Abbreviated Company Accounts - GORTREE DEVELOPMENTS LIMITED
Abbreviated Company Accounts - GORTREE DEVELOPMENTS LIMITED
Registered Number NI025665
GORTREE DEVELOPMENTS LIMITED
Abbreviated Accounts
30 September 2016
GORTREE DEVELOPMENTS LIMITED Registered Number NI025665
Abbreviated Balance Sheet as at 30 September 2016
| Notes | 2016 | 2015 | |
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| £ | £ | ||
| Fixed assets | |||
| Investments | 2 |
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| Current assets | |||
| Debtors |
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| Investments |
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| Creditors: amounts falling due within one year |
( |
( |
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| Net current assets (liabilities) |
( |
( |
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| Total assets less current liabilities |
( |
( |
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| Total net assets (liabilities) |
( |
( |
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| Capital and reserves | |||
| Called up share capital | 3 |
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| Share premium account |
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| Profit and loss account |
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| Shareholders' funds |
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For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
GORTREE DEVELOPMENTS LIMITED Registered Number NI025665
Notes to the Abbreviated Accounts for the period ended 30 September 2016
1Accounting Policies
Basis of measurement and preparation of accounts
The company disposed of the majority of its assets during the year and no longer trades. The company generated a profit of £50,446 during the year, and reduced its net liabilities position from £438,833 at 30 September 2015 to £388,388 at 30 September 2016. The majority of the company's creditors are related parties. As the company no longer trades, it meets its day to day working capital requirements through support from an associated company. The director is satisfied that these ongoing funding requirements, which are expected to be minimal, will continue to be met for the foreseeable future. On this basis the director has prepared the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern. The company has a contingent liability exists in relation to amounts owed to HM Revenue & Customs including accrued interest of £2,160,130 from subsidiary undertaking Templemoyle 2004 Limited which is in liquidation. In the event that this debt falls due for payment by Gortree Developments Limited, the Director considers there to be significant doubt about the company's ability to meet the liability.
Turnover policy
Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance.
Other accounting policies
Debtors are stated after all known bad debts have been written off and specific provision has been made against all considered doubtful of collection.
Cash flow
The company is exempt from the requirements of Financial Reporting Standard No 1 (Revised 1996) to include a cash flow statement, being a small company as defined by the Companies Act 2006.
Ultimate parent company
The parent company is Monnaboy Limited, a company incorporated in Northern Ireland.
The accounts of the company are available at:
Companies House
The Linenhall
32-38 Linenhall Street
Belfast
2Fixed assets Investments
Cost
At 1 October 2015: £138,270
Disposals: (£138,270)
At 30 September 2016: £-
Depreciation
At 1 October 2015: £125,830
Disposals: (£125,830)
At 30 September 2016: £-
Net book value
At 30 September 2016: £-
At 30 September 2015: £12,440
Subsidiary undertakings:
Company name: Eglinton Properties Limited
Country of incorporation: Northern Ireland
Holding: Ordinary shares
Proportion of voting rights and shares held: 100%
Nature of business: Property development
Company name: Templemoyle Homes Limited
Country of incorporation: Northern Ireland
Holding: Ordinary shares
Proportion of voting rights and shares held: 100%
Nature of business: Property development
Company name: McGinnis Stockton LLP
Country of incorporation: Northern Ireland
Holding: Members capital
Proportion of voting rights and shares held: 50%
Nature of business: Property development
Gortree Developments Limited and all of its subsidiary undertakings prepare financial statements to 30 September each year.
The aggregate capital reserves and profit/(loss) for each subsidiary for the year ended 30 September 2016 are as follows:
Aggregate Capital and Reserves:
Eglinton Properties Limited - Dissolved 17 January 2017.
2016: £-
2015: £25,435
Templemoyle Homes Limited - Dissolved 17 January 2017.
2016: £-
2015: (£8,149,736)
McGinnis Stockton LLP.
2016: (£146,434)
2015: (£146,434)
Profit/(Loss)
Eglinton Properties Limited - Dissolved 17 January 2017.
2016: £-
2015: £-
Templemoyle Homes Limited - Dissolved 17 January 2017.
2016: £-
2015: £-
McGinnis Stockton LLP.
2016: £730,627
2015: (£630,907)
The company also holds 100% of the issued share capital of Templemoyle 2004 Limited. A winding up order has been issued for this company and it is presently in liquidation.
The ultimate parent company of the group is Monnaboy Limited. Consolidated financial statements have not been prepared on the basis that the group is small.