IRIS Accounts Production v24.1.0.578 NI061780 Board of Directors 31.12.22 31.12.23 31.12.23 false true false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0617802022-12-30NI0617802023-12-31NI0617802022-12-312023-12-31NI0617802021-12-30NI0617802021-12-312022-12-30NI0617802022-12-30NI061780ns15:NorthernIreland2022-12-312023-12-31NI061780ns14:PoundSterling2022-12-312023-12-31NI061780ns10:Director12022-12-312023-12-31NI061780ns10:PrivateLimitedCompanyLtd2022-12-312023-12-31NI061780ns10:SmallEntities2022-12-312023-12-31NI061780ns10:AuditExempt-NoAccountantsReport2022-12-312023-12-31NI061780ns10:SmallCompaniesRegimeForDirectorsReport2022-12-312023-12-31NI061780ns10:SmallCompaniesRegimeForAccounts2022-12-312023-12-31NI061780ns10:FullAccounts2022-12-312023-12-31NI061780ns10:OrdinaryShareClass12022-12-312023-12-31NI061780ns10:Director22022-12-312023-12-31NI061780ns10:RegisteredOffice2022-12-312023-12-31NI061780ns5:CurrentFinancialInstruments2023-12-31NI061780ns5:CurrentFinancialInstruments2022-12-30NI061780ns5:ShareCapital2023-12-31NI061780ns5:ShareCapital2022-12-30NI061780ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-31NI061780ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-30NI061780ns5:RetainedEarningsAccumulatedLosses2023-12-31NI061780ns5:RetainedEarningsAccumulatedLosses2022-12-30NI061780ns5:CostValuation2022-12-30NI061780ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31NI061780ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-30NI061780ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: NI061780 (Northern Ireland)















SYERLA HOLDINGS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023






SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SYERLA HOLDINGS LTD

COMPANY INFORMATION
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023







DIRECTORS: Mr Peter O'Donnell
Mrs Pauline O'Donnell





REGISTERED OFFICE: 34 Culrevog Road
Dungannon
Co. Tyrone
BT71 7PY





REGISTERED NUMBER: NI061780 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Investments 5 5,455,970 5,455,970

CURRENT ASSETS
Receivables: amounts falling due within
one year

6

36,024,640

36,523,521
Cash at bank 89,298 49,109
36,113,938 36,572,630
PAYABLES
Amounts falling due within one year 7 (2,540,019 ) (3,314,787 )
NET CURRENT ASSETS 33,573,919 33,257,843
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,029,889

38,713,813

CAPITAL AND RESERVES
Called up share capital 8 8 8
Other reserves 1,281,577 281,577
Retained earnings 37,748,304 38,432,228
SHAREHOLDERS' FUNDS 39,029,889 38,713,813

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

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

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 29 April 2024 and were signed on its behalf by:





Mr Peter O'Donnell - Director


SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Syerla Holdings Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;
- the group retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the group
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised on customer receipt.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.


SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks and bank
overdrafts. Bank overdrafts are shown within current liabilities.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 31 December 2022
and 31 December 2023 5,455,970
NET BOOK VALUE
At 31 December 2023 5,455,970
At 30 December 2022 5,455,970

SYERLA HOLDINGS LTD (REGISTERED NUMBER: NI061780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 DECEMBER 2022 TO 31 DECEMBER 2023

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 36,005,452 36,504,141
VAT 1,728 1,920
Prepayments & accrued income 17,460 17,460
36,024,640 36,523,521

Amounts owed by group undertakings are unsecured, interest free and payable on demand.

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 770 335,653
Amounts owed to group undertakings 4 4
Tax 223,318 45,595
Social security and other taxes 2,115 1,765
Pensions 372 587
Directors' current accounts 2,296,586 2,914,329
Accruals & deferred income 16,854 16,854
2,540,019 3,314,787

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
800 Ordinary 0.01 8 8

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. PREFERENCE SHARES

£1,000,000 of £1 Preference Shares were issued during the year ended 31 December 2023, these being at a coupon rate of 10% per annum.