Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-012falseThe principal activity of the company was that of property development.2falsetruefalse NI605444 2023-01-01 2023-12-31 NI605444 2022-01-01 2022-12-31 NI605444 2023-12-31 NI605444 2022-12-31 NI605444 c:Director2 2023-01-01 2023-12-31 NI605444 d:PlantMachinery 2023-01-01 2023-12-31 NI605444 d:PlantMachinery 2023-12-31 NI605444 d:PlantMachinery 2022-12-31 NI605444 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI605444 d:FurnitureFittings 2023-01-01 2023-12-31 NI605444 d:FurnitureFittings 2023-12-31 NI605444 d:FurnitureFittings 2022-12-31 NI605444 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI605444 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI605444 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 NI605444 d:FreeholdInvestmentProperty 2023-12-31 NI605444 d:FreeholdInvestmentProperty 2022-12-31 NI605444 d:CurrentFinancialInstruments 2023-12-31 NI605444 d:CurrentFinancialInstruments 2022-12-31 NI605444 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI605444 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI605444 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI605444 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI605444 c:FRS102 2023-01-01 2023-12-31 NI605444 c:Audited 2023-01-01 2023-12-31 NI605444 c:FullAccounts 2023-01-01 2023-12-31 NI605444 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI605444 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI605444 2 2023-01-01 2023-12-31 NI605444 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI605444










SOUTH BANK SQUARE LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SOUTH BANK SQUARE LTD
REGISTERED NUMBER: NI605444

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 4 
41
41

Investment property
 5 
12,880
12,855

  
12,921
12,896

Current assets
  

Stocks
  
22,499
19,321

Debtors: amounts falling due within one year
 6 
421
292

Cash at bank and in hand
 7 
10,654
10,764

  
33,574
30,377

Creditors: amounts falling due within one year
 8 
(31,041)
(29,956)

Net current assets
  
 
 
2,533
 
 
421

Total assets less current liabilities
  
15,454
13,317

  

Net assets
  
15,454
13,317


Capital and reserves
  

Profit and loss account
  
15,454
13,317

  
15,454
13,317


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




Seamus Gillan
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
SOUTH BANK SQUARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

South Bank Square Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 6 Bank Square, Maghera, Co. Derry, Northern Ireland, BT46 5AZ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
SOUTH BANK SQUARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Fixtures and fittings
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
SOUTH BANK SQUARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
SOUTH BANK SQUARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
44
2
46


Additions
10
-
10


Disposals
(5)
-
(5)



At 31 December 2023

49
2
51



Depreciation


At 1 January 2023
5
-
5


Charge for the year on owned assets
5
1
6


Disposals
(1)
-
(1)



At 31 December 2023

9
1
10



Net book value



At 31 December 2023
40
1
41



At 31 December 2022
39
2
41


5.


Investment property


Freehold investment property

£000



Valuation


At 1 January 2023
12,855


Additions at cost
25



At 31 December 2023
12,880

The 2023 valuations were made by Osborne King, on an open market value for existing use basis.







Page 5

 
SOUTH BANK SQUARE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£000
£000


Trade debtors
39
22

Other debtors
168
270

Prepayments and accrued income
214
-

421
292



7.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
10,654
10,764

10,654
10,764



8.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
1,063
189

Amounts owed to group undertakings
29,644
29,644

Other taxation and social security
10
9

Other creditors
1
-

Accruals and deferred income
323
114

31,041
29,956


Amounts due to group undertakings are interest free, unsecured and payable on demand.


9.


Controlling party

The ultimate parent undertaking is SBS Holdco Ltd, a company incorporated in Northern Ireland. The ultimate controlling party is The Seamus Gillan and Bernadette Gillan Settlement 2021.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Deborah Mullen (Senior statutory auditor) on behalf of AAB Group Accountants Limited.


Page 6