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COMPANY REGISTRATION NUMBER: NI072641
Lagan Homes (Millmount) Limited
Filleted Financial Statements
31 December 2023
Lagan Homes (Millmount) Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Lagan Homes (Millmount) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
2,122,474
2,260,946
Creditors: amounts falling due within one year
5
2,032,396
2,220,492
------------
------------
Net current assets
90,078
40,454
--------
--------
Total assets less current liabilities
90,078
40,454
--------
--------
Net assets
90,078
40,454
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
90,077
40,453
--------
--------
Shareholders funds
90,078
40,454
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
SG McCann
Director
Company registration number: NI072641
Lagan Homes (Millmount) Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 19 Clarendon Road, Clarendon Dock, Belfast, BT1 3BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Companies Act 2006 and are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Amounts owed by related undertaking
1,440,431
1,755,681
Other debtors
682,043
505,265
------------
------------
2,122,474
2,260,946
------------
------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
156,067
411,836
Trade creditors
808,002
1,105,947
Amounts owed to group undertakings
767,902
414,694
Corporation tax
23,897
8,324
Social security and other taxes
63,715
79,948
Other creditors
212,813
199,743
------------
------------
2,032,396
2,220,492
------------
------------
6. Summary audit opinion
The auditor's report dated 17 September 2024 was unqualified .
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
7. Related party transactions
The company has availed of the exemption under the terms of Financial Reporting Standard 102 from disclosing related party transactions with entities that are part of the Lagan Homes Group Ltd. Included in debtors (note 4), there is a balance of £1,440,431 (2022 - £1,755,681) due from Millmount Village LLP, a company related by virtue of being a joint venture.
8. Controlling party
The company considers JPK Lagan to be the ultimate controlling party.