J.K.S (Magheramorne Estate) Ltd NI667999 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is a private venue with accomodation for various events and functions. Digita Accounts Production Advanced 6.30.9574.0 true true NI667999 2023-01-01 2023-12-31 NI667999 2023-12-31 NI667999 bus:OrdinaryShareClass1 2023-12-31 NI667999 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 NI667999 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 NI667999 core:CurrentFinancialInstruments 2023-12-31 NI667999 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI667999 core:Non-currentFinancialInstruments 2023-12-31 NI667999 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI667999 core:FurnitureFittingsToolsEquipment 2023-12-31 NI667999 core:MotorVehicles 2023-12-31 NI667999 bus:SmallEntities 2023-01-01 2023-12-31 NI667999 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI667999 bus:FilletedAccounts 2023-01-01 2023-12-31 NI667999 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI667999 bus:RegisteredOffice 2023-01-01 2023-12-31 NI667999 bus:Director1 2023-01-01 2023-12-31 NI667999 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI667999 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI667999 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI667999 core:MotorVehicles 2023-01-01 2023-12-31 NI667999 core:Vehicles 2023-01-01 2023-12-31 NI667999 1 2023-01-01 2023-12-31 NI667999 countries:NorthernIreland 2023-01-01 2023-12-31 NI667999 2022-12-31 NI667999 core:FurnitureFittingsToolsEquipment 2022-12-31 NI667999 core:MotorVehicles 2022-12-31 NI667999 2022-01-01 2022-12-31 NI667999 2022-12-31 NI667999 bus:OrdinaryShareClass1 2022-12-31 NI667999 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 NI667999 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 NI667999 core:CurrentFinancialInstruments 2022-12-31 NI667999 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI667999 core:Non-currentFinancialInstruments 2022-12-31 NI667999 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI667999 core:FurnitureFittingsToolsEquipment 2022-12-31 NI667999 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI667999

J.K.S (Magheramorne Estate) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

J.K.S (Magheramorne Estate) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

J.K.S (Magheramorne Estate) Ltd

(Registration number: NI667999)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

691,351

550,456

Current assets

 

Stocks

6

8,600

12,555

Debtors

7

362,996

156,878

Cash at bank and in hand

 

56,632

99,544

 

428,228

268,977

Creditors: Amounts falling due within one year

8

(969,206)

(727,124)

Net current liabilities

 

(540,978)

(458,147)

Total assets less current liabilities

 

150,373

92,309

Creditors: Amounts falling due after more than one year

8

(59,482)

(27,481)

Net assets

 

90,891

64,828

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

90,791

64,728

Shareholders' funds

 

90,891

64,828

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
Mr David Allen
Director

 

J.K.S (Magheramorne Estate) Ltd

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:
59 Shore Road
Magheramorne
Larne
Co Antrim
BT40 3HW

These financial statements were authorised for issue by the director on 24 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

5-20% straight line

Motor vehicles

10% reducing balance

 

J.K.S (Magheramorne Estate) Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

J.K.S (Magheramorne Estate) Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 14).

 

J.K.S (Magheramorne Estate) Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

54,870

40,608

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

633,175

5,500

638,675

Additions

134,041

61,724

195,765

At 31 December 2023

767,216

67,224

834,440

Depreciation

At 1 January 2023

87,669

550

88,219

Charge for the year

48,203

6,667

54,870

At 31 December 2023

135,872

7,217

143,089

Carrying amount

At 31 December 2023

631,344

60,007

691,351

At 31 December 2022

545,506

4,950

550,456

6

Stocks

2023
£

2022
£

Other inventories

8,600

12,555

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

330,062

78,471

Prepayments

 

2,333

-

Other debtors

 

30,601

78,407

   

362,996

156,878

 

J.K.S (Magheramorne Estate) Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

123,058

120,478

Trade creditors

 

428,895

271,586

Taxation and social security

 

22,735

1,051

Accruals and deferred income

 

6,191

4,000

Other creditors

 

388,327

330,009

 

969,206

727,124

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

59,482

27,481

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

J.K.S (Magheramorne Estate) Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

29,491

27,481

Hire purchase contracts

29,991

-

59,482

27,481

Current loans and borrowings

2023
£

2022
£

Bank borrowings

95,509

120,478

Bank overdrafts

17,661

-

Hire purchase contracts

9,888

-

123,058

120,478

11

Parent and ultimate parent undertaking

The ultimate controlling party is the Allen Family.