false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-12-24
Sage Accounts Production Advanced 2018 - FRS
4,106,117
105,659
4,000,458
4,000,458
4,106,117
xbrli:pure
xbrli:shares
iso4217:GBP
NI636702
2018-12-24
2019-03-31
NI636702
2019-03-31
NI636702
2018-12-23
NI636702
2017-12-25
2018-12-23
NI636702
2018-12-23
NI636702
bus:RegisteredOffice
2018-12-24
2019-03-31
NI636702
bus:Director1
2018-12-24
2019-03-31
NI636702
core:WithinOneYear
2019-03-31
NI636702
core:WithinOneYear
2018-12-23
NI636702
core:AfterOneYear
2018-12-23
NI636702
core:ShareCapital
2019-03-31
NI636702
core:ShareCapital
2018-12-23
NI636702
core:RetainedEarningsAccumulatedLosses
2019-03-31
NI636702
core:RetainedEarningsAccumulatedLosses
2018-12-23
NI636702
bus:SmallEntities
2018-12-24
2019-03-31
NI636702
bus:Audited
2018-12-24
2019-03-31
NI636702
bus:FullAccounts
2018-12-24
2019-03-31
NI636702
bus:SmallCompaniesRegimeForAccounts
2018-12-24
2019-03-31
NI636702
bus:PrivateLimitedCompanyLtd
2018-12-24
2019-03-31
NI636702
core:InvestmentPropertyIncludedWithinPPE
2018-12-23
NI636702
core:InvestmentPropertyIncludedWithinPPE
2018-12-24
2019-03-31
NI636702
core:InvestmentPropertyIncludedWithinPPE
2019-03-31
NI636702
1
2018-12-24
2019-03-31
COMPANY REGISTRATION NUMBER:
NI636702
Filleted Financial Statements
|
|
Period from 24 December 2018 to 31 March 2019
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
4
|
|
|
Period from 24 December 2018 to 31 March 2019
The director presents his report and the financial statements of the company for the period ended
31 March 2019
.
Director
The director who served the company during the period was as follows:
Director's responsibilities statement
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
24 October 2019
and signed on behalf of the board by:
Registered office:
|
Aisling House
|
50 Stranmillis Embankment
|
Belfast
|
Northern Ireland
|
BT9 5FL
|
|
Statement of Financial Position
|
|
31 March 2019
|
31 Mar 19
|
23 Dec 18
|
Note
|
£
|
£
|
|
|
|
Fixed assets
Tangible assets
|
4
|
4,000,458
|
4,106,117
|
|
|
|
|
Current assets
Debtors
|
5
|
182,449
|
26,046,411
|
Cash at bank and in hand
|
312,818
|
403,883
|
|
---------
|
-------------
|
|
495,267
|
26,450,294
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
2,656,971
|
29,438,005
|
|
------------
|
-------------
|
Net current liabilities
|
2,161,704
|
2,987,711
|
|
------------
|
------------
|
Total assets less current liabilities
|
1,838,754
|
1,118,406
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
7
|
–
|
3,210,000
|
|
------------
|
------------
|
Net assets/(liabilities)
|
1,838,754
|
(
2,091,594)
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100,000
|
100
|
Profit and loss account
|
1,738,754
|
(
2,091,694)
|
|
------------
|
------------
|
Shareholders funds/(deficit)
|
1,838,754
|
(
2,091,594)
|
|
------------
|
------------
|
|
|
|
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 October 2019
, and are signed on behalf of the board by:
Company registration number:
NI636702
Notes to the Financial Statements
|
|
Period from 24 December 2018 to 31 March 2019
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, Northern Ireland, 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.
Investment property
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 measured on an ongoing basis.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 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 Property
|
|
£
|
Cost
|
|
At 24 December 2018
|
4,106,117
|
Disposals
|
(
105,659)
|
|
------------
|
At 31 March 2019
|
4,000,458
|
|
------------
|
Depreciation
|
|
At 24 December 2018 and 31 March 2019
|
–
|
|
------------
|
Carrying amount
|
|
At 31 March 2019
|
4,000,458
|
|
------------
|
At 23 December 2018
|
4,106,117
|
|
------------
|
|
|
Revaluation of fixed assets Investment property is 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 in respect of the sale of the properties. The director is of the opinion that the market valuations of the investment property is not materially different from those shown in the financial statements. The historical cost of investment properties at 31 March 2019 was £4,000,112 (23 December 2018: £4,106,117)
5.
Debtors
|
31 Mar 19
|
23 Dec 18
|
|
£
|
£
|
Amounts owed by group undertakings
|
–
|
25,820,231
|
Deferred tax asset
|
170,286
|
213,520
|
Called up share capital not paid
|
100
|
100
|
Prepayments and accrued income
|
168
|
665
|
Other debtors
|
11,895
|
11,895
|
|
---------
|
-------------
|
|
182,449
|
26,046,411
|
|
---------
|
-------------
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
31 Mar 19
|
23 Dec 18
|
|
£
|
£
|
Amounts owed by group undertakings
|
–
|
25,820,231
|
|
----
|
-------------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
31 Mar 19
|
23 Dec 18
|
|
£
|
£
|
Bank loans and overdrafts
|
2,651,171
|
–
|
Accruals and deferred income
|
5,800
|
11,800
|
Other loans
|
–
|
29,426,205
|
|
------------
|
-------------
|
|
2,656,971
|
29,438,005
|
|
------------
|
-------------
|
|
|
|
Bank loans are secured by way of fixed and floating charges on the company's assets.
7.
Creditors:
amounts falling due after more than one year
|
31 Mar 19
|
23 Dec 18
|
|
£
|
£
|
Other loans
|
–
|
3,210,000
|
|
----
|
------------
|
|
|
|
8.
Summary audit opinion
The auditor's report for the period dated
24 October 2019
was unqualified
.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of Maneely Mc Cann
.
9.
Related party transactions
Transactions At the period end
Brogan Limited
was owed £nil (2018: £25,820,231) from group companies.
10.
Controlling party
Atalaya Fund Vi Lux Holdco S.A.R.L
, a company incorporated in Luxembourg owns 100% of the share capital of the company and as such is considered to be the company's ultimate controlling party.