,182

2,069,227

NET CURRENT ASSETS

710,995

645,246

TOTAL ASSETS LESS CURRENT LIABILITIES

710,995

645,246

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

710,895

645,146

710,995

645,246

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 December 2021 and were signed on its behalf by:

A Elliott - Director

1.	STATUTORY INFORMATION

LMG Developments Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Inventories, including land, are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes all includes all costs of production, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Robinson (Senior Statutory Auditor)

for and on behalf of WHR Accountants Ltd

5.	ULTIMATE CONTROLLING PARTY

Hilmark Limited has a 100% shareholding in the company. Pincap Limited, a company incorporated in Isle of Man, is considered the ultimate controlling party by way of 100% shareholding in Hilmark. Group accounts are not publicly available.