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29/06/2021
2021-06-29
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No description of principal activities is disclosed
2020-06-30
Sage Accounts Production 2020 Update 1 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
NI643375
2020-06-30
2021-06-29
NI643375
2021-06-29
NI643375
2020-06-29
NI643375
2019-06-30
2020-06-29
NI643375
2020-06-29
NI643375
core:LandBuildings
core:LongLeaseholdAssets
2020-06-30
2021-06-29
NI643375
core:PlantMachinery
2020-06-30
2021-06-29
NI643375
core:FurnitureFittingsToolsEquipment
2020-06-30
2021-06-29
NI643375
core:MotorVehicles
2020-06-30
2021-06-29
NI643375
core:OnerousContractsExcludingVacantProperties
2020-06-30
2021-06-29
NI643375
bus:OrdinaryShareClass1
2020-06-30
2021-06-29
NI643375
bus:LeadAgentIfApplicable
2020-06-30
2021-06-29
NI643375
bus:Director1
2020-06-30
2021-06-29
NI643375
bus:Director2
2020-06-30
2021-06-29
NI643375
bus:RegisteredOffice
2020-06-30
2021-06-29
NI643375
core:IntangibleAssetsOtherThanGoodwill
2021-06-29
NI643375
core:LandBuildings
core:LongLeaseholdAssets
2020-06-29
NI643375
core:PlantMachinery
2020-06-29
NI643375
core:FurnitureFittingsToolsEquipment
2020-06-29
NI643375
core:MotorVehicles
2020-06-29
NI643375
core:LandBuildings
core:LongLeaseholdAssets
2021-06-29
NI643375
core:PlantMachinery
2021-06-29
NI643375
core:FurnitureFittingsToolsEquipment
2021-06-29
NI643375
core:MotorVehicles
2021-06-29
NI643375
core:WithinOneYear
2021-06-29
NI643375
core:WithinOneYear
2020-06-29
NI643375
core:AfterOneYear
2021-06-29
NI643375
core:AfterOneYear
2020-06-29
NI643375
core:ShareCapital
2021-06-29
NI643375
core:ShareCapital
2020-06-29
NI643375
core:RetainedEarningsAccumulatedLosses
2021-06-29
NI643375
core:RetainedEarningsAccumulatedLosses
2020-06-29
NI643375
bus:OrdinaryShareClass1
core:ShareCapital
2021-06-29
NI643375
bus:OrdinaryShareClass1
core:ShareCapital
2020-06-29
NI643375
core:DeferredTaxation
2020-06-30
2021-06-29
NI643375
core:IntangibleAssetsOtherThanGoodwill
2020-06-29
NI643375
core:IntangibleAssetsOtherThanGoodwill
2020-06-29
NI643375
core:LandBuildings
core:LongLeaseholdAssets
2020-06-29
NI643375
core:PlantMachinery
2020-06-29
NI643375
core:FurnitureFittingsToolsEquipment
2020-06-29
NI643375
core:MotorVehicles
2020-06-29
NI643375
core:DeferredTaxation
2020-06-29
NI643375
core:DeferredTaxation
2021-06-29
NI643375
bus:SmallEntities
2020-06-30
2021-06-29
NI643375
bus:AuditExemptWithAccountantsReport
2020-06-30
2021-06-29
NI643375
bus:FullAccounts
2020-06-30
2021-06-29
NI643375
bus:SmallCompaniesRegimeForAccounts
2020-06-30
2021-06-29
NI643375
bus:PrivateLimitedCompanyLtd
2020-06-30
2021-06-29
NI643375
core:ComputerEquipment
2020-06-30
2021-06-29
NI643375
core:ComputerEquipment
2020-06-29
NI643375
core:ComputerEquipment
2021-06-29
Company registration number:
NI643375
Belfast International Watersports Limited
Unaudited filleted financial statements
29 June 2021
Belfast International Watersports Limited
Contents
Directors and other information
Directors report
Accountants report
Balance sheet
Notes to the financial statements
Belfast International Watersports Limited
Directors and other information
|
|
|
|
Directors
|
Mr Peter Boyle
|
|
|
Mrs Ciara Denvir
|
|
|
|
|
|
|
|
Company number
|
NI643375
|
|
|
Belfast
|
|
|
BT1 1FB
|
|
|
|
|
|
|
|
Business address
|
7 - 19 Royal Avenue
|
|
|
Belfast
|
|
|
BT1 1FB
|
|
|
|
|
|
|
|
Accountants
|
Jones Peters
|
|
|
6 Church Street
|
|
|
Chartered Accountants
|
|
|
Banbridge
|
|
|
Co.Down
|
|
|
BT32 4AA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Danske Bank
|
|
|
Donegall Square West
|
|
|
Belfast
|
|
|
BT1 6JS
|
|
|
|
Belfast International Watersports Limited
Directors report
Year ended 29 June 2021
The directors present their report and the unaudited financial statements of the company for the year ended 29 June 2021.
Directors
The directors who served the company during the year were as follows:
|
Mr Peter Boyle
|
Mrs Ciara Denvir
|
|
Going Concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.
The company continues to adopt the going concern basis in preparing these financial statements.
Small company provisions
The report of the directors has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
This report was approved by the board of directors on
29 June 2022
and signed on behalf of the board by:
Mr Peter Boyle
Director
Belfast International Watersports Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Belfast International Watersports Limited
Year ended 29 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Belfast International Watersports Limited for the year ended 29 June 2021 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Belfast International Watersports Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Belfast International Watersports Limited and state those matters that we have agreed to state to the board of directors of Belfast International Watersports Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Belfast International Watersports Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Belfast International Watersports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Belfast International Watersports Limited. You consider that Belfast International Watersports Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Belfast International Watersports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co.Down
BT32 4AA
29 June 2022
Belfast International Watersports Limited
Balance sheet
29 June 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
14,382
|
|
|
|
4,843
|
|
|
Tangible assets
|
|
6
|
5,742,493
|
|
|
|
4,629,126
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
5,756,875
|
|
|
|
4,633,969
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
97,173
|
|
|
|
76,578
|
|
|
Debtors
|
|
7
|
182,380
|
|
|
|
119,786
|
|
|
Cash at bank and in hand
|
|
|
868,501
|
|
|
|
117,960
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,148,054
|
|
|
|
314,324
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
2,060,419)
|
|
|
|
(
962,081)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
912,365)
|
|
|
|
(
647,757)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
4,844,510
|
|
|
|
3,986,212
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
5,612,547)
|
|
|
|
(
4,899,410)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
10
|
|
|
8,883
|
|
|
|
89,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
759,154)
|
|
|
|
(
823,751)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
11
|
|
|
2
|
|
|
|
2
|
Profit and loss account
|
|
|
|
|
(
759,156)
|
|
|
|
(
823,753)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
759,154)
|
|
|
|
(
823,751)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 29 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and Loss and Retained Earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 June 2022
, and are signed on behalf of the board by:
Mr Peter Boyle
Director
Company registration number:
NI643375
Belfast International Watersports Limited
Notes to the financial statements
Year ended 29 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 7 - 19 Royal Avenue, Belfast, BT1 1FB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The company has taken advantage of the exemption in Section 1A of FRS102 from the requirement to produce a cashflow statement because it is a small company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the revision and future periods where the revision affects both current and future periods.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Leasehold improvements
|
-
|
10 %
|
straight line
|
|
Plant & equipment
|
-
|
20 %
|
straight line
|
|
Fixtures & fittings
|
-
|
20 %
|
straight line
|
|
Motor vehicles
|
-
|
20 %
|
straight line
|
|
IT equipment
|
-
|
33 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Covid-19 grant support
The company received the Job Retention Scheme grant which has been reflected separately as income under the related wage costs.
The company also received the HMRC lockdown grant as a result of having to close the Waterpark.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
111
(2020:
60
).
5.
Intangible assets
|
|
Other intangible assets
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 30 June 2020
|
4,843
|
4,843
|
|
|
|
|
|
Additions
|
9,539
|
9,539
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 29 June 2021
|
14,382
|
14,382
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 30 June 2020 and 29 June 2021
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 29 June 2021
|
14,382
|
14,382
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 29 June 2020
|
4,843
|
4,843
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Leasehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
IT Equipment
|
Total
|
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 30 June 2020
|
4,074,146
|
1,552,217
|
159,693
|
6,792
|
45,380
|
5,838,228
|
|
|
Additions
|
1,611,189
|
237,415
|
68,162
|
36,010
|
42,809
|
1,995,585
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 29 June 2021
|
5,685,335
|
1,789,632
|
227,855
|
42,802
|
88,189
|
7,833,813
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 30 June 2020
|
727,815
|
409,215
|
59,059
|
1,698
|
11,315
|
1,209,102
|
|
|
Charge for the year
|
474,798
|
357,924
|
37,002
|
2,961
|
9,533
|
882,218
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 29 June 2021
|
1,202,613
|
767,139
|
96,061
|
4,659
|
20,848
|
2,091,320
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 29 June 2021
|
4,482,722
|
1,022,493
|
131,794
|
38,143
|
67,341
|
5,742,493
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 29 June 2020
|
3,346,331
|
1,143,002
|
100,634
|
5,094
|
34,065
|
4,629,126
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
24,305
|
-
|
|
Amounts owed by group undertakings
|
|
-
|
10,494
|
|
Other debtors
|
|
158,075
|
109,292
|
|
|
|
_______
|
_______
|
|
|
|
182,380
|
119,786
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
350,756
|
240,715
|
|
Amounts owed to group undertakings
|
|
492,919
|
432,233
|
|
Social security and other taxes
|
|
20,876
|
8,436
|
|
Other creditors
|
|
1,195,868
|
280,697
|
|
|
|
_______
|
_______
|
|
|
|
2,060,419
|
962,081
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
5,612,547
|
4,899,410
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Provisions
|
|
Deferred tax (note )
|
Total
|
|
|
|
|
|
£
|
£
|
|
|
|
|
At 30 June 2020
|
(
89,447)
|
(
89,447)
|
|
|
|
|
Charges against provisions
|
80,564
|
80,564
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
At 29 June 2021
|
(
8,883)
|
(
8,883)
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
2
|
|
2
|
|
2
|
|
2
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
12.
Related party transactions
Argento Contemporary Jewellery Limited, a company incorporated in Northern Ireland, is deemed to be a related party of
Belfast International Watersports Limited
, as Peter Boyle and Ciara Denvir, directors, are also directors in Argento Contemporary Jewellery Limited. As at 29 June 2021, Belfast International Watersports Limited
owed Argento Contemporary Jewellery Limited £942,547 (2020: £229,410 ).
13.
Controlling party
By virtue of their shareholding, Peter Boyle and Ciara Denvir are deemed to be the controlling parties.