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Registered number: |
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Balance Sheet | |||||||
as at |
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Restated | |||||||
Notes | 2018 | 2017 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 4 |
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Current assets | |||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | - | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 7 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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Colin Sandy | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
1.1 | Basis of preparation | |||||||
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1.2 | Accounting convention | |||||||
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
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Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; Section 33 'Related Party Disclosures' - Compensation for key management personnel. The financial statements of the company are consolidated in the financial statements of Never What If Group Ltd. These consolidated financial statements are available from its registered office, Olivers Barn, Maldon Road, Witham, Essex. CM8 3HY. |
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1.3 | Cash at bank and in hand | |||||||
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
1.4 | Financial instruments | |||||||
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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1.5 | Equity instruments | |||||||
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. | ||||||||
1.6 | Turnover | |||||||
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1.7 | Investments | |||||||
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1.8 | Taxation | |||||||
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2 | Audit information | |||||||
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Senior statutory auditor: |
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Firm: |
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Date of audit report: |
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3 | Employees | 2018 | 2017 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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4 | Investments | Restated | ||||||
Other | ||||||||
investments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Restated | ||||||||
5 | Debtors | 2018 | 2017 | |||||
£ | £ | |||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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6 | Creditors: amounts falling due within one year | 2018 | 2017 | |||||
£ | £ | |||||||
Other creditors | - |
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7 | Creditors: amounts falling due after one year | 2018 | 2017 | |||||
£ | £ | |||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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8 | Events after the reporting date | |||||||
The second part of the deal involves a group company taking back shares in another company within the group followed by a share issue. The share issue is to be subscribed to by a funding provider in order to secure funding to finance developments within the restructured group. This part of the deal secures the future funding of the group's property development interests going forward. It should be noted that the success of the group is not reliant upon the deal completing. |
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9 | Related Party Transactions | |||||||
Intercompany loans are included in amounts owed to and owed from group undertakings and undertakings in which the company has a participating interest . Intercompany loans included in debtors of £97,962 and creditors due after one year of £537,055 are transacted and held on non-commercial terms. As such no interest is payable or receivable and they are deemed to be repayable on demand. | ||||||||
10 | Called up share capital | 2018 | 2017 | |||||
Ordinary share capital | £ | £ | ||||||
Issued and fully paid | ||||||||
100 Ordinary of £1 each |
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11 | Reclassification of prior year comparatives | |||||||
The 2017 comparatives include £850,000 restated as a debtor. In the prior year's accounts the £850,000 was incorrectly classified as an investment. This is an interest bearing loan repayable on demand and has been reclassified as a debtor. | ||||||||
12 | Controlling party | |||||||
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Going Concern | ||||||||
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has the continued support of its ultimate parent company. The directors are of the opinion that they intend to assist and meet the company's day to day working capital requirements when necessary and offer their continued support. At the year end, the current liabilities exceeded the current assets by £378,230 (2017 : £94,230). On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
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13 | Other information | |||||||
Propiteer Hiex Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: | ||||||||
43 Waring Street | ||||||||
Belfast | ||||||||
Northern Ireland | ||||||||
BT1 2DY |