Registered number
NI632675
Errigal Services Limited
Report and Unaudited Accounts for the year ended
31 December 2023
Errigal Services Limited
Company Information
Directors
Marianne Andras
Eimear McCloskey
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Danske Bank
Donegal Square West
Belfast
BT1 6JS
Registered office
181 Pollys Brae Road
Dungiven
Co Derry
BT47 3NX
Registered number
NI632675
Errigal Services Limited
Registered number: NI632675
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 126,105 170,343
Investment property 4 13,254,951 13,062,802
13,381,056 13,233,145
Current assets
Stocks 58,035 40,696
Debtors 5 833,323 339,422
Cash at bank and in hand 53,607 38,984
944,965 419,102
Creditors: amounts falling due within one year 6 (6,681,503) (6,072,940)
Net current liabilities (5,736,538) (5,653,838)
Total assets less current liabilities 7,644,518 7,579,307
Creditors: amounts falling due after more than one year 7 (5,935,178) (6,001,521)
Net assets 1,709,340 1,577,786
Capital and reserves
Called up, issued and fully paid share capital 100 100
Profit and loss account 1,709,240 1,577,686
Shareholders' funds 10 1,709,340 1,577,786
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 10 form an integral part of the accounts.
Marianne Andras Eimear McCloskey
Director Director
Approved by the board on 16 September 2024
Errigal Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. The fair value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in value are recognised in the profit or loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 458,435
Additions 24,575
At 31 December 2023 483,010
Depreciation
At 1 January 2023 288,092
Charge for the year 68,813
At 31 December 2023 356,905
Net book value
At 31 December 2023 126,105
At 31 December 2022 170,343
4 Investment property 2023 2022
£ £
At cost 13,254,951 13,062,802
Investment property comprises a building held at Platinum House, North Second Street, Milton Keynes. The property was initially purchased during the year ended 31 December 2021 with further work being carried out in 2022 and 2023. This property has been included at cost.
5 Debtors 2023 2022
£ £
Trade debtors 703,213 105,733
Deferred tax asset 17,709 20,649
Other debtors 112,401 213,040
833,323 339,422
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 153,984 168,534
Trade creditors 1,354,226 1,138,210
Taxes and social security costs 50,109 5,794
Other creditors 5,123,184 4,760,402
6,681,503 6,072,940
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,935,178 6,001,521
At the balance sheet date and at the time of signing the financial statements the Governor of the Bank of Ireland has the following security over the company:
Charge over Platinum House, North Second Street, Milton Keynes, MK9 1BZ, in the administrative area of Buckinghamshire registered at HM land registry under title number BM166274. This charge / security contains both fixed and floating charges. The floating charge covers all the property or undertaking of the company. This charge / security contains negative pledge.
8 Provision for liabilities
Deferred taxation £
At 1 January 2023 (20,649)
Charged to the profit and loss 2,940
At 31 December 2023 (17,709)
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances (2,940) 14,309
(2,940) 14,309
9 Directors' advances, credits and guarantees
There was no movement in the directors current account during the year. The balance owed to the directors at the year end was £550.

The balances are interest free and repayable on demand.
10 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid and deferred tax adjustments and other adjustments.
11 Other information
Errigal Services Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
181 Pollysbrae Road
Dungiven
Co Derry
BT47 3NX
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