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COMPANY REGISTRATION NUMBER: NI025236
Private Leisure Commercial Developments Ltd
Unaudited Financial Statements
30 April 2023
Private Leisure Commercial Developments Ltd
Financial Statements
Year ended 30 April 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Report to the director on the preparation of the unaudited statutory financial statements
10
Private Leisure Commercial Developments Ltd
Director's Report
Year ended 30 April 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Director
The director who served the company during the year was as follows:
Mr S Earney
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 October 2023 and signed on behalf of the board by:
Mr S Earney
Director
Company Secretary
Registered office:
221 Comber Road
Lisburn
N Ireland
BT27 6XY
Private Leisure Commercial Developments Ltd
Statement of Income and Retained Earnings
Year ended 30 April 2023
2023
2022
Note
£
£
Turnover
112,547
156,444
---------
---------
Gross profit
112,547
156,444
Administrative expenses
( 377,648)
58,135
---------
---------
Operating profit
490,195
98,309
Other interest receivable and similar income
65,000
( 547,909)
---------
---------
Profit/(loss) before taxation
4
555,195
( 449,600)
Tax on profit/(loss)
5,644
9,617
---------
---------
Profit/(loss) for the financial year and total comprehensive income
549,551
( 459,217)
---------
---------
Dividends paid and payable
( 26,000)
( 200,000)
Retained earnings at the start of the year
545,813
1,205,030
------------
------------
Retained earnings at the end of the year
1,069,364
545,813
------------
------------
All the activities of the company are from continuing operations.
Private Leisure Commercial Developments Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
223,995
253,595
Investments
6
1
---------
---------
223,995
253,596
Current assets
Debtors
7
28,487
28,593
Cash at bank and in hand
837,156
279,045
---------
---------
865,643
307,638
Creditors: amounts falling due within one year
8
20,272
15,419
---------
---------
Net current assets
845,371
292,219
------------
---------
Total assets less current liabilities
1,069,366
545,815
------------
---------
Net assets
1,069,366
545,815
------------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,069,364
545,813
------------
---------
Shareholders funds
1,069,366
545,815
------------
---------
These financial statements have been prepared 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'.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act 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 6 October 2023 , and are signed on behalf of the board by:
Mr S Earney
Director
Company registration number: NI025236
Private Leisure Commercial Developments Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 221 Comber Road, Lisburn, BT27 6XY, N 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.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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:
Plant and machinery
-
20% reducing balance
Fixtures & fittings
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
29,600
34,066
--------
--------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
53,000
533,042
586,042
--------
---------
---------
Depreciation
At 1 May 2022
10,600
321,847
332,447
Charge for the year
8,480
21,120
29,600
--------
---------
---------
At 30 April 2023
19,080
342,967
362,047
--------
---------
---------
Carrying amount
At 30 April 2023
33,920
190,075
223,995
--------
---------
---------
At 30 April 2022
42,400
211,195
253,595
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2022
1
Disposals
( 1)
----
At 30 April 2023
----
Impairment
At 1 May 2022 and 30 April 2023
----
Carrying amount
At 30 April 2023
----
At 30 April 2022
1
----
7. Debtors
2023
2022
£
£
Trade debtors
7,276
27,437
Other debtors
21,211
1,156
--------
--------
28,487
28,593
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,610
296
Corporation tax
5,644
9,617
Social security and other taxes
4,956
Other creditors
12,018
550
--------
--------
20,272
15,419
--------
--------
Private Leisure Commercial Developments Ltd
Management Information
Year ended 30 April 2023
The following pages do not form part of the financial statements.
Private Leisure Commercial Developments Ltd
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Private Leisure Commercial Developments Ltd
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Private Leisure Commercial Developments Ltd for the year ended 30 April 2023, which comprise the statement of income and retained earnings, statement of financial position and the 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 director of Private Leisure Commercial Developments Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Private Leisure Commercial Developments Ltd and state those matters that we have agreed to state to you 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 Private Leisure Commercial Developments Ltd and its director for our work or for this report.
It is your duty to ensure that Private Leisure Commercial Developments Ltd 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 Private Leisure Commercial Developments Ltd. You consider that Private Leisure Commercial Developments Ltd 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 Private Leisure Commercial Developments Ltd. 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.
HEANEN STANFIELD & McKEE Chartered accountants
30 Bachelors Walk Lisburn Co Antrim BT28 1XN
6 October 2023