Company Registration No. NI614677 (Northern Ireland)
Cladagh Limited
Unaudited accounts
for the year ended 31 December 2023
Cladagh Limited
Statement of financial position
as at 31 December 2023
Investments
299,820
290,936
Cash at bank and in hand
4,128
30,384
Creditors: amounts falling due within one year
(6,112)
(1,500)
Net current (liabilities)/assets
(1,984)
28,884
Total assets less current liabilities
297,836
319,820
Provisions for liabilities
Deferred tax
(35,094)
(33,723)
Net assets
262,742
286,097
Called up share capital
58,019
58,019
Profit and loss account
204,723
228,078
Shareholders' funds
262,742
286,097
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 August 2024 and were signed on its behalf by
Richard Neill
Director
Company Registration No. NI614677
Cladagh Limited
Notes to the Accounts
for the year ended 31 December 2023
Cladagh Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI614677. The registered office is Unit 2 Channel Wharf , 21 Old Channel Road, Belfast, Antrim, BT3 9DE, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The director believes that the company Cladagh Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
The accounts are presented in £ sterling.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be measured reliably. Turnover comprises dividend income received from investments.
Investments in shares are included at fair value with changes in fair value recognised through the profit and loss account.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Investments
Other investments
Valuation at 1 January 2023
290,936
Fair value adjustments
3,786
Valuation at 31 December 2023
299,820
The profit and loss account includes £160,075 of accumulated undistributable reserves relating to fair value uplifts on investments (2022: £158,289).
Cladagh Limited
Notes to the Accounts
for the year ended 31 December 2023
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Creditors: amounts falling due within one year
2023
2022
Loans from directors
4,612
-
6
Deferred taxation
2023
2022
Revaluation of investment property
35,094
33,723
Provision at start of year
33,723
40,839
Charged/(credited) to the profit and loss account
1,371
(7,116)
Provision at end of year
35,094
33,723
Allotted, called up and fully paid:
58,019 Ordinary shares of £1 each
58,019
58,019
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Average number of employees
During the year the average number of employees was 1 (2022: 1).