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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
7,800
7,800
1,950
1,950
5,850
xbrli:pure
xbrli:shares
iso4217:GBP
NI680147
2022-01-01
2022-12-31
NI680147
2022-12-31
NI680147
2021-12-31
NI680147
2021-06-18
2021-12-31
NI680147
2021-12-31
NI680147
2021-06-17
NI680147
core:FurnitureFittings
2022-01-01
2022-12-31
NI680147
bus:Director3
2022-01-01
2022-12-31
NI680147
core:FurnitureFittings
2022-12-31
NI680147
core:WithinOneYear
2022-12-31
NI680147
core:WithinOneYear
2021-12-31
NI680147
core:ShareCapital
2022-12-31
NI680147
core:ShareCapital
2021-12-31
NI680147
core:RetainedEarningsAccumulatedLosses
2022-12-31
NI680147
core:RetainedEarningsAccumulatedLosses
2021-12-31
NI680147
bus:SmallEntities
2022-01-01
2022-12-31
NI680147
bus:Audited
2022-01-01
2022-12-31
NI680147
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
NI680147
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
NI680147
bus:FullAccounts
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
NI680147
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
4 |
5,850 |
– |
|
|
|
|
Current assets
Stocks |
3,000,000 |
3,940,502 |
Debtors |
5 |
161,000 |
– |
Cash at bank and in hand |
15 |
– |
|
------------ |
------------ |
|
3,161,015 |
3,940,502 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
4,301,184 |
4,259,051 |
|
------------ |
------------ |
Net current liabilities |
1,140,169 |
318,549 |
|
------------ |
--------- |
Total assets less current liabilities |
(
1,134,319) |
(
318,549) |
|
------------ |
--------- |
Net liabilities |
(
1,134,319) |
(
318,549) |
|
------------ |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
(
1,134,320) |
(
318,550) |
|
------------ |
--------- |
Shareholders deficit |
(
1,134,319) |
(
318,549) |
|
------------ |
--------- |
|
|
|
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 comprehensive income 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
5 June 2023
, and are signed on behalf of the board by:
Company registration number:
NI680147
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 C/O Maneely Mc Cann, Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.
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
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net current liabilities of £1,140,169 and a net shareholders deficit of £1,134,319 at the balance sheet date. The company is in the early stages of property development and accordingly losses are anticipated. The directors have evaluated the company's current position and future plans, and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors continue to pursue the development potential of land held and have included the current economic climate and property market in their considerations. The company, along with other members of the group, have the necessary cash to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a going concern 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.
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.
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:
|
Fixtures and fittings |
- |
25% reducing balance |
|
|
|
|
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 company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 January 2022 |
– |
Additions |
7,800 |
|
------- |
At 31 December 2022 |
7,800 |
|
------- |
Depreciation |
|
At 1 January 2022 |
– |
Charge for the year |
1,950 |
|
------- |
At 31 December 2022 |
1,950 |
|
------- |
Carrying amount |
|
At 31 December 2022 |
5,850 |
|
------- |
At 31 December 2021 |
– |
|
------- |
|
|
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
161,000 |
– |
|
--------- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
– |
12,000 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
4,204,351 |
4,244,551 |
Other creditors |
96,833 |
2,500 |
|
------------ |
------------ |
|
4,301,184 |
4,259,051 |
|
------------ |
------------ |
|
|
|
7.
Summary audit opinion
The auditor's report for the period dated
5 June 2023
was unqualified
.
An Emphasis of Matter paragraph was included in relation to Going Concern: Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of Maneely Mc Cann
.
8.
Related party transactions
Control The company is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. 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. des have not been used). An entity should disclose at a minimum:
9.
Controlling party
Herbert Corporate Holdings Limited
, a company incorporated in Northern Ireland, is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings Limited may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.