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No description of principal activities is disclosed
2022-06-01
Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
NI622652
HERON FITOUT LIMITED
FILLETED AUDITED FINANCIAL STATEMENTS
31 August 2023
HERON FITOUT LIMITED
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2023
_________________________________________________________________________________________
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Statement of changes in equity
Notes to the Audited Financial Statements
HERON FITOUT LIMITED
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2023
_________________________________________________________________________________________
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Directors |
Mr Patrick McTaggart |
(Resigned 31 March 2024) |
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Mr Damian Heron |
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Mr Damien O'Callaghan |
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Company number |
NI622652 |
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Registered office |
69 Drum Road |
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Cookstown |
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Co. Tyrone |
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BT80 8QS |
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Auditor |
Kelly & O'Neill Ltd |
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15E Molesworth Street |
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Cookstown |
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Co Tyrone |
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BT80 8NX |
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HERON FITOUT LIMITED
DIRECTORS RESPONSIBILITIES
PERIOD ENDED 31 AUGUST 2023
_________________________________________________________________________________________
The directors are responsible for preparing the directors report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Audited Financial Statements for each financial period. Under that law the directors have elected to prepare the Audited Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Audited Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these Audited Financial Statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the Audited Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Audited Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HERON FITOUT LIMITED
BALANCE SHEET (CONTINUED)
31 AUGUST 2023
_________________________________________________________________________________________
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31/08/23 |
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31/05/22 |
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Note |
£ |
|
£ |
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£ |
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£ |
|
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|
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|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash at bank and in hand |
|
|
300 |
|
|
|
100 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
300 |
|
|
|
100 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
- |
|
|
|
(
3,160) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets/(liabilities) |
|
|
|
|
300 |
|
|
|
(
3,060) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
300 |
|
|
|
(
3,060) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets/(liabilities) |
|
|
|
|
300 |
|
|
|
(
3,060) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
300 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
- |
|
|
|
(
3,160) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds/(deficit) |
|
|
|
|
300 |
|
|
|
(
3,060) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
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|
These Audited 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 Profit and loss has not been delivered.
These Audited Financial Statements were approved by the
board of directors
and authorised for issue on
20 August 2024
, and are signed on behalf of the board by:
Mr Damien O'Callaghan
Director
Company registration number:
NI622652
HERON FITOUT LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
_________________________________________________________________________________
|
|
Called up share capital |
Share premium account |
|
Profit and loss account |
|
Total |
|
|
|
|
£ |
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 September 2021 |
|
100 |
- |
|
(
3,160) |
(
3,060) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
- |
- |
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
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|
Total comprehensive income for the period |
|
- |
- |
|
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
_______ |
_______ |
|
_______ |
_______ |
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|
|
At 31 May 2022 and 1 June 2022 |
|
100 |
- |
|
(
3,160) |
(
3,060) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
97,160 |
97,160 |
|
|
|
Other comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
Transfer |
|
- |
(
7,326,908) |
|
7,326,908 |
- |
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
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|
Total comprehensive income for the period |
|
- |
(
7,326,908) |
|
7,424,068 |
97,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares |
|
200 |
7,326,908 |
|
|
7,327,108 |
|
|
|
Dividends paid and payable |
|
|
|
|
(
7,420,908) |
(
7,420,908) |
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
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|
Total investments by and distributions to owners |
|
200 |
7,326,908 |
|
(
7,420,908) |
(
93,800) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
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|
At 31 August 2023 |
|
300 |
- |
|
- |
300 |
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
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HERON FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
_________________________________________________________________________________________
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 69 Drum Road, Cookstown, Co. Tyrone, BT80 8QS.
2.
Statement of compliance
These Audited 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 Audited 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 Audited Financial Statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have indicated their willingness to introduce additional funds as and when required to enable the company to meet its day to day cash flow requirements. Accordingly, they have adopted the going concern basis in preparing these financial statements.
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
15
(2022: Nil).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2022 |
- |
- |
- |
- |
|
|
|
|
Additions |
1,118,074 |
21,858 |
111,398 |
1,251,330 |
|
|
|
|
Disposals |
(
1,118,074) |
(
21,858) |
(
111,398) |
(
1,251,330) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 August 2023 |
- |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2022 and 31 August 2023 |
- |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 August 2023 |
- |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2022 |
- |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
At 31 August 2023
At 31 May 2022
6.
Creditors: amounts falling due within one year
|
|
|
31/08/23 |
31/05/22 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
2,800 |
|
Other creditors |
|
- |
360 |
|
|
|
_______ |
_______ |
|
|
|
- |
3,160 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Summary audit opinion
The auditor's report dated
20 August 2024
was unqualified.
The senior statutory auditor was
Cathal O'Neill
for and on behalf of
Kelly & O'Neill Ltd