Company Registration No. NI677276 (Northern Ireland)
Lancullen Ltd
Unaudited accounts
for the year ended 31 March 2024
Lancullen Ltd
Unaudited accounts
Contents
Lancullen Ltd
Company Information
for the year ended 31 March 2024
Directors
M F Mulholland
A E Mulholland
Company Number
NI677276 (Northern Ireland)
Registered Office
c/o SJK Chartered Accountants
8 Bridge Road
Moira
BT67 0PF
Accountants
SJK
8 Bridge Road
Moira
Co. Armagh
BT67 0PF
Lancullen Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
86,970
688
Investment property
2,036,262
1,831,956
Cash at bank and in hand
15,080
1,194
Creditors: amounts falling due within one year
(11,841)
(15,155)
Net current assets/(liabilities)
3,889
(13,961)
Total assets less current liabilities
2,127,121
1,818,683
Creditors: amounts falling due after more than one year
(2,173,840)
(1,802,604)
Provisions for liabilities
Net (liabilities)/assets
(46,719)
15,948
Called up share capital
100
100
Profit and loss account
(46,819)
15,848
Shareholders' funds
(46,719)
15,948
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2024 and were signed on its behalf by
M F Mulholland
Director
Company Registration No. NI677276
Lancullen Ltd
Notes to the Accounts
for the year ended 31 March 2024
Lancullen Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI677276. The registered office is c/o SJK Chartered Accountants, 8 Bridge Road, Moira, BT67 0PF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight Line basis
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Lancullen Ltd
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
-
-
918
918
Additions
93,600
6,500
-
100,100
At 31 March 2024
93,600
6,500
918
101,018
At 1 April 2023
-
-
230
230
Charge for the year
13,490
98
230
13,818
At 31 March 2024
13,490
98
460
14,048
At 31 March 2024
80,110
6,402
458
86,970
At 31 March 2023
-
-
688
688
Fair value at 1 April 2023
1,831,956
At 31 March 2024
2,036,262
The directors consider that the above value of investment property represents the market value at 31 March 2024.
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,761
9,615
Taxes and social security
-
4,460
Lancullen Ltd
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,270,098
1,069,560
Obligations under finance leases and hire purchase contracts
51,285
-
Loans from directors
852,457
733,044
Securities for the bank facilities are as follows:
- First legal mortgage over the properties at Apartments 1 & 2, 31 Wellesley Avenue, Belfast; 9 Eglantine Avenue, Belfast; 82 Northbrook Street, Belfast; 33 Surrey Street, Belfast; 18 Ashley Drive, Belfast; 7 Deramore Crescent, Moira; 74 Fane Street, Belfast; 43 Adelaide Avenue, Belfast; 1 Hugh Street, Belfast; 135 Melrose Street, Belfast and 51 Great Northern Street, Belfast.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
733,044
180,913
61,500
852,457
733,044
180,913
61,500
852,457
The company owes £852,457 (2023: £733,044) to the directors at year end. These loans are repayable on demand and non-interest bearing.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).