COMPANY REGISTRATION NUMBER:
NI059891
Streamvale Developments Limited
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Filleted Unaudited Financial Statements
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Streamvale Developments Limited
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Year ended 30 June 2017
Officers and professional advisers
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1
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Statement of financial position
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2
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Notes to the financial statements
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3
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The following pages do not form part of the financial statements
Report to the director on the preparation of the unaudited statutory financial statements
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6
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Streamvale Developments Limited
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Statement of Financial Position
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30 June 2017
Current assets
Stocks
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50,000
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1,351,622
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Debtors
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4
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–
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8,402
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--------
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------------
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50,000
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1,360,024
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Creditors: amounts falling due within one year
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5
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455,530
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1,784,016
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---------
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------------
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Net current liabilities
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405,530
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423,992
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---------
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---------
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Total assets less current liabilities
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(
405,530)
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(
423,992)
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---------
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---------
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Net liabilities
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(
405,530)
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(
423,992)
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---------
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---------
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Capital and reserves
Called up share capital
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6
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6
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Profit and loss account
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(
405,536)
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(
423,998)
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---------
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---------
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Shareholders deficit
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(
405,530)
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(
423,992)
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---------
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---------
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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 income and retained earnings has not been delivered.
For the year ending 30 June 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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
16 March 2018
, and are signed on behalf of the board by:
Company registration number:
NI059891
Streamvale Developments Limited
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Notes to the Financial Statements
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Year ended 30 June 2017
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
Going Concern The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having adequate funds to meet their obligations as they fall due. The validity of this assumption depends on: i) the continued support of the company's bankers; ii) the continued support of the company's shareholders; iii) an improvement in market conditions. The directors recognise that the company's position has been weakened by the effects of the declining property market on the development land and sites held. The company's bankers have given no indication to the directors that they will not continue to extend support to the company. The directors believe that in spite of the uncertain conditions in the market they have a reasonable expectation that the company will continue to trade for the next twelve months. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis. The accounts do not contain any adjustments that would result from failure to secure adequate financial resources.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Stocks
Development Land, work in progress and related costs are stated at the lower of cost and net realisable value. Cost is calculated as the land costs, stamp duty, acquisition costs, interest and all other costs related to the acquisition, holding and development of the land. Where net realisable is used it is based on the Directors best assessment of the realisable value given the market conditions prevailing at the relevant time and their view of the medium term prospects. During the year the company's bankers have taken the view that £1.16m of debt is irrecoverable and have written this off. The stock has been written down to the recoverable amount accordingly.
Financial instruments
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.
Debtors
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2017
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2016
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£
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£
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Trade debtors
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–
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8,402
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----
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-------
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5.
Creditors:
amounts falling due within one year
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2017
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2016
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£
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£
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Bank loans and overdrafts
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450,000
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1,610,737
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Other creditors
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5,530
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173,279
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---------
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------------
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455,530
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1,784,016
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---------
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------------
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6.
Related party transactions
An amount of £106,000 that was owing from
Streamvale Developments Limited
to Sharmont Properties Limited
was written off during the year. Alan Shields owns 86% of the ordinary share capital of Sharmont Properties Limited and 67% of the ordinary share capital of Streamvale Developments Limited
and is the only director of both companies. An amount of £55,000 that was owing from Streamvale Developments Limited
to GF Construction Limited
was written off during the year. Alan Shields owns 100% of the ordinary share capital of CN Developments Limited, who owns 100% of the ordinary share capital of GF Construction Limited, and Alan Shields also owns 67% of the ordinary share capital of Streamvale Developments Limited
and is the only director of all companies. An amount of £4,402 that was owing from Streamvale Developments Limited
to CN Developments Limited
was written off during the year. Alan Shields owns 100% of the ordinary share capital of CN Developments Limited and 67% of the ordinary share capital of Streamvale Developments Limited
and is the only director of both companies. An amount of £2,360 that was owing to Streamvale Developments Limited
from Veragh Developments Limited
was written off during the year. Alan Shields owns 67% of the ordinary share capital of Veragh Developments Limited and 67% of the ordinary share capital of Streamvale Developments Limited
and is the only director of both companies. An amount of £5,397 that was owing from Streamvale Developments Limited
to Colinvale Developments Limited
was written off during the year. Alan Shields owns 11% of the ordinary share capital of Colinvale Developments Limited and 67% of the ordinary share capital of Streamvale Developments Limited
and is a director of both companies.
7.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Streamvale Developments Limited
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Year ended 30 June 2017
The following pages do not form part of the financial statements.
Streamvale Developments Limited
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Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Streamvale Developments Limited
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Year ended 30 June 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 June 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.
Henry Murray & Company Ltd.
Chartered accountant
23 Church Place,
Lurgan,
Co. Armagh.
N. Ireland
BT66 6EY
16 March 2018