COMPANY REGISTRATION NUMBER:
NI613813
Filleted Financial Statements
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Year ended 30th June 2021
Statement of financial position
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1
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Notes to the financial statements
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2
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Statement of Financial Position
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30 June 2021
Capital and reserves
Called up share capital
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5
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81,001
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81,001
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Profit and loss account
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(
81,001)
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(
81,001)
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--------
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--------
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Shareholders funds
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–
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–
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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
30 June 2022
, and are signed on behalf of the board by:
MA Lagan
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SD Bell
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Director
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Director
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Company registration number:
NI613813
Notes to the Financial Statements
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Year ended 30th June 2021
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, 19 Clarendon Road, Belfast, Co. Antrim, 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.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
4.
Investments
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Shares in group undertakings
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£
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Cost
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At 1st July 2020 and 30th June 2021
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81,001
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--------
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Impairment
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At 1st July 2020 and 30th June 2021
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81,001
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--------
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Carrying amount
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At 30th June 2021
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–
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--------
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At 30th June 2020
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–
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--------
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The company holds, either directly or indirectly, 100% of the share capital of the following companies:
Lagan Holdings Limited; a holding company registered in Northern Ireland, Antrim Asphalt Limited; a holding company registered in Northern Ireland, Irish Asphalt Limited; a plant hire company registered in Republic of Ireland, Runbury International Limited; a property holding company registered in Republic of Ireland and Linstock Limited; a property holding company registered in Republic of Ireland.
The latest results for the subsidiaries are as follows:
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Profit/(loss) after tax
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Net assets/(liabilities)
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Lagan Holdings Limited, YE 30/06/2021
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(314,226)
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(4,607,636)
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Irish Asphalt Limited, YE 31/05/2021
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(1,289,713)
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(13,961,114)
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The results for Lagan Holdings Limited are included in sterling and the results for Irish Asphalt Limited are included in euro.
5.
Called up share capital
Issued, called up and fully paid
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2021
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2020
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No.
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£
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No.
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£
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Ordinary shares of £ 1 each
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81,001
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81,001
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81,001
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81,001
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6.
Contingent liability
Various proceedings have been issued against certain group subsidiary companies as well as other quarry owners, in relation to the supply of allegedly defective quarry products from inter alia a quarry in Baylane, Co. Dublin, Republic of Ireland. On robust legal advice, the proceedings are being vigorously defended by the companies concerned and those companies do not accept that they have any liability.
7.
Summary audit opinion
The auditor's report for the year dated
30 June 2022
was
unqualified
.
The senior statutory auditor was
Brian McKee
, for and on behalf of
BMK Accounting Limited
.
8.
Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 from disclosing related party transactions with entities that are members of the group.
9.
Control
The directors consider JPK Lagan and
MA Lagan
to be the ultimate controlling parties.