Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30M Care Limited2022-10-01falsethe development of building projects00falsetruefalse NI603248 2022-10-01 2023-09-30 NI603248 2021-04-01 2022-09-30 NI603248 2023-09-30 NI603248 2022-09-30 NI603248 c:Director1 2022-10-01 2023-09-30 NI603248 d:Buildings 2022-10-01 2023-09-30 NI603248 d:Buildings 2023-09-30 NI603248 d:Buildings 2022-09-30 NI603248 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI603248 d:FurnitureFittings 2022-10-01 2023-09-30 NI603248 d:FurnitureFittings 2023-09-30 NI603248 d:FurnitureFittings 2022-09-30 NI603248 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI603248 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 NI603248 d:CurrentFinancialInstruments 2023-09-30 NI603248 d:CurrentFinancialInstruments 2022-09-30 NI603248 d:Non-currentFinancialInstruments 2023-09-30 NI603248 d:Non-currentFinancialInstruments 2022-09-30 NI603248 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 NI603248 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 NI603248 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 NI603248 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 NI603248 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 NI603248 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 NI603248 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 NI603248 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-09-30 NI603248 d:ShareCapital 2023-09-30 NI603248 d:ShareCapital 2022-09-30 NI603248 d:RetainedEarningsAccumulatedLosses 2023-09-30 NI603248 d:RetainedEarningsAccumulatedLosses 2022-09-30 NI603248 c:FRS102 2022-10-01 2023-09-30 NI603248 c:Audited 2022-10-01 2023-09-30 NI603248 c:FullAccounts 2022-10-01 2023-09-30 NI603248 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI603248 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 NI603248 4 2022-10-01 2023-09-30 NI603248 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: NI603248










BALLYNAHINCH CRECHE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
BALLYNAHINCH CRECHE LIMITED
REGISTERED NUMBER: NI603248

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,470,862
1,500,880

  
1,470,862
1,500,880

Current assets
  

Debtors: amounts falling due within one year
 5 
578,357
578,357

Cash at bank and in hand
 6 
35
22

  
578,392
578,379

Creditors: amounts falling due within one year
 7 
(4,368,143)
(4,256,502)

Net current liabilities
  
 
 
(3,789,751)
 
 
(3,678,123)

Total assets less current liabilities
  
(2,318,889)
(2,177,243)

Creditors: amounts falling due after more than one year
 8 
(542,036)
(602,048)

  

Net liabilities
  
(2,860,925)
(2,779,291)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(2,860,927)
(2,779,293)

  
(2,860,925)
(2,779,291)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2024.




Patrick Eoin Miskelly
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Ballynahinch Creche Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 44 - 46 Main Street, Ballynahinch, Co. Down, Northern Ireland, BT24 8DN.

 The principal activity of the company continued to be that of the development of building projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year ended 30 September 2023 the company incurred a loss of £81,634 (profit for the year ended 2022: £315,419) and has net liabilities of £2,860,925 (2022: £2,779,291). With the continued support of the group, the director considers it appropriate to adopt the going concern basis in preparing the Financial Statements.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Reducing balance
Fixtures and fittings
-
10%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 3

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 4

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2022
1,880,116
56,565
1,936,681



At 30 September 2023

1,880,116
56,565
1,936,681



Depreciation


At 1 October 2022
379,236
56,565
435,801


Charge for the year on owned assets
30,018
-
30,018



At 30 September 2023

409,254
56,565
465,819



Net book value



At 30 September 2023
1,470,862
-
1,470,862



At 30 September 2022
1,500,880
-
1,500,880

Page 5

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
578,357
578,357

578,357
578,357



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
35
22

35
22



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
77,434
77,973

Amounts owed to group undertakings
3,320,149
3,207,969

Other creditors
964,560
964,560

Accruals and deferred income
6,000
6,000

4,368,143
4,256,502


Amounts owed to group undertakings are interest free, unsecured and payable on demand.
Danske Bank currently hold the following securities:
 
floating charge over all monies due or to become due from the company to the charge on any account whatsoever.
an intercompany cross guarantee.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
542,036
602,048

542,036
602,048


Page 6

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
77,434
77,973


77,434
77,973


Amounts falling due 2-5 years

Bank loans
275,320
299,816


275,320
299,816

Amounts falling due after more than 5 years

Bank loans
266,716
302,232

266,716
302,232

619,470
680,021



10.Other financial commitments

The company has given cross guarantees in favour of Danske Bank to secure bank facilities for M Care Limited, M Construction N.I Limited and Happy Children Day Nursery Limited (all members of the same group). 


11.


Related party transactions

The company has decided to avail of the FRS102 exemption to disclose related party transactions between group companies.


12.


Controlling party

The ultimate parent undertaking of the company is M Care Limited, a company registered in Northern Ireland.
Mr Patrick Eoin Miskelly is considered to be the ultimate controlling party of M Care Limited by virtue of his shareholding in the company.

Page 7

 
BALLYNAHINCH CRECHE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 22 July 2024 by Teresa Campbell (Senior Statutory Auditor) on behalf of AAB Group Accountants Limited.


Page 8