Straben Developments Limited Filleted accounts for Companies House (small and micro)

STRABEN DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI030836

Straben Developments Limited

Filleted Unaudited Financial Statements

30 September 2017

Straben Developments Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Straben Developments Limited

Year ended 30 September 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 September 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

MANEELY Mc CANN Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

29 June 2018

Straben Developments Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4		–	2

Current assets

Debtors	5	8,582,032	8,553,609
Cash at bank and in hand		39,727	73,825
		------------	------------
		8,621,759	8,627,434

Creditors: amounts falling due within one year	6	9,079,602		9,130,657
		------------		------------
Net current liabilities			457,843	503,223
			---------	---------
Total assets less current liabilities			( 457,843)	( 503,221)
			---------	---------
Net liabilities			( 457,843)	( 503,221)
			---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 458,843)	( 504,221)
	---------	---------
Shareholders deficit	( 457,843)	( 503,221)
	---------	---------

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 year ending 30 September 2017 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 year 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 .

Straben Developments Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 29 June 2018 , and are signed on behalf of the board by:

Mr K Mc Kay
Director

Company registration number: NI030836

Straben Developments Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o Rushmere House, 46 Cadogan Park, Belfast, BT9 6HH.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2016 and 30 September 2017	2
	----
Impairment
At 1 October 2016	–
Impairment losses	2
	----
At 30 September 2017	2
	----

Carrying amount
At 30 September 2017	–
	----
At 30 September 2016	2
	----

The company owns 100% of the issued share capital of Cartel Developments Ltd a property development company incorporated in Northern Ireland. At 31 March 2017 Cartel Developments Limited had net liabilities of £1,140,754 (2016: £1,144,073) and made a gain of £3,319 (2016: Loss £20,792) in the year ended on that date. Due to the large net liability position the Director has considered it necessary to recognise an impairment loss on this investment.

5. Debtors

	2017	2016
	£	£
Trade debtors	182,971	182,971
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8,336,819	8,306,819
Other debtors	62,242	63,819
	------------	------------
	8,582,032	8,553,609
	------------	------------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	4,153,636
Trade creditors	177,920	178,075
Amounts owed to group undertakings and undertakings in which the company has a participating interest	270,572	270,572
Corporation tax	141,483	176,089
Other creditors	8,489,627	4,352,285
	------------	------------
	9,079,602	9,130,657
	------------	------------

7. Related party transactions

NAME OF THE RELATED PARTIES Stranmillis Investments Limited Mr K McKay DESCRIPTION OF THE RELATIONSHIP The Company is a wholly owned subsidiary of Straben Limited, a company incorporated in Northern Ireland. Stranmillis Investments Limited, a company incorporated in Northern Ireland along with Benmore Developments (NI) Limited each hold 50% of the ordinary share capital of Straben Limited. The director, Mr K McKay, is also a director of Benmore Properties Limited, a company incorporated in Northern Ireland. The director, Mr K McKay, is also a director of Belfast Property Solutions Limited, a company incorporated in Northern Ireland. Mr K McKay is also a director of Benmore Developments (NI) Limited. DESCRIPTION OF THE TRANSACTIONS AND THE AMOUNTS INVOLVED At 30 September 2017 the company owed £270,572 (2016: £270,572) to Stranmillis Investments Limited. At 30 September 2017 the company owed £19,221 (2016: £19,221) to Mr K McKay. Included within Other creditors is a balance of £4,153,160 in respect of loans from Kevin McKay. The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with the Financial Reporting Standard 102 Section 1A Appendix C, Related Party Disclosures.

8. Controlling party

The Company is a wholly owned subsidiary of Straben Limited, a company incorporated in Northern Ireland. Benmore Developments (NI) Limited, a company incorporated in Northern Ireland and Stranmillis Investments Limited, a company incorporated in Northern Ireland each hold 50% of the ordinary share capital of Straben Limited and as such both are considered to be the ultimate controlling parties.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the period.