Castlelane Offsales Ltd Company Accounts

CASTLELANE OFFSALES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI628286

Castlelane Offsales Ltd

Filleted Unaudited Financial Statements

31 December 2016

Castlelane Offsales Ltd

Financial Statements

Period from 23 December 2016 to 31 December 2016

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Castlelane Offsales Ltd

Statement of Financial Position

31 December 2016

	31 Dec 16
Note	£

Fixed assets

Tangible assets	5	266,705

Current assets

Stocks	39,985
Cash at bank and in hand	6,902
	--------
	46,887

Creditors: amounts falling due within one year	7	303,204
		---------
Net current (liabilities)/assets		256,317
		---------
Total assets less current liabilities		10,388

Creditors: amounts falling due after more than one year	8	6,800
		--------
Net assets		3,588
		--------

Capital and reserves

Called up share capital	100
Profit and loss account	3,488
	-------
Members funds	3,588
	-------

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 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 comprehensive income has not been delivered.

For the period ending 31 December 2016 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 period 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 .

Castlelane Offsales Ltd

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 21 September 2017 , and are signed on behalf of the board by:

Mr P Maguire
Director

Company registration number: NI628286

Castlelane Offsales Ltd

Statement of Changes in Equity

Period from 23 December 2016 to 31 December 2016

	Called up share capital	Profit and loss account	Total
	£	£	£
At 23 December 2016	100	–	100

Profit for the period		3,488	3,488
	----	-------	-------
Total comprehensive income for the period	–	3,488	3,488

	----	-------	-------
At 31 December 2016	100	3,488	3,588
	----	-------	-------

Castlelane Offsales Ltd

Notes to the Financial Statements

Period from 23 December 2016 to 31 December 2016

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Gravel Lane, Aghagallon, Co Armagh, BT67 0AZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Motor vehicles	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 6 .

5. Tangible assets

	Freehold property	Motor vehicles	Total
	£	£	£
Cost
Additions	257,250	9,600	266,850
	---------	-------	---------
At 31 December 2016	257,250	9,600	266,850
	---------	-------	---------
Depreciation
Charge for the period	99	46	145
	---------	-------	---------
At 31 December 2016	99	46	145
	---------	-------	---------
Carrying amount
At 31 December 2016	257,151	9,554	266,705
	---------	-------	---------

6. Debtors

	31 Dec 16
	£

7. Creditors: amounts falling due within one year

	31 Dec 16
	£
Bank loans and overdrafts	2,400
Trade creditors	30,717
Corporation tax	908
Social security and other taxes	2,386
Other creditors	266,793
	---------
	303,204
	---------

8. Creditors: amounts falling due after more than one year

	31 Dec 16
	£
Bank loans and overdrafts	6,800
	-------

9. Related party transactions

The company was under the control of Mr P Maguire throughout the current year and previous years. Mr Maquire is the managing director and sole shareholder. During the year the director's loan account on which no interest is charged or paid, was as follows:

		£
	Capital Contributed	273,274
	Capital Repaid	(7,156)
		---------
	As at 31 December 2016	266,118
		---------