Daintree Investments Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Factory, 184 Newry Road, BANBRIDGE, Co Down, BT32 3NB.
The financial statements cover the period from the date of incorporation 27 June 2023 to the period ending 31 December 2023.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
The company has net liabilities of £16,426 as at 31 December 2023. Until the company returns to a net asset position there remains a material uncertainty which may cast significant doubt upon the company's ability to continue as a going concern.
The directors recognise that the company will be dependent on the continued financial support of its creditors and associated companies to meet its obligations for at least twelve months from the date of approval of these financial statements. They have no reason however, to believe that this will not be the case and are confident that the company will be able to meet its obligations as they fall due for the foreseeable future.
It is on this basis that the directors continue to adopt the going concern basis in preparing the financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no employees in the company during the year apart from the directors.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty related to going concern
In forming our opinion of the financial statements, we have considered the adequacy of the disclosures made in the notes to the financial statements, concerning the company's ability to continue as a going concern.
We draw attention to note 1.2 to the financial statements, which indicates that the company has net liabilities of£16,426 as at 31 December 2023. As stated in note 1.2, these events along with other matters as set out in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
The company has taken advantage of the exemption available under Section 33.1A of FRS 102 not to disclose transactions entered into between two or more wholly owned members of a group. Balances between all group companies are disclosed in the notes to the financial statements.