C.N. Developments Limited Filleted accounts for Companies House (small and micro)

C.N. Developments Limited Filleted accounts for Companies House (small and micro)

C.N DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI032453
C.N. Developments Limited
Filleted Unaudited Financial Statements
30 June 2022
C.N. Developments Limited
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
£
Fixed assets
Investments
4
2
2
Current assets
Debtors
5
7,500
15,007
Cash at bank and in hand
15,567
813
--------
--------
23,067
15,820
Creditors: amounts falling due within one year
6
7,751
7,431
--------
--------
Net current assets
15,316
8,389
--------
-------
Total assets less current liabilities
15,318
8,391
--------
-------
Net assets
15,318
8,391
--------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
15,316
8,389
--------
-------
Shareholder funds
15,318
8,391
--------
-------
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 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
C.N. Developments Limited
Statement of Financial Position (continued)
30 June 2022
These financial statements were approved by the board of directors and authorised for issue on 29 June 2023 , and are signed on behalf of the board by:
Mr A Shields
Mr C Shields
Director
Director
Company registration number: NI032453
C.N. Developments Limited
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 196 Seacon Road, Ballymoney, Co Antrim, BT53 6PZ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts invoiced and aggregate sales contracts entered into during the year exclusive of Value Added Tax.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company applies the Amortised Cost Basis of Accounting in accordance with IAS 39 in measuring Financial Assets and Liabilities.A financial asset or a financial liability is recognised only when the entity 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. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .
4. Investments
Other investments other than loans
£
Cost
At 1 July 2021 and 30 June 2022
2
----
Impairment
At 1 July 2021 and 30 June 2022
–
----
Carrying amount
At 30 June 2022
2
----
At 30 June 2021
2
----
The company owns 100% of the issued share capital of the companies listed below. The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Aggregate capital and reserves
GF Construction Limited £609,832,
Profit and (loss) for the year
GF Construction Limited £(38,020)
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
5. Debtors
2022
2021
£
£
Other debtors
7,500
15,007
-------
--------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
7,751
7,431
-------
-------
7. Security
In February 2021 CN Developments Limited entered into a unlimited cross-company guarantee with GF Construction Limited, Veragh Developments Limited, Inver Properties Limited, Streamvale Developments Limited & Sharmont Properties Limited.
8. Deferred tax
There are losses available to set against future profits but a deferred tax provision has not been recognised for this as it is not certain when profits might arise in the future.
9. Directors' advances, credits and guarantees
There is an amount of £2,930.58 owing to the director at the year end.
10. Related party transactions
During the year an amount of £20.16 was repaid from Sharmont Properties Limited in respect of expenses paid on their behalf in a previous year. Sharmont Properties Limited is a company controlled by the directors. During the year management services in the amount of £7,500 were provided to GF Construction Limited. There is a net balance owing from GF Construction Limited of £7,500 at the year end. GF Construction Limited is a wholly owned subsidiary.