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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
29,295,830
5,882,748
4,115,397
39,293,975
39,293,975
29,295,830
302
100
100
302
302
302
xbrli:pure
xbrli:shares
iso4217:GBP
NI617480
2022-01-01
2022-12-31
NI617480
2022-12-31
NI617480
2021-12-31
NI617480
2021-01-01
2021-12-31
NI617480
2021-12-31
NI617480
2020-12-31
NI617480
core:Subsidiary1
2022-01-01
2022-12-31
NI617480
core:Subsidiary2
2022-01-01
2022-12-31
NI617480
core:Subsidiary3
2022-01-01
2022-12-31
NI617480
core:Subsidiary5
2022-01-01
2022-12-31
NI617480
core:Subsidiary6
2022-01-01
2022-12-31
NI617480
bus:RegisteredOffice
2022-01-01
2022-12-31
NI617480
bus:LeadAgentIfApplicable
2022-01-01
2022-12-31
NI617480
bus:Agent1
2022-01-01
2022-12-31
NI617480
bus:Director1
2022-01-01
2022-12-31
NI617480
bus:Director2
2022-01-01
2022-12-31
NI617480
bus:Director3
2022-01-01
2022-12-31
NI617480
core:WithinOneYear
2022-12-31
NI617480
core:WithinOneYear
2021-12-31
NI617480
core:LandBuildings
2022-01-01
2022-12-31
NI617480
core:AfterOneYear
2022-12-31
NI617480
core:AfterOneYear
2021-12-31
NI617480
core:ShareCapital
2022-12-31
NI617480
core:ShareCapital
2021-12-31
NI617480
core:RetainedEarningsAccumulatedLosses
2022-12-31
NI617480
core:RetainedEarningsAccumulatedLosses
2021-12-31
NI617480
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
NI617480
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2022-12-31
NI617480
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2022-12-31
NI617480
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
NI617480
core:Non-currentFinancialInstruments
2022-12-31
NI617480
core:Non-currentFinancialInstruments
2021-12-31
NI617480
core:LandBuildings
2022-12-31
NI617480
core:LandBuildings
2021-12-31
NI617480
core:LandBuildings
2021-12-31
NI617480
bus:SmallEntities
2022-01-01
2022-12-31
NI617480
bus:Audited
2022-01-01
2022-12-31
NI617480
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
NI617480
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
NI617480
bus:FullAccounts
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
NI617480
Filleted Financial Statements |
|
Year ended 31 December 2022
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr J A Carlisle |
|
Mrs L E Herbert |
|
Mr M A Herbert |
|
|
Registered office |
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Auditor |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants & Statutory Auditors |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Bankers |
Danske Bank |
|
Donegall Square West |
|
Belfast |
|
BT1 6JS |
|
|
|
Ulster Bank |
|
11-16 Donegall Square East |
|
Belfast |
|
BT1 5UB |
|
|
Solicitors |
DWF (Northern Ireland) LLP |
|
Jefferson House |
|
42 Queen Street |
|
Belfast |
|
BT1 6HL |
|
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
4 |
|
39,293,975 |
29,295,830 |
Investments |
5 |
|
302 |
302 |
|
|
------------- |
------------- |
|
|
39,294,277 |
29,296,132 |
|
|
|
|
|
Current assets
Stocks |
1,181,583 |
|
760,000 |
Debtors |
6 |
5,723,122 |
|
4,834,700 |
Cash at bank and in hand |
94,424 |
|
149,518 |
|
------------ |
|
------------ |
|
6,999,129 |
|
5,744,218 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,694,592 |
|
1,537,131 |
|
------------ |
|
------------ |
Net current assets |
|
5,304,537 |
4,207,087 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
44,598,814 |
33,503,219 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
15,088,673 |
11,095,175 |
|
|
------------- |
------------- |
Net assets |
|
29,510,141 |
22,408,044 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
29,510,041 |
22,407,944 |
|
|
------------- |
------------- |
Shareholders funds |
|
29,510,141 |
22,408,044 |
|
|
------------- |
------------- |
|
|
|
|
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.
Statement of Financial Position (continued) |
|
31 December 2022
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:
NI617480
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
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.
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 UK law.
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.
Corporation 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.
Tangible assets
Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property. It shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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. 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.
Tangible assets
|
Investment properties |
|
£ |
Cost or valuation |
|
At 1 January 2022 |
29,295,830 |
Additions |
5,882,748 |
Revaluations |
4,115,397 |
|
------------- |
At 31 December 2022 |
39,293,975 |
|
------------- |
Depreciation |
|
At 1 January 2022 and 31 December 2022 |
– |
|
------------- |
Carrying amount |
|
At 31 December 2022 |
39,293,975 |
|
------------- |
At 31 December 2021 |
29,295,830 |
|
------------- |
|
|
Investment properties are valued by the director on an open market value for existing use basis, having regard to any recent professional valuations and marketing material provided by external agents. The director is of the opinion that the market valuations of the investment properties are not materially different from that shown in the accounts. Revaluation of fixed assets The historical cost of investment properties at 31 December 2022 was £31,898,722 (31 December 2021: £26,015,975).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2022 |
302 |
Additions |
100 |
Disposals |
(
100) |
|
---- |
At 31 December 2022 |
302 |
|
---- |
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2022 |
302 |
|
---- |
At 31 December 2021 |
302 |
|
---- |
|
|
Subsidiaries, associates and other investments
|
Registered office |
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
|
Kirk Bryson Ireland Limited |
Ireland |
Ordinary |
100 |
HB Building Property Services Limited |
Northern Ireland |
Ordinary |
100 |
Kirk Bryson Northern Limited |
England and Wales |
Ordinary |
100 |
Lesley Developments Limited |
Northern Ireland |
Ordinary |
100 |
Mussenden Properties Limited |
|
Ordinary |
100 |
|
|
|
|
All subsidiaries listed above are involved in property development and investment.
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
403,576 |
325,507 |
Amounts owed by group undertakings |
100,000 |
283,103 |
Amounts owed by undertakings in which the company has a participating interest |
– |
178 |
Deferred tax asset |
4,990,225 |
3,993,457 |
Prepayments and accrued income |
1,315 |
4,449 |
Corporation tax repayable |
17,906 |
17,906 |
Other debtors |
210,100 |
210,100 |
|
------------ |
------------ |
|
5,723,122 |
4,834,700 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings |
100,000 |
283,103 |
Amounts owed by undertakings in which the company has a participating interest |
– |
178 |
Deferred tax asset |
4,990,225 |
3,993,457 |
|
------------ |
------------ |
|
5,090,225 |
4,276,738 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
550,000 |
550,000 |
Trade creditors |
234,374 |
430,579 |
Accruals and deferred income |
601,398 |
363,611 |
Social security and other taxes |
65,603 |
54,447 |
Other creditors |
243,217 |
138,494 |
|
------------ |
------------ |
|
1,694,592 |
1,537,131 |
|
------------ |
------------ |
|
|
|
Bank loans are secured by way of fixed charges on the company's assets.
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
5,700,000 |
6,280,000 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
9,388,673 |
4,815,175 |
|
------------- |
------------- |
|
15,088,673 |
11,095,175 |
|
------------- |
------------- |
|
|
|
9.
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
.
10.
Related party transactions
Control The company is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell Limited 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 ultimate controlling party of the company. 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.
11.
Controlling party
Herbert Corporate Holdings Limited
is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, Northern Ireland, BT9 5FL
.