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Registration number: NI635652

Cathal GM Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Cathal GM Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Cathal GM Limited

Company Information

Directors

Mr Felix Mooney

Mrs Margaret Sinnott

Company secretary

Mrs Margaret Sinnott

Registered office

21 Malone Road
BELFAST
Co Antrim
BT9 6RW

 

Cathal GM Limited

(Registration number: NI635652)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

150,000

150,000

Tangible assets

5

2,523,140

736,056

 

2,673,140

886,056

Current assets

 

Debtors

6

-

9,600

Cash at bank and in hand

 

7,916

10,433

 

7,916

20,033

Creditors: Amounts falling due within one year

7

(2,009,044)

(2,141,655)

Net current liabilities

 

(2,001,128)

(2,121,622)

Total assets less current liabilities

 

672,012

(1,235,566)

Provisions for liabilities

(153,541)

(153,541)

Net assets/(liabilities)

 

518,471

(1,389,107)

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

687,231

-

Profit and loss account

(168,762)

(1,389,109)

Total equity

 

518,471

(1,389,107)

For the financial year ending 31 July 2023 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 10 April 2024 and signed on its behalf by:
 

.........................................
Mr Felix Mooney
Director

.........................................
Mrs Margaret Sinnott
Company secretary and director

 
     
 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
21 Malone Road
BELFAST
Co Antrim
BT9 6RW

These financial statements were authorised for issue by the Board on 10 April 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and buildings under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

12.5% straight line

Fixtures, fittings and equipment

25% straight line

Land and buildings

Not depreciated

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Licences
 £

Total
£

Cost or valuation

At 1 August 2022

150,000

150,000

At 31 July 2023

150,000

150,000

Amortisation

Carrying amount

At 31 July 2023

150,000

150,000

At 31 July 2022

150,000

150,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

691,796

84,976

408,192

1,184,964

Revaluations

1,808,204

-

-

1,808,204

At 31 July 2023

2,500,000

84,976

408,192

2,993,168

Depreciation

At 1 August 2022

-

84,715

364,193

448,908

Charge for the year

-

261

20,859

21,120

At 31 July 2023

-

84,976

385,052

470,028

Carrying amount

At 31 July 2023

2,500,000

-

23,140

2,523,140

At 31 July 2022

691,796

261

43,999

736,056

Revaluation

The company's freehold property was revalued on 27 March 2024 at 2.5m on the basis of consultancy advice provided by Avison Young, Estate Agents.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £691,796 (2022 - £691,796).

 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

-

9,600

 

-

9,600

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

721,317

746,383

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,030,798

974,801

Taxation and social security

 

9,670

6,221

Other creditors

 

238,102

397,666

Accruals and deferred income

 

9,157

16,584

 

2,009,044

2,141,655

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

721,317

746,383

Other borrowings

230,102

373,169

951,419

1,119,552

 

Cathal GM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings (continued)

Bank loans and borrowings are secured by way of a debenture and first legal charge over the assets of the company, including the licensed establishment and the associated liquor licence. The company is also party to circular guarantee and indemnity agreement with fellow group undertakings.

Advanced discount and other loans are secured by way of a second legal charge over group premises, in addition to guarantees and indemnities from company directors.

10

Related party transactions

Summary of transactions with other related parties

The company leased out its land and buildings during the year to a related party, Sinnott Property Services Ltd. At the 31 July 2023 the amount due from Sinnott Property Services Ltd was £NIL (2022: £9,600).