COMPANY REGISTRATION NUMBER:
NI603363
Lagan Homes Antrim Limited |
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Filleted Financial Statements |
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Lagan Homes Antrim Limited |
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Year ended 31st December 2021
Statement of financial position |
1 |
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Notes to the financial statements |
2 |
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Lagan Homes Antrim Limited |
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Statement of Financial Position |
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31 December 2021
Current assets
Debtors |
4 |
1,254,110 |
|
57,387 |
Cash at bank and in hand |
943,796 |
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1,135,915 |
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------------ |
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------------ |
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2,197,906 |
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1,193,302 |
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Creditors: amounts falling due within one year |
5 |
2,205,287 |
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1,195,687 |
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------------ |
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------------ |
Net current liabilities |
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7,381 |
2,385 |
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------- |
------- |
Total assets less current liabilities |
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(
7,381) |
(
2,385) |
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------- |
------- |
Net liabilities |
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(
7,381) |
(
2,385) |
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------- |
------- |
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Capital and reserves
Called up share capital |
6 |
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1 |
1 |
Profit and loss account |
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(
7,382) |
(
2,386) |
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------- |
------- |
Shareholders deficit |
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(
7,381) |
(
2,385) |
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------- |
------- |
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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.
These financial statements were approved by the
board of directors
and authorised for issue on
1 August 2022
, and are signed on behalf of the board by:
CJ Mulligan
Director
Company registration number:
NI603363
Lagan Homes Antrim Limited |
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Notes to the Financial Statements |
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Year ended 31st December 2021
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 19 Clarendon Road, Clarendon Dock, Belfast, BT1 3BG, 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 in accordance with the Companies Act 2006. They are 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
The financial statements have been prepared on a going concern basis. The directors believe that the going concern basis is appropriate as the company has the financial support of its shareholders which have adequate financial resources to ensure continuance of the company for the foreseeable future.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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. 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.
Debtors
Amounts owed by group and related undertakings |
1,211,199 |
13,278 |
Other debtors |
42,911 |
44,109 |
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-------- |
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1,254,110 |
57,387 |
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-------- |
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5.
Creditors:
amounts falling due within one year
Trade creditors |
332,619 |
419,237 |
Amounts owed to group and related undertakings |
1,869,116 |
744,600 |
Social security and other taxes |
4,702 |
6,404 |
Other creditors |
(
1,150) |
25,446 |
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2,205,287 |
1,195,687 |
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6.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
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---- |
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7.
Summary audit opinion
The auditor's report for the year dated
2 August 2022
was
unqualified
.
The senior statutory auditor was
Brian McKee
, for and on behalf of
BMK Accounting Limited
.
8.
Related party transactions
The company has availed of the exemption under the terms of Financial Reporting Standard 102 from disclosing related party transactions with entities that are part of the Lagan Homes Group Ltd group. At the year end (included in note 6), there were amounts due by the company to a related party as follows:
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2021 |
2020 |
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£ |
£ |
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LF Fasthouse Ltd |
90 |
36,561 |
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The above is deemed to be a related party as the controlling party has a controlling interest in that company. There were no other transactions with related parties that require disclosure under FRS 102.
9.
Controlling party
The company considers JPK Lagan to be the ultimate controlling party.