Underwood Entertainments (Belfast) Limited NI001354 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the holding of investments. Digita Accounts Production Advanced 6.30.9574.0 true true true NI001354 2023-01-01 2023-12-31 NI001354 2023-12-31 NI001354 bus:OrdinaryShareClass1 2023-12-31 NI001354 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 NI001354 core:CurrentFinancialInstruments 2023-12-31 NI001354 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI001354 core:AllAssociates 2023-12-31 NI001354 core:OtherRelatedParties 2023-12-31 NI001354 bus:SmallEntities 2023-01-01 2023-12-31 NI001354 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI001354 bus:FilletedAccounts 2023-01-01 2023-12-31 NI001354 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI001354 bus:RegisteredOffice 2023-01-01 2023-12-31 NI001354 bus:Director1 2023-01-01 2023-12-31 NI001354 bus:Director3 2023-01-01 2023-12-31 NI001354 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI001354 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI001354 core:AllAssociates 2023-01-01 2023-12-31 NI001354 core:AllAssociates core:RenderingOrReceivingServices 2023-01-01 2023-12-31 NI001354 core:KeyManagementPersonnel 2023-01-01 2023-12-31 NI001354 core:OtherRelatedParties 2023-01-01 2023-12-31 NI001354 1 2023-01-01 2023-12-31 NI001354 countries:NorthernIreland 2023-01-01 2023-12-31 NI001354 2022-12-31 NI001354 core:CostValuation 2022-12-31 NI001354 core:OtherRelatedParties 2022-12-31 NI001354 2022-01-01 2022-12-31 NI001354 2022-12-31 NI001354 bus:OrdinaryShareClass1 2022-12-31 NI001354 core:CurrentFinancialInstruments 2022-12-31 NI001354 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI001354 core:AllAssociates 2022-12-31 NI001354 core:OtherRelatedParties 2022-12-31 NI001354 core:AllAssociates core:RenderingOrReceivingServices 2022-01-01 2022-12-31 NI001354 2021-12-31 NI001354 core:OtherRelatedParties 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI001354

Underwood Entertainments (Belfast) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Underwood Entertainments (Belfast) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Underwood Entertainments (Belfast) Limited

(Registration number: NI001354)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

2,852,813

2,852,813

Other financial assets

5

44

53

 

2,852,857

2,852,866

Current assets

 

Debtors

6

1,335,042

1,035,045

Cash at bank and in hand

 

9,890

309,290

 

1,344,932

1,344,335

Creditors: Amounts falling due within one year

7

(12,039)

(9,626)

Net current assets

 

1,332,893

1,334,709

Net assets

 

4,185,750

4,187,575

Capital and reserves

 

Called up share capital

8

2,800

2,800

Retained earnings

4,182,950

4,184,775

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr Paul Ward
Director

.........................................
Mr Lorcan Ward
Director

 

Underwood Entertainments (Belfast) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 9 August 2024.

2

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
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

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
For financial assets carried at amortised cost, the amount of impairment is the diifference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Underwood Entertainments (Belfast) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investments

2023
£

2022
£

Investments in associates

2,852,813

2,852,813

Associates

£

Cost

At 1 January 2023

2,852,813

Provision

Carrying amount

At 31 December 2023

2,852,813

At 31 December 2022

2,852,813

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

53

53

Fair value adjustments

(9)

(9)

At 31 December 2023

44

44

Impairment

Carrying amount

At 31 December 2023

44

44

 

Underwood Entertainments (Belfast) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

1,335,000

1,035,000

Accrued income

 

42

45

 

1,335,042

1,035,045

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

9,639

7,226

Accruals and deferred income

 

2,400

2,400

 

12,039

9,626

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

2,800

2,800

2,800

2,800

       

9

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

During the prior year £100,000 was received in dividends from an associate company.
Another associate company, paid expenses on behalf of the company of £2,413 (2022: £2,426).

 

Summary of transactions with other related parties

During the current year, the company provided a £300,000 loan to its parent company, having previously provided a loan of £1,035,000.
 

 

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

2,413

Amounts payable to related party

9,639

2022

Associates
£

Rendering of services

2,426

Amounts payable to related party

7,226

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

1,035,000

1,035,000

Advanced

300,000

300,000

At end of period

1,335,000

1,335,000

2022

Other related parties
£

Total
£

At start of period

1,035,000

1,035,000

At end of period

1,035,000

1,035,000

Terms of loans to related parties

The loans are denominated in sterling, interest free and repayable on demand.

10

Parent and ultimate parent undertaking

The company's immediate parent is Melvin Trust Limited, incorporated in Ireland.

  These financial statements are available upon request from Astor House, 29 Lower George's Street, Dun Laoghaire, Co Dublin.

 The ultimate controlling party is Mr Paul Ward.