Registration number:
Galgorm Castle Estates Limited
for the Year Ended 31 December 2021
Galgorm Castle Estates Limited
(Registration number: NI029032)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
1,200,000 |
1,200,000 |
|
Share premium reserve |
20,000 |
20,000 |
|
Revaluation reserve |
302,190 |
302,190 |
|
Profit and loss account |
147,656 |
(98,557) |
|
Shareholders' funds |
1,669,846 |
1,423,633 |
Galgorm Castle Estates Limited
(Registration number: NI029032)
Balance Sheet as at 31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
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Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in Northern ireland.
The address of its registered office is:
The principal place of business is:
Galgorm Castle
Galgorm Road
Ballymena
Co Antrim
BT42 1HL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit and loss account over the expected useful lives of the relevant assets by equal annual instalments
Tangible assets
Tangible assets are stated in the statement of financial position at cost or valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost or valuation of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets,, (other than land and properties under construction) less their residual value over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
nil |
Plant and machinery |
20% straight line |
Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Investments
Investments in equity shares which are not publicly traded are measured at cost
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
- |
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Charge for the year |
- |
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At 31 December 2021 |
- |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Revaluation
The fair value of the company's Land & Buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2021 |
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Provision |
|
Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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2021 |
2020 |
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Current loans and borrowings |
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HP and finance lease liabilities |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
|
Due after one year |
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Loans and borrowings |
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Deferred income |
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|
|
204,488 |
169,857 |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,200,000 |
|
1,200,000 |
Galgorm Castle Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
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Hire purchase contracts |
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Finance lease liabilities |
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2021 |
2020 |
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Current loans and borrowings |
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Hire purchase contracts |
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Finance lease liabilities |
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Bank borrowings
Bank borrowings are secured by charges and by inter company cross guarantees by each of the group companies and by mortgages on land and property owned by group companies |
Parent and ultimate parent undertaking |
The company's immediate parent is