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Registration number: NI627510

Corporation Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Corporation Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Corporation Investments Limited

(Registration number: NI627510)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

5,078,020

5,078,020

Current assets

 

Debtors

5

6,923

3,266

Cash at bank and in hand

 

216,351

-

 

223,274

3,266

Creditors: Amounts falling due within one year

6

(254,829)

(1,476,353)

Net current liabilities

 

(31,555)

(1,473,087)

Total assets less current liabilities

 

5,046,465

3,604,933

Creditors: Amounts falling due after more than one year

6

(2,900,000)

(1,989,998)

Net assets

 

2,146,465

1,614,935

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

2,146,463

1,614,933

Shareholders' funds

 

2,146,465

1,614,935

 

Corporation Investments Limited

(Registration number: NI627510)
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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 2 September 2022 and signed on its behalf by:
 

.........................................
Ms Fiona Eastwood
Director

 

Corporation Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
DT Carson & Co.
53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

These financial statements were authorised for issue by the Board on 2 September 2022.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Corporation Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4

Investment properties

2021
£

At 1 January

5,078,020

At 31 December

5,078,020

There has been no valuation of investment property by an independent valuer.

 

Corporation Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Debtors

2021
£

2020
£

Trade debtors

3,182

3,058

Prepayments

208

208

Other debtors

3,533

-

6,923

3,266

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

7

1,250,454

Trade creditors

 

10,560

-

Taxation and social security

 

37,447

38,431

Accruals and deferred income

 

82,135

67,885

Other creditors

 

124,680

119,583

 

254,829

1,476,353

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

2,900,000

1,989,998

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Corporation Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

2,900,000

-

Other borrowings

-

1,989,998

2,900,000

1,989,998

2021
£

2020
£

Current loans and borrowings

Bank overdrafts

7

1,250,454

9

Related party transactions

Summary of transactions with other related parties

Loan from shareholder
 

Expenditure with and payables to related parties

2020

Other related parties
£

Amounts payable to related party

1,989,998

10

Parent and ultimate parent undertaking

The company's immediate parent is Eastwood Credit Limited.