COMPANY REGISTRATION NUMBER:
NI048736
Filleted Financial Statements
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Year ended 31st December 2019
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 2019
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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Capital and reserves
Called up share capital
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7
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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 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 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
3 April 2020
, and are signed on behalf of the board by:
DV Canavan
Director
Company registration number:
NI048736
Notes to the Financial Statements
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Year ended 31st December 2019
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, Clarendon Dock, 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 in accordance with the Companies Act 2006. They are 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
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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.
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
Cost
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At 1st January 2019 and 31st December 2019
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1
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----
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Impairment
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At 1st January 2019 and 31st December 2019
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–
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----
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Carrying amount
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At 31st December 2019
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1
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----
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At 31st December 2018
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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 party
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24,480
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21,266
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Corporation tax
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–
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3,214
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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.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each
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2
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2
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2
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2
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----
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----
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----
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----
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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 6 April 2020 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 was a director of Beshouse Residential Properties Limited until his resignation on 5th August 2019. Loans due by related parties Included in Note 5 of the financial statements:-
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2019 |
2018 |
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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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2019 |
2019 |
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£ |
£ |
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Lagan Homes Limited |
24,480 |
21,266 |
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-------- |
-------- |
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All loan transactions were made at arms length.
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.