REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LOUGH ERNE FAIRWAYS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LOUGH ERNE FAIRWAYS LIMITED |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LOUGH ERNE FAIRWAYS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |
BANKERS: |
24 Townhall Street |
Enniskillen |
Co. Fermanagh |
BT74 7BB |
SOLICITORS: |
Enniskillen |
Co. Fermanagh |
BT74 6AA |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Lough Erne Fairways Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern |
The company's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to to believe that the company is well placed to manage its business risks successfully despite any current economic uncertainties. |
The company meets its day to day working capital requirements through its current cash levels. The directors are confident that the company has adequate resources to meet its normal business requirements for the foreseeable future, for at least 12 months from the date of signing the financial statements, and therefore they continue to adopt the going concern basis when preparing the financial statements. |
Tangible Fixed Assets |
Depreciation is provided at the following annual rates in order to write of each asset over its estimated useful life. |
Furnishings and equipment - 20% on reducing balance |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Judgements in applying accounting policies and key sources of estimation |
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements. |
Allowance for impairment of trade debtors. |
The company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. |
Useful lives of depreciable assets |
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined , and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Contingent Liabilities |
Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurance or non-occurance of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. |
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable. |
Related party transactions |
The company discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the financial statements. |
Provisions for liabilities |
Provisions are recognised when the company has a present legal or constructive obligation as result of past events; it is probable that an outflow of resources will be required to settle the obligation: and the amount of the obligation can be estimated reliably. |
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Furnishings |
Freehold | Long | and |
property | leasehold | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Tax |
VAT | 3,946 | 14,634 |
Holding company |
Directors' current accounts | 581,770 | 581,770 |
Accrued expenses |
7. | FINANCIAL INSTRUMENTS |
Financial assets that are debt instruments measured at amortised cost comprise trade debtors , other debtors ,cash and cash equivalents. |
Financial liabilities measured at amortised cost comprise trade creditors , accruals, bank overdraft and bank overdraft. |
LOUGH ERNE FAIRWAYS LIMITED (REGISTERED NUMBER: NI684456) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
8. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 1,668 | 1,383 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 1,800 | 1,800 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
The company had no contingent liabilities existing at the balance sheet date. |
12. | RELATED PARTY DISCLOSURES |
Included in Creditors at the year end are related parties of £581,770 owed to a director and shareholder and £1,320,220 owed to a corporate shareholder. Both balances relate to funds advanced to finance the purchase of properties and are repayable on demand. |
13. | POST BALANCE SHEET EVENTS |
There has been no significant events affecting the company since the year end. |
14. | ULTIMATE CONTROLLING PARTY |
The company is under the ultimate control of Geoghegan Monaghan Properties Limited who own two thirds of the shares. |