Registration number:
Underwood Entertainments (Belfast) Limited
for the Year Ended 31 December 2023
Underwood Entertainments (Belfast) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Underwood Entertainments (Belfast) Limited
(Registration number: NI001354)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Other financial assets |
44 |
53 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,800 |
2,800 |
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Retained earnings |
4,182,950 |
4,184,775 |
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Shareholders' funds |
4,185,750 |
4,187,575 |
For the financial 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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Underwood Entertainments (Belfast) Limited
(Registration number: NI001354)
Balance Sheet as at 31 December 2023
Approved and authorised by the
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Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the positive cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. 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. |
Finance income and costs policy
Interest receivable includes interest receivable on funds invested. Interest income is recognised in profit or loss as it accrues, using the effective interest rate method. Dividend income is recognised in the profit and loss account on the date the company's right to recieve payments is established.
Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have ben enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investments
Investments in ordinary shares
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments that can be measured reliably are measured at fair value with changes in fair value recognised in profit or loss.
Investments in associates
Investments in associates are carried at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Financial instruments
Classification
Recognition and measurement
The comany only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Impairment
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2023 |
53 |
53 |
Fair value adjustments |
(9) |
(9) |
At 31 December 2023 |
44 |
44 |
Impairment |
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Carrying amount |
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At 31 December 2023 |
|
44 |
Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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Accrued income |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
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2,800 |
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2,800 |
Related party transactions |
Key management personnel
The company's key management personnel are deemed to be the directors. The directors received no remuneration from the company in either the current or prior year.
Summary of transactions with associates
Another associate company, paid expenses on behalf of the company of £2,413 (2022: £2,426).
Summary of transactions with other related parties
Underwood Entertainments (Belfast) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Expenditure with and payables to related parties
2023 |
Associates |
Rendering of services |
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Amounts payable to related party |
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2022 |
Associates |
Rendering of services |
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Amounts payable to related party |
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Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2022 |
Other related parties |
Total |
At start of period |
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At end of period |
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Terms of loans to related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Astor House, 29 Lower George's Street, Dun Laoghaire, Co Dublin.
The ultimate controlling party is