Springlake Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: NI054084 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2022

for

Springlake Developments Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Elliott

A Elliott

K Elliott

SECRETARY:

A Elliott

REGISTERED OFFICE:

19 Church Road

Portadown

Co. Armagh

BT63 5HT

REGISTERED NUMBER:

NI054084 (Northern Ireland)

AUDITORS:

WHR Accountants Ltd

Chartered Certified Accountants

Statutory Auditors

56 English Street

Armagh

Co. Armagh

BT61 7LG

CURRENT ASSETS

Stocks

9,754,904

9,522,881

Debtors

511,477

761,852

Cash at bank

89,045

74,015

10,355,426

10,358,748

CREDITORS

Amounts falling due within one year

1,480

1,480

NET CURRENT ASSETS

10,353,946

10,357,268

TOTAL ASSETS LESS CURRENT LIABILITIES

10,353,946

10,357,268

CAPITAL AND RESERVES

Called up share capital

1,010

1,010

Retained earnings

10,352,936

10,356,258

10,353,946

10,357,268

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2023 and were signed on its behalf by:

A Elliott - Director

1.	STATUTORY INFORMATION

Springlake Developments Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Stocks

Inventories, including land, are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes all costs of production, costs of conversion and other costs incurred in bringing the inventories to their present location and condition

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Robinson (Senior Statutory Auditor)

for and on behalf of WHR Accountants Ltd

5.	CONTROLLING PARTY

The company is controlled by Pincap Limited, a company incorporated on the Isle of Man, by way of 100% shareholding. Group accounts for the company are not available to the public.