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COMPANY REGISTRATION NUMBER: NI638087
Richland Capital Limited
Filleted Unaudited Financial Statements
31 December 2023
Richland Capital Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Richland Capital Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
125
125
Current assets
Debtors
5
272,084
355,953
Cash at bank and in hand
3,154
11,528
----------
----------
275,238
367,481
Creditors: amounts falling due within one year
6
71,662
170,826
----------
----------
Net current assets
203,576
196,655
----------
----------
Total assets less current liabilities
203,701
196,780
Creditors: amounts falling due after more than one year
7
27,552
32,141
----------
----------
Net assets
176,149
164,639
----------
----------
Capital and reserves
Called up share capital
81
81
Share premium account
799,920
799,920
Profit and loss account
( 623,852)
( 635,362)
----------
----------
Shareholders funds
176,149
164,639
----------
----------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Richland Capital Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 June 2024 , and are signed on behalf of the board by:
Mr G McCausland
Director
Company registration number: NI638087
Richland Capital Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 are 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.
4. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
100
25
125
----
----
----
Impairment
At 1 January 2023 and 31 December 2023
----
----
----
Carrying amount
At 31 December 2023
100
25
125
----
----
----
At 31 December 2022
100
25
125
----
----
----
The company holds, either directly or indirectly, 20% of the share capital of the following companies:-
Company Activities Country of registration
Country of principal Proportion
or incorporation
activities of share
Richland Limes Ltd Building Development Northern Ireland
Northern Ireland 100%
Swyfft Digital Limited Technology Services Northern Ireland
Northern Ireland 25%
Company Share of subsidiaries results
Name of undertaking Period Ended Profit/(loss)
(after Net assets/
tax) for period
(Liabilities)
Swyfft Digital Limited 31/05/2022
(£935) (£1,116)
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,067
9,067
Other debtors
263,017
346,886
----------
----------
272,084
355,953
----------
----------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,751
Amounts owed to group undertakings and undertakings in which the company has a participating interest
67,797
75,892
Social security and other taxes
1,865
Other creditors
2,000
93,183
--------
----------
71,662
170,826
--------
----------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,552
32,141
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G McCausland
( 91,183)
91,183
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G McCausland
----
----
----
9. Related party transactions
The company has availed of the exemption under FRS102 from disclosing balances relating to entities which form part of the Richland Capital Limited group. Included within note 6 and 7 are the following balances with entities which are regarded as related parties as deemed by FRS 102 due to their being non-group companies in which the controlling party has an interest at the statement of financial position date:
2023 2022
£ £
Asset Bee Limited 1,058 1,058
Evant Capital Limited 224,993 302,764
Richland Belfast One Limited 1,250 1,250
Hubflow Limited (1,000) (1,000)
Swyfft Digital Limited 9,067 9,067
Richland Waterfront Limited (66,797) (74,892)
10. Control
Mr G McCausland owns 100% of the company's issued share capital. The company was under the control of Mr G McCausland throughout the current year and the previous year.