Company registration number NI026651 (Northern Ireland)
Boland Ulster Land Limited
unaudited financial statements
for the year ended 31 December 2023
Pages for filing with Registrar
Boland Ulster Land Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Boland Ulster Land Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
3,600,000
3,600,000
Current assets
Stocks
545,000
545,000
Debtors
5
992,720
-
0
Cash at bank and in hand
-
0
184
1,537,720
545,184
Creditors: amounts falling due within one year
6
(4,039,087)
(4,037,484)
Net current liabilities
(2,501,367)
(3,492,300)
Net assets
1,098,633
107,700
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,097,633
106,700
Total equity
1,098,633
107,700

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
A Johnston
Director
Company Registration No. NI026651
Boland Ulster Land Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Boland Ulster Land Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Suite 511, 21 Botanic Avenue, Belfast, Northern Ireland, BT7 1JJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements do not include a cash flow statement because the company, as a small reporting entity, has claimed exemption from the requirement to prepare such a statement.

1.2
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding net current liabilities of £2,501,367 which the Directors believe to be appropriate for the following reasons:true

 

The Company's immediate parent, Boland Holdings Limited has indicated to the Company that it will continue to provide it with such funds as are necessary to enable it to meet its liabilities as they fall due and that it will not seek repayment of the amounts currently made available. This support will continue for at least the next twelve months from the date of approval of these financial statements. As with any Company placing reliance on other Group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

 

Based on this undertaking the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Stocks

Stock is stated at cost less provisions for permanent impairment.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Boland Ulster Land Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Boland Ulster Land Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,600,000
3,600,000

The company has a 100% shareholding in Boland Reilly Homes Limited, a company incorporated in Northern Ireland whose net assets amounted to £3,744,924 at 31 December 2023 (2022: £4,471,379).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
992,720
-
0
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
4,037,477
4,037,484
Other creditors
1,610
-
0
4,039,087
4,037,484
Boland Ulster Land Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
7
Parent company

The Company is a subsidiary undertaking of Boland Holdings Limited which is the ultimate parent company, incorporated and registered in Scotland. The registered office is 49 Northumberland Street, Edinburgh, EH3 6JJ.

The largest group in which the results of the Company are consolidated is that headed by Boland Holdings Limited. The consolidated financial statements of this Group are available to the public and may be obtained from:

 

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ

 

No other group financial statements include the results of the Company.

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