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Company registration number: NI614218
RATHKEEL LIMITED
Unaudited filleted financial statements
31 August 2023
RATHKEEL LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
RATHKEEL LIMITED
Directors and other information
Director Mr Michael Gerard Martin
Secretary Michael Gerard Martin
Company number NI614218
Registered office 52 Talbot Park
Londonderry
BT48 7TA
Business address 52 Talbot Park
Londonderry
BT48 7TA
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
Bankers Bank of Ireland
15 Strand Road
Derry
BT48 7BT
RATHKEEL LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of RATHKEEL LIMITED
Year ended 31 August 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 RATHKEEL LIMITED for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and 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 RATHKEEL LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of RATHKEEL LIMITED and state those matters that we have agreed to state to them, as a body, 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 RATHKEEL LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that RATHKEEL LIMITED 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 RATHKEEL LIMITED. You consider that RATHKEEL LIMITED 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 RATHKEEL LIMITED. 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.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
8 March 2024
RATHKEEL LIMITED
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 1,362,401 1,363,094
_______ _______
1,362,401 1,363,094
Current assets
Stocks 401,442 331,442
Debtors 7 626,206 618,389
Cash at bank and in hand 33,256 54,105
_______ _______
1,060,904 1,003,936
Creditors: amounts falling due
within one year 8 ( 1,243,631) ( 1,390,755)
_______ _______
Net current liabilities ( 182,727) ( 386,819)
_______ _______
Total assets less current liabilities 1,179,674 976,275
Creditors: amounts falling due
after more than one year 9 ( 591,203) ( 500,488)
Provisions for liabilities ( 40,905) ( 31,219)
_______ _______
Net assets 547,566 444,568
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 547,565 444,567
_______ _______
Shareholders funds 547,566 444,568
_______ _______
For the year ending 31 August 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 March 2024 , and are signed on behalf of the board by:
Mr Michael Gerard Martin
Director
Company registration number: NI614218
RATHKEEL LIMITED
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 1 297,486 297,487
Profit for the year 147,081 147,081
_______ _______ _______
Total comprehensive income for the year - 147,081 147,081
_______ _______ _______
At 31 August 2022 and 1 September 2022 1 444,567 444,568
Profit for the year 102,998 102,998
_______ _______ _______
Total comprehensive income for the year - 102,998 102,998
_______ _______ _______
At 31 August 2023 1 547,565 547,566
_______ _______ _______
RATHKEEL LIMITED
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is Rathkeel Limited, 52 Talbot Park, Londonderry, BT48 7TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Investment property - Not depreciated
Fittings fixtures and equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 10 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 31,080 29,271
_______ _______
Deferred tax:
Origination and reversal of timing differences 9,686 5,230
_______ _______
Tax on profit 40,766 34,501
_______ _______
6. Tangible assets
Investment property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2022 and 31 August 2023 1,361,711 6,925 1,368,636
_______ _______ _______
Depreciation
At 1 September 2022 - 5,542 5,542
Charge for the year - 693 693
_______ _______ _______
At 31 August 2023 - 6,235 6,235
_______ _______ _______
Carrying amount
At 31 August 2023 1,361,711 690 1,362,401
_______ _______ _______
At 31 August 2022 1,361,711 1,383 1,363,094
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 437,461
Other debtors 626,206 180,928
_______ _______
626,206 618,389
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 304,186 71,000
Trade creditors 5,044 252,502
Corporation tax 31,080 29,271
Social security and other taxes 10,645 87,813
Other creditors 892,676 950,169
_______ _______
1,243,631 1,390,755
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 591,203 500,488
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Talbot Ventures Limited - - 157,523 157,523
Lewispark Properties Ltd - - ( 35,000) ( 35,000)
Sloane Projects Ltd - - 160,000 -
Alex Properties Limited 42,109 161,061 13,470 30,314
Plumville Limited - - ( 197,000) ( 197,000)
PGM Premier Consultancy Limited - - ( 143,728) ( 143,728)
TMG Mayfair Limited - - - ( 64,000)
Victoria Property Holdings Ltd - - 3,439 3,439
Hollandale Projects Limited ( 50,000) 468,953 ( 298,794) ( 190,441)
Glenlark Limited - - - ( 12,000)
Foyle Projects Ltd - - (20,000) (20,000)
The Concept Brand Ltd - - (8,910) (8,910)
Maddox Projects Ltd - - (60,000) (60,000)
_______ _______ _______ _______
Talbot Ventures Limited is a company incorporated in Northern Ireland of which Mr Michael Gerard Martin is a director.Lewispark Properties Ltd is a company incorporated in Northern Ireland of which Mr Michael Gerard Martin is a director.Alex Properties Limited is a company incorporated in Northern Ireland of which Mr Paul Michael Martin, father of Mr Michael Gerard Martin , is a director.Plumville Limited is a company incorporated in Northern Ireland of which Mr Paul Gavin Martin, brother of Mr Michael Gerard Martin , is a director.PGM Premier Consultancy Limited is a company incorporated in Northern Ireland of which Mr Paul Gavin Martin and Mr Gary Michael Martin, brothers of Mr Michael Gerard Martin , are directors.TMG Mayfair Ltd is a company incorporated in England & Wales of which Mr Paul Gavin Martin, brother of Mr Michael Gerard Martin , is a director.Hollandale Projects Limited is a company incorporated in Northern Ireland of which Mr Michael Gerard Martin is a director.Glenlark Limited is a company incorporated in Northern Ireland of which Mr Paul Gavin Martin, brother of Mr Michael Gerard Martin , is a director.Victoria Property Holdings Ltd is a company incorporated in Northern Ireland of which Mr Michael Gerard Martin is a director. Sloane Projects Ltd is a company incorporated in Northern Ireland of which Mr Paul Gavin Martin and Mr Gary Michael Martin, brothers of Mr Michael Gerard Martin , are directors.Foyle Projects Ltd is a company incorporated in Northern Ireland of which Mr Paul Gavin Martin, brother of Mr Michael Gerard Martin , is a director.The Concept Brand Ltd is a company incorporated in Norther Ireland of which Mr Paul Gavin Martin, brother of Mr Michael Gerard Martin , is a director.Maddox Projects Ltd is a company incorporated in Northern Ireland of which Mr Michael Gerard Martin is a director.
11. Controlling party
Rathkeel Ltd is a wholly owned subsidiary of Talbot Ventures Limited. Michael Martin, director and shareholder of Talbot Ventures Limited, is considered to be the company's controlling party.