Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3138Tivanagh Holdings Limited34falseThe principal activity of the company continued to be that of the operation of refrigerated storage facilities.2023-01-01falsetruetrue NI649550 2023-01-01 2023-12-31 NI649550 2022-01-01 2022-12-31 NI649550 2023-12-31 NI649550 2022-12-31 NI649550 c:Director1 2023-01-01 2023-12-31 NI649550 d:PlantMachinery 2023-01-01 2023-12-31 NI649550 d:PlantMachinery 2023-12-31 NI649550 d:PlantMachinery 2022-12-31 NI649550 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI649550 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 NI649550 d:FurnitureFittings 2023-01-01 2023-12-31 NI649550 d:FurnitureFittings 2023-12-31 NI649550 d:FurnitureFittings 2022-12-31 NI649550 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI649550 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 NI649550 d:OfficeEquipment 2023-01-01 2023-12-31 NI649550 d:OfficeEquipment 2023-12-31 NI649550 d:OfficeEquipment 2022-12-31 NI649550 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI649550 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 NI649550 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI649550 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 NI649550 d:CurrentFinancialInstruments 2023-12-31 NI649550 d:CurrentFinancialInstruments 2022-12-31 NI649550 d:Non-currentFinancialInstruments 2023-12-31 NI649550 d:Non-currentFinancialInstruments 2022-12-31 NI649550 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI649550 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI649550 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI649550 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI649550 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 NI649550 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 NI649550 d:ShareCapital 2023-12-31 NI649550 d:ShareCapital 2022-12-31 NI649550 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI649550 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI649550 c:FRS102 2023-01-01 2023-12-31 NI649550 c:Audited 2023-01-01 2023-12-31 NI649550 c:FullAccounts 2023-01-01 2023-12-31 NI649550 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI649550 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 NI649550 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 NI649550 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 NI649550 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 NI649550 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI649550 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI649550










CARN COLDSTORE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CARN COLDSTORE LIMITED
REGISTERED NUMBER: NI649550

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
333,067
405,564

  
333,067
405,564

Current assets
  

Debtors: amounts falling due within one year
 5 
1,578,029
1,037,533

Cash at bank and in hand
 6 
144,618
111,516

  
1,722,647
1,149,049

Creditors: amounts falling due within one year
 7 
(362,939)
(498,201)

Net current assets
  
 
 
1,359,708
 
 
650,848

Total assets less current liabilities
  
1,692,775
1,056,412

Creditors: amounts falling due after more than one year
 8 
(88,643)
(136,159)

Provisions for liabilities
  

Deferred tax
  
(68,044)
(84,309)

  
 
 
(68,044)
 
 
(84,309)

Net assets
  
1,536,088
835,944


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,535,988
835,844

  
1,536,088
835,944


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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




Mr P Derry
Director

The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Carn Coldstore Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 90 Charlestown Road, Portadown, Craigavon, Co. Armagh, Northern Ireland, BT63 5PP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance
Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2022 - 34).

Page 5

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
427,692
43,434
67,206
538,332


Additions
-
4,445
5,459
9,904



At 31 December 2023

427,692
47,879
72,665
548,236



Depreciation


At 1 January 2023
84,727
19,237
28,804
132,768


Charge for the year on owned assets
37,872
5,367
8,441
51,680


Charge for the year on financed assets
30,721
-
-
30,721



At 31 December 2023

153,320
24,604
37,245
215,169



Net book value



At 31 December 2023
274,372
23,275
35,420
333,067



At 31 December 2022
342,965
24,197
38,402
405,564


5.


Debtors

2023
2022
£
£


Trade debtors
460,848
387,482

Amounts owed by group undertakings
871,162
484,905

Amounts owed by related undertakings
200,462
109,116

Prepayments and accrued income
45,557
56,030

1,578,029
1,037,533


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

Page 6

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
144,618
111,516

144,618
111,516



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Other loans
-
160,960

Trade creditors
112,490
137,820

Amounts owed to group undertakings
2,315
9,677

Amounts owed to related undertakings
57,887
22,933

Other taxation and social security
109,945
88,538

Obligations under finance lease and hire purchase contracts
37,522
37,529

Accruals and deferred income
32,780
30,744

362,939
498,201


Amounts owed to group and related undertakings are unsecured, interest free and repayable on demand. 
Other loans relate to invoice discounting liabilities, which are secured on the book debts of the company, a fixed and floating charge over the assets of the company and a director's indemnity. 


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

Net obligations under finance leases and hire purchase contracts
73,643
111,159

88,643
136,159


Page 7

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
-
160,960


10,000
170,960


Amounts falling due 2-5 years

Bank loans
15,000
25,000


15,000
25,000


25,000
195,960



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
37,522
37,529

Between 1-5 years
73,643
111,159

111,165
148,688

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £21,579 (2022 - £17,649). Contributions totalling £4,260 (2022 - £3,432) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
CARN COLDSTORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.Other financial commitments

The company has provided an unlimited guarantee, supported by a mortgage debenture incorporating a fixed and floating charge over all company assets and a legal charge over the shareholding of Carn Coldstore Limited, in relation to certain bank borrowings and invoice financing facilities of a fellow group company. 


13.


Controlling party

The immediate and ultimate parent undertaking is Tivanagh Holdings Limited, a company registered in Northern Ireland. 
The smallest and largest undertaking of which the company is a member, and for which group financial statements are prepared is Tivanagh Holdings Limited, a company incorporated in Northern Ireland. Group financial statements for this company are prepared and are available to the public from the companies house.
The ultimate controlling party is Patrick Derry by virtue of his shareholding the in the parent company.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 September 2024 by Teresa Campbell (Senior Statutory Auditor) on behalf of AAB Group Accountants Limited.


Page 9