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COMPANY REGISTRATION NUMBER: NI692203
Six-Fourteen Ltd
Unaudited Financial Statements
31 October 2023
Six-Fourteen Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Strategic report
1
Directors' report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
5
Statement of cash flows
6
Notes to the financial statements
7
Six-Fourteen Ltd
Strategic Report
Year ended 31 October 2023
This report was approved by the board of directors on 22 October 2024 and signed on behalf of the board by:
Mr C Gilroy
Mr I Henderson
Director
Director
Registered office:
48 Circular rd.,
Belfast
BT4 2GA
Six-Fourteen Ltd
Directors' Report
Year ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023 .
Directors
The directors who served the company during the year were as follows:
Mr C Gilroy
Mr I Henderson
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 22 October 2024 and signed on behalf of the board by:
Mr C Gilroy
Mr I Henderson
Director
Director
Registered office:
48 Circular rd.,
Belfast
BT4 2GA
Six-Fourteen Ltd
Statement of Comprehensive Income
Year ended 31 October 2023
2023
Note
£
Administrative expenses
2,501
Other operating income
4
425
-------
Operating loss
5
( 2,076)
-------
Loss before taxation
( 2,076)
Tax on loss
-------
Loss for the financial year and total comprehensive income
( 2,076)
-------
All the activities of the company are from continuing operations.
Six-Fourteen Ltd
Statement of Financial Position
31 October 2023
2023
Note
£
Fixed assets
Tangible assets
6
130,797
Current assets
Cash at bank and in hand
1,089
Creditors: amounts falling due within one year
7
1,000
-------
Net current assets
89
---------
Total assets less current liabilities
130,886
Creditors: amounts falling due after more than one year
8
132,960
---------
Net liabilities
( 2,074)
---------
Capital and reserves
Called up share capital
9
2
Profit and loss account
( 2,076)
-------
Shareholders deficit
( 2,074)
-------
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr C Gilroy
Mr I Henderson
Director
Director
Company registration number: NI692203
Six-Fourteen Ltd
Statement of Changes in Equity
Year ended 31 October 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 November 2022
Loss for the year
( 2,076)
( 2,076)
----
-------
-------
Total comprehensive income for the year
( 2,076)
( 2,076)
Issue of shares
2
2
----
----
----
Total investments by and distributions to owners
2
2
----
-------
-------
At 31 October 2023
2
( 2,076)
( 2,074)
----
-------
-------
Six-Fourteen Ltd
Statement of Cash Flows
Year ended 31 October 2023
2023
£
Cash flows from operating activities
Loss for the financial year
( 2,076)
Adjustments for:
Depreciation of tangible assets
250
Accrued expenses
1,000
-------
Cash generated from operations
( 826)
----
Net cash used in operating activities
( 826)
----
Cash flows from investing activities
Purchase of tangible assets
( 131,047)
---------
Net cash used in investing activities
( 131,047)
---------
Cash flows from financing activities
Proceeds from issue of ordinary shares
2
Proceeds from loans from participating interests
132,960
---------
Net cash from financing activities
132,962
---------
Net increase in cash and cash equivalents
1,089
Cash and cash equivalents at beginning of year
-------
Cash and cash equivalents at end of year
1,089
-------
Six-Fourteen Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in N.Ireland. The address of the registered office is 48 Circular rd.,, Belfast, BT4 2GA.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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. Other operating income
2023
£
Rental income
425
----
5. Operating loss
Operating profit or loss is stated after charging:
2023
£
Depreciation of tangible assets
250
----
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022
Additions
128,547
2,500
131,047
---------
-------
---------
At 31 October 2023
128,547
2,500
131,047
---------
-------
---------
Depreciation
At 1 November 2022
Charge for the year
250
250
---------
-------
---------
At 31 October 2023
250
250
---------
-------
---------
Carrying amount
At 31 October 2023
128,547
2,250
130,797
---------
-------
---------
7. Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
1,000
-------
8. Creditors: amounts falling due after more than one year
2023
£
Amounts owed to undertakings in which the company has a participating interest
132,960
---------
9. Called up share capital
Issued, called up and fully paid
2023
No.
£
Ordinary shares of £ 1 each
2
2
----
----
10. Analysis of changes in net debt
At 1 Nov 2022
Cash flows
At 31 Oct 2023
£
£
£
Cash at bank and in hand
1,089
1,089
Debt due after one year
(132,960)
(132,960)
----
---------
---------
( 131,871)
( 131,871)
----
---------
---------
11. Related party transactions
MAYFLOWER REALTY lTD, & Oakleigh Investments Ltd are related parties, due to common directors, & the balances @ 31/10/2023 were £ Mayflower Realty Ltd 61,010 Oakleigh Investments Ltd 71,950