Millstreet Trading and Developments Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: NI643969 (Northern Ireland)

Millstreet Trading and Developments Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2022

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A Nicholl

J Newell

C Kane

D Logan

REGISTERED OFFICE:

20-24 Mill Street

Gilford

Co. Armagh

BT63 6HQ

REGISTERED NUMBER:

NI643969 (Northern Ireland)

ACCOUNTANTS:

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2022 set out on pages four to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

30 May 2024

FIXED ASSETS

Tangible assets

4

-

647,050

Investment property

5

-

175,000

-

822,050

CURRENT ASSETS

Stocks

-

161,645

Debtors

6

180,000

76,272

Cash at bank and in hand

-

23,086

180,000

261,003

CREDITORS

Amounts falling due within one year

7

17,840

323,590

NET CURRENT ASSETS/(LIABILITIES)

162,160

(62,587

)

TOTAL ASSETS LESS CURRENT LIABILITIES

162,160

759,463

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

(195,809

)

PROVISIONS FOR LIABILITIES

-

(97,290

)

NET ASSETS

112,160

466,364

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

112,060

466,264

SHAREHOLDERS' FUNDS

112,160

466,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

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 30 May 2024 and were signed on its behalf by:

A Nicholl - Director

1.	STATUTORY INFORMATION

Millstreet Trading and Developments Ltd 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Motor

property

property

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2022

135,000

306,393

247,474

6,390

695,257

Disposals

(135,000

)

(306,393

)

(247,474

)

(6,390

)

(695,257

)

At 31 December 2022

-

-

-

-

-

DEPRECIATION

At 1 January 2022

-

14,817

31,959

1,431

48,207

Eliminated on disposal

-

(14,817

)

(31,959

)

(1,431

)

(48,207

)

At 31 December 2022

-

-

-

-

-

NET BOOK VALUE

At 31 December 2022

-

-

-

-

-

At 31 December 2021

135,000

291,576

215,515

4,959

647,050

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

175,000

Disposals

(175,000

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

175,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

180,000

76,272

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

269,634

Taxation and social security

17,840

51,281

Other creditors

-

2,675

17,840

323,590

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

50,000

195,809