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REGISTERED NUMBER: NI615558 (Northern Ireland)













Armagh Business Park Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






Armagh Business Park Limited (Registered number: NI615558)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 7


Armagh Business Park Limited

Company Information
for the Year Ended 30 April 2024







Directors: Mr S Draffin
Mr P A Leeman
Mr T F Wilson





Secretary: Mrs A Leeman





Registered office: 5 Lowrys Avenue
Armagh
Co Armagh
BT60 1BF





Registered number: NI615558 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Armagh Business Park Limited (Registered number: NI615558)

Statement of Financial Position
30 April 2024

2024 2023
Notes £ £
Non current assets
Property, plant and equipment 4 5,072,790 5,071,272

Current assets
Receivables 5 225,458 180,218
Cash at bank 6 361,711 29,266
587,169 209,484
Payables
Amounts falling due within one year 7 (300,847 ) (509,595 )
Net current assets/(liabilities) 286,322 (300,111 )
Total assets less current liabilities 5,359,112 4,771,161

Payables
Amounts falling due after more than one
year

8

(661,565

)

(107,022

)

Provisions for liabilities 9 (795,835 ) (1,064,053 )
Net assets 3,901,712 3,600,086

Capital and reserves
Called up share capital 10 3 3
Fair value reserve 11 3,421,384 3,173,122
Retained earnings 11 480,325 426,961
Shareholders' funds 3,901,712 3,600,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:




Mr S Draffin - Director


Armagh Business Park Limited (Registered number: NI615558)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. Statutory information

Armagh Business Park Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Land and buildings have not been depreciated because the residual value of the land is expected to be no less than current net book value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Receivables
Short term receivables 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.

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.

Armagh Business Park Limited (Registered number: NI615558)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. Accounting policies - continued

Payables
Short term payables 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 4 (2023 - 4 ) .

4. Property, plant and equipment
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost or valuation
At 1 May 2023 5,000,000 216,468 75,526 7,680 5,299,674
Additions 6,898 5,745 12,458 - 25,101
Revaluations (6,898 ) - - - (6,898 )
At 30 April 2024 5,000,000 222,213 87,984 7,680 5,317,877
Depreciation
At 1 May 2023 - 171,661 50,883 5,858 228,402
Charge for year - 10,111 6,118 456 16,685
At 30 April 2024 - 181,772 57,001 6,314 245,087
Net book value
At 30 April 2024 5,000,000 40,441 30,983 1,366 5,072,790
At 30 April 2023 5,000,000 44,807 24,643 1,822 5,071,272

Armagh Business Park Limited (Registered number: NI615558)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. Property, plant and equipment - continued

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Valuation in 2018 1,907,196 - - - 1,907,196
Valuation in 2019 574,516 - - - 574,516
Valuation in 2020 793,800 - - - 793,800
Valuation in 2021 (102,124 ) - - - (102,124 )
Valuation in 2022 1,200,000 - - - 1,200,000
Valuation in 2023 (101,666 ) - - - (101,666 )
Valuation in 2024 (6,898 ) - - - (6,898 )
Cost 735,176 222,213 87,984 7,680 1,053,053
5,000,000 222,213 87,984 7,680 5,317,877

5. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables 182,432 180,218
Other receivables 43,026 -
225,458 180,218

6. Cash at bank
2024 2023
£ £
Deposit holding account 361,711 29,266

7. Payables: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 103,008 72,567
Trade creditors 42,402 42,191
Taxation and social security 7,817 53,725
Other payables 147,620 341,112
300,847 509,595

8. Payables more than one year
2024 2023
£ £
Bank loans 661,565 107,022

9. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances (6,712 ) 6,346
Land and buildings revaluation 802,547 1,057,707
795,835 1,064,053

Armagh Business Park Limited (Registered number: NI615558)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


9. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 May 2023 1,064,053
Credit to Income statement during year (13,058 )
Released during the year (255,160 )
Balance at 30 April 2024 795,835

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
3 Ordinary shares 3 3 3

11. Reserves
Retained Fair value
earnings reserve Totals
£ £ £

At 1 May 2023 426,961 3,173,122 3,600,083
Profit for the year 53,364 53,364
Revaluation of property - 503,422 503,422
Deferred tax on property reval - (255,160 ) (255,160 )
At 30 April 2024 480,325 3,421,384 3,901,709

12. Directors' advances, credits and guarantees

The following loans from the company to the directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£ £
Mr S Draffin
Balance outstanding at start of year (80,200 ) (117,200 )
Amounts advanced 87,000 37,000
Amounts repaid (1 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,799 (80,200 )

Mr P A Leeman
Balance outstanding at start of year (80,200 ) (117,200 )
Amounts advanced 137,000 41,000
Amounts repaid (56,971 ) (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (171 ) (80,200 )

Armagh Business Park Limited (Registered number: NI615558)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


12. Directors' advances, credits and guarantees - continued

Mr T F Wilson
Balance outstanding at start of year (80,200 ) (117,200 )
Amounts advanced 87,000 42,000
Amounts repaid - (5,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,800 (80,200 )