Company Registration No. NI058490 (Northern Ireland)
HENRY GRAHAM (NI) LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HENRY GRAHAM (NI) LTD
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HENRY GRAHAM (NI) LTD
COMPANY INFORMATION
- 1 -
Directors
Mr Henry Graham
Mrs Claire Graham
Company secretary
Mrs Claire Graham
Company number
NI058490
Registered office
58 Bachelors Walk
Lisburn
Co. Antrim
BT28 1XN
Accountants
Johnston Kennedy DFK
Ground Floor, Block A, The Sidings,
Antrim Road
Lisburn
Co. Antrim
BT28 3AJ
Bankers
Ulster Bank Limited
1a Main Street
Ballynahinch
Co. Down
BT24 8AP
HENRY GRAHAM (NI) LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,035
1,505
Investment properties
5
321,582
321,582
322,617
323,087
Current assets
Debtors
6
9,547
21,478
Creditors: amounts falling due within one year
7
(141,627)
(129,742)
Net current liabilities
(132,080)
(108,264)
Total assets less current liabilities
190,537
214,823
Creditors: amounts falling due after more than one year
8
(91,216)
(109,677)
Provisions for liabilities
10
(123)
Net assets
99,321
105,023
Capital and reserves
Called up share capital
11
20
20
Profit and loss reserves
99,301
105,003
Total equity
99,321
105,023
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
HENRY GRAHAM (NI) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
Directors' statement in respect of the financial statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the Financial Reporting Standard FRS 102 1A- Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Mr Henry Graham
Mrs Claire Graham
Director
Director
Company Registration No. NI058490
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Henry Graham (NI) Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office and business address is 58 Bachelors Walk, Lisburn, Co. Antrim, BT28 1XN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenants improvements
10% straight line
Fixtures & fittings
15% reducing balance
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Classification of financial liabilities
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
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. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Equity instruments
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.
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's shareholders at the annual general meeting.
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
34,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
34,000
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Tenants improvements
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,729
17,193
1,481
24,403
Depreciation and impairment
At 1 April 2023
5,729
16,027
1,142
22,898
Depreciation charged in the year
175
295
470
At 31 March 2024
5,729
16,202
1,437
23,368
Carrying amount
At 31 March 2024
991
44
1,035
At 31 March 2023
1,166
339
1,505
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
321,582
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Investment property
(Continued)
- 8 -
Investment property is included in the balance sheet at fair value and comprises rental properties at 209 and 211 Listooder Road. The fair value of the investment property at the year end was determined by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,308
17,624
Other debtors
7,239
3,854
9,547
21,478
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
65,485
43,684
Trade creditors
3,209
2,899
Corporation tax
17,122
27,313
Other taxation and social security
26,146
37,155
Other creditors
29,665
18,691
141,627
129,742
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
91,216
109,677
9
Loans and overdrafts
2024
2023
£
£
Bank loans
111,181
130,465
Bank overdrafts
45,520
22,896
156,701
153,361
Payable within one year
65,485
43,684
Payable after one year
91,216
109,677
HENRY GRAHAM (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Loans and overdrafts
(Continued)
- 9 -
The bank overdraft is secured by a second deed of charge over the company's property at 209 Listooder Road, a fixed and floating charge over the company's assets (both present and future) and a personal guarantee from the directors with collateral held by way of a second legal charge over their residential property.
The bank loans are secured by a first legal charge over the company's properties at 209 and 211 Listooder Road.
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
123
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
12
Capital commitments
The company had no capital commitments as at 31 March 2024.
13
Directors' transactions
The balance on the directors' loan account at the year end amounted to £24,383 (2023: £11,385) and is included within other creditors, due within one year.
The directors control the company.