COMPANY REGISTRATION NUMBER:
NI048736
Filleted Financial Statements
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Year ended 31st December 2018
Statement of financial position
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1
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Notes to the financial statements
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2 to 5
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Statement of Financial Position
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31 December 2018
Fixed assets
Current assets
Stocks
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204,514
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204,514
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Debtors
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5
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3,595
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3,595
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---------
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---------
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208,109
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208,109
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Creditors: amounts falling due within one year
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6
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24,480
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24,480
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---------
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---------
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Net current assets
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183,629
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183,629
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---------
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---------
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Total assets less current liabilities
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183,630
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183,630
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---------
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---------
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Net assets
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183,630
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183,630
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---------
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---------
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Capital and reserves
Called up share capital
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2
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2
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Profit and loss account
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183,628
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183,628
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---------
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---------
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Shareholders funds
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183,630
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183,630
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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.
The directors acknowledge their 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
28 May 2019
, and are signed on behalf of the board by:
Company registration number:
NI048736
Notes to the Financial Statements
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Year ended 31st December 2018
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lagan House, Claredon Dock, Claredon Road, Belfast, BT1 3BG.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.
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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4.
Investments
Cost
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At 1st January 2018 and 31st December 2018
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1
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----
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Impairment
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At 1st January 2018 and 31st December 2018
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–
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----
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Carrying amount
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At 31st December 2018
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1
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----
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At 31st December 2017
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1
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----
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Holdings of 20% or more
The company holds 20% or more of the share capital of the following companies:
Name
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Country of incorporation
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Holding
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Proportion of voting rights
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Principal activity
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Joint Ventures
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Sarcon (No 156) Limited
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Northern Ireland
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Ordinary shares
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50%
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Dormant
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5.
Debtors
Amounts owed by related party
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3,593
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3,593
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Other debtors
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2
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2
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-------
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-------
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3,595
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3,595
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-------
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-------
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6.
Creditors:
amounts falling due within one year
Amounts owed to related parties
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21,266
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11,816
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Corporation tax
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3,214
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3,214
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Other creditors
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–
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9,450
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--------
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--------
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24,480
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24,480
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--------
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--------
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7.
Financial instruments at fair value
The company has no financial instruments.
8.
Contingencies
The company has a contingent liability in respect of planning obligations.
9.
Summary audit opinion
The auditor's report for the year dated 29 May 2019 was unqualified.
The senior statutory auditor was
Brian McKee
, for and on behalf of
BMK Accounting Limited
.
10.
Related party transactions
Directors relationship with related parties The company is jointly owned by Lagan Homes Limited and Beshouse Residential Properties Limited, both of which are companies incorporated in Northern Ireland. JPK Lagan,
CJ Mulligan
and SG McCann are directors of Lagan Homes Limited and J Hagan is a director of Beshouse Residential Properties Limited. Loans due by related parties Included in Note 5 of the financial statements:-
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2018 |
2017 |
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£ |
£ |
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Beshouse Residential Properties Limited |
3,593 |
3,593 |
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------- |
------- |
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Loans due to related parties Included in Note 6 of the financial statements:-
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2018 |
2017 |
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£ |
£ |
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Lagan Homes Limited |
21,266 |
11,816 |
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-------- |
-------- |
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All loan transactions were made at arms length. Transactions with related parties During the period, the company made sales to related parties as follows:-
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2018 |
2017 |
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£ |
£ |
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Beshouse Residential Properties Limited |
– |
122,000 |
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---- |
--------- |
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11.
Control
The company is jointly controlled by Lagan Homes Limited and Beshouse Residential Properties Limited each of whom hold 50% of the share capital in issue.