Lough Neagh Sand Traders Limited Filleted accounts for Companies House (small and micro)
Lough Neagh Sand Traders Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
NI632142
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Financial Statements |
Year ended 30 June 2019
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Contents |
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Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
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Statement of financial position |
2 |
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Notes to the financial statements |
3 |
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 30 June 2019
43 Lockview Road
Stranmillis
Belfast
BT9 5FJ
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Statement of Financial Position |
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2019 |
2018 |
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Note |
£ |
£ |
£ |
Current assets
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Net (liabilities)/assets |
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Capital and reserves
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Called up share capital |
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Profit and loss account |
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Shareholders (deficit)/funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
30 March 2020
, and are signed on behalf of the board by:
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Director |
Company registration number:
NI632142
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Notes to the Financial Statements |
Year ended 30 June 2019
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Murray House, Murray Street, Belfast, Co. Antrim, BT1 6DN.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
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2019 |
2018 |
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£ |
£ |
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Other debtors |
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5.
Creditors:
amounts falling due within one year
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2019 |
2018 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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6.
Related party transactions
At the Statement of Financial Position date balances were due to related parties as follows:
| 2019 | 2018 | ||
| £ | £ | ||
| Norman Emerson Group Limited | 3,744 | 6,162 | |
| Northstone (NI) Limited | 5,564 | 5,564 | |
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| 9,308 | 11,726 | ||
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These amounts are included in Note 5 (above). Both of these entities are considered to be related parties by virtue of being shareholders of the company. There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102.
7.
Control
The shareholders are of the opinion that there is no ultimate controlling party.