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5 June 2023
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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
610,450
610,450
610,450
xbrli:pure
xbrli:shares
iso4217:GBP
09438491
2022-01-01
2022-12-31
09438491
2022-12-31
09438491
2021-12-31
09438491
2021-01-01
2021-12-31
09438491
2021-12-31
09438491
2020-12-31
09438491
bus:RegisteredOffice
2022-01-01
2022-12-31
09438491
bus:LeadAgentIfApplicable
2022-01-01
2022-12-31
09438491
bus:Director1
2022-01-01
2022-12-31
09438491
core:AfterOneYear
2022-12-31
09438491
core:AfterOneYear
2021-12-31
09438491
core:WithinOneYear
2022-12-31
09438491
core:WithinOneYear
2021-12-31
09438491
core:ShareCapital
2022-12-31
09438491
core:ShareCapital
2021-12-31
09438491
core:RetainedEarningsAccumulatedLosses
2022-12-31
09438491
core:RetainedEarningsAccumulatedLosses
2021-12-31
09438491
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
09438491
core:Non-currentFinancialInstruments
2022-12-31
09438491
core:Non-currentFinancialInstruments
2021-12-31
09438491
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2022-01-01
2022-12-31
09438491
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2022-01-01
2022-12-31
09438491
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2022-01-01
2022-12-31
09438491
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2022-01-01
2022-12-31
09438491
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2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
09438491
Filleted Financial Statements |
|
Officers and Professional Advisers |
|
Registered office |
C/o DWF LLP |
|
1 Scott Place |
|
2 Hardman Street |
|
Manchester |
|
England |
|
M3 3AA |
|
|
Auditor |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants & Statutory Auditors |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Solicitors |
DWF (Northern Ireland) LLP |
|
Jefferson House |
|
42 Queen Street |
|
Belfast |
|
BT1 6HL |
|
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Investments |
4 |
|
610,450 |
610,450 |
|
|
|
|
|
Current assets
Debtors |
5 |
820,210 |
|
820,210 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
1,200 |
|
1,200 |
|
--------- |
|
--------- |
Net current assets |
|
819,010 |
819,010 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,429,460 |
1,429,460 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
800,000 |
800,000 |
|
|
------------ |
------------ |
Net assets |
|
629,460 |
629,460 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
610,600 |
610,600 |
Profit and loss account |
|
18,860 |
18,860 |
|
|
--------- |
--------- |
Shareholders funds |
|
629,460 |
629,460 |
|
|
--------- |
--------- |
|
|
|
|
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 Section 1A of 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.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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
5 June 2023
, and are signed on behalf of the board by:
Company registration number:
09438491
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o DWF LLP, 1 Scott Place, 2 Hardman Street, Manchester, M3 3AA, England.
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.
Basis of consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEL State.
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.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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 joint venture 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
A financial asset or a financial liability is recognised only when the company 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.
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.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2022 and 31 December 2022 |
610,450 |
|
--------- |
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2022 |
610,450 |
|
--------- |
At 31 December 2021 |
610,450 |
|
--------- |
|
|
Subsidiaries, associates and other investments
The investment in group undertakings comprises:
Herbel Limited |
Northern Ireland |
Ordinary shares |
100% |
Holding company |
Scotco (Eastern) Limited |
Scotland |
Ordinary shares |
100% |
Property investment & development |
Lebreh Limited |
Northern Ireland |
Ordinary shares |
100% |
Property investment |
|
|
|
|
|
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
820,060 |
820,060 |
Other debtors |
150 |
150 |
|
--------- |
--------- |
|
820,210 |
820,210 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
1,200 |
1,200 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
800,000 |
800,000 |
|
--------- |
--------- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
5 June 2023
was
unqualified
.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann Chartered Accountants
.
9.
Related party transactions
Control The company is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland.
Mrs L E Herbert
is the shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
10.
Controlling party
Herbert Corporate Holdings Limited
is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings Limited may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL
.