|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
|
Officers and Professional Advisers |
Director |
|
Registered office |
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
Bankers |
|
Donegall Square West |
|
Belfast |
|
BT1 6JS |
|
|
|
11-16 Donegall Square East |
|
Belfast |
|
BT1 5UB |
|
Solicitors |
|
Jefferson House |
|
42 Queen Street |
|
Belfast |
|
BT1 6HL |
|
|
|
Murray House |
|
Murray Street |
|
Belfast |
|
BT1 6DN |
|
|
Strategic Report |
|
|
Director |
|
Registered office: |
|
|
|
|
|
Director's Report |
|
|
|
|
Director |
|
Registered office: |
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
(
|
|
Other operating income |
5 |
|
|
------------- |
------------- |
||
Operating profit |
6 |
|
|
Income from shares in group undertakings |
11 |
|
|
Other interest receivable and similar income |
12 |
|
|
Interest payable and similar expenses |
13 |
|
|
------------- |
------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
14 |
|
(
|
------------ |
------------- |
||
Profit for the financial year |
|
|
|
------------ |
------------- |
||
Foreign currency retranslation |
– |
|
------------ |
------------- |
|
Total comprehensive income for the year |
|
|
------------ |
------------- |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Negative goodwill |
16 |
(
|
– |
Tangible assets |
17 |
|
|
Investments |
18 |
|
|
-------------- |
-------------- |
||
|
|
||
Stocks |
19 |
|
|
Debtors |
20 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
21 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
-------------- |
-------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
22 |
|
|
-------------- |
-------------- |
||
Net assets |
|
|
|
-------------- |
-------------- |
||
Called up share capital |
25 |
|
|
Share premium account |
26 |
|
|
Capital redemption reserve |
26 |
|
|
Other reserves, including the fair value reserve |
26 |
|
|
Profit and loss account |
26 |
|
|
-------------- |
-------------- |
||
Shareholders funds |
|
|
|
-------------- |
-------------- |
||
|
|
Director |
|
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Investments |
18 |
|
|
Debtors |
20 |
|
|
Creditors: amounts falling due within one year |
21 |
|
|
--------- |
--------- |
||
Net current assets |
|
|
|
------------ |
--------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
22 |
|
– |
------------ |
--------- |
||
Net assets |
|
|
|
------------ |
--------- |
||
Called up share capital |
25 |
|
|
Share premium account |
26 |
|
|
Profit and loss account |
26 |
|
|
--------- |
--------- |
||
Shareholders funds |
|
|
|
--------- |
--------- |
||
|
|
Director |
|
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Capital redemption reserve |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
£ |
£ |
|||
At 1 January 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
||||||
Other comprehensive income for the year: |
||||||||
Foreign currency retranslation |
– |
– |
– |
– |
|
|
||
---- |
---- |
--------- |
------------ |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
– |
– |
– |
|
|
||
At 31 December 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
||||||
---- |
---- |
--------- |
------------ |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
– |
– |
– |
|
|
||
Dividends paid and payable |
15 |
– |
– |
– |
– |
(
|
(
|
|
---- |
---- |
---- |
---- |
------------ |
------------ |
|||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
||
---- |
---- |
--------- |
------------ |
------------- |
------------- |
|||
At 31 December 2023 |
|
|
|
|
|
|
||
---- |
---- |
--------- |
------------ |
------------- |
------------- |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
|
Profit for the year |
– |
– |
|||
At 31 December 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
--------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
15 |
– |
– |
(
|
(
|
---- |
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
---- |
--------- |
------------ |
------------ |
||
At 31 December 2023 |
|
|
|
|
|
---- |
--------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
(
|
– |
Fair value adjustment of investment property |
(
|
(
|
Income from shares in group undertakings |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Tax on profit |
|
(
|
Accrued (income)/expenses |
(
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
(
|
------------- |
------------- |
|
Cash generated from operations |
|
(
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------- |
------------- |
|
Net cash from/(used in) operating activities |
|
(
|
------------- |
------------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
|
– |
Proceeds from sale of subsidiaries |
|
|
Purchases of other investments |
– |
(
|
------------- |
------------- |
|
Net cash (used in)/from investing activities |
(
|
|
------------- |
------------- |
|
Proceeds from borrowings |
|
|
Proceeds from loans from group undertakings |
|
– |
------------- |
------------- |
|
Net cash from financing activities |
|
|
------------- |
------------- |
|
Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
1,844,981 |
7,949,479 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Fixtures and fittings |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Rental income |
|
|
Trading property sales |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Other operating income |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
(
|
– |
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Fair value adjustments to investment property |
(
|
(
|
Impairment of trade debtors |
16,321 |
65,500 |
Foreign exchange differences |
|
|
--------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
Audit of the financial statements of associates |
|
|
Taxation compliance services |
|
|
Taxation advisory services |
|
|
Other non-audit services |
|
|
--------- |
--------- |
|
121,650 |
119,200 |
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Investment property - fair value adjustment |
(
|
(
|
– |
– |
--------- |
------------- |
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
(Gain)/loss on disposal of shares in group |
2,418,723 |
9,717,241 |
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
– |
|
Other interest receivable and similar income |
|
|
---- |
-------- |
|
|
|
|
---- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
– |
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
|
|
Adjustments in respect of prior periods |
|
(
|
------------ |
--------- |
|
Total UK current tax |
|
|
Foreign current tax income |
|
|
------------ |
-------- |
|
Total current tax |
|
|
------------ |
-------- |
|
Origination and reversal of timing differences |
|
(
|
------------ |
--------- |
|
Tax on profit |
|
(
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------- |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
|
(
|
Effect of expenses not deductible for tax purposes |
(
|
(
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of different UK tax rates on some earnings |
(27,816) |
(17,434) |
Utilisation of tax losses |
– |
(
|
Origination and reversal of timing differences |
|
(
|
------------ |
------------- |
|
Tax on profit |
|
(
|
------------ |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
------------ |
---- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Carrying amount |
|
At 31 December 2023 |
(
|
------------ |
|
At 31 December 2022 |
– |
------------ |
|
Group |
Investment properties |
Fixtures and fittings |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Additions |
|
|
|
Disposals |
(
|
(
|
(
|
Revaluations |
|
– |
|
Transfer from trading stock |
|
– |
|
-------------- |
--------- |
-------------- |
|
At 31 December 2023 |
|
|
|
-------------- |
--------- |
-------------- |
|
Depreciation |
|||
At 1 January 2023 |
– |
|
|
Charge for the year |
– |
|
|
Disposals |
– |
(
|
(
|
-------------- |
--------- |
-------------- |
|
At 31 December 2023 |
– |
|
|
-------------- |
--------- |
-------------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------------- |
--------- |
-------------- |
|
At 31 December 2022 |
|
|
|
-------------- |
--------- |
-------------- |
|
Group |
Investment properties |
£ |
|
At 31 December 2023 |
|
Aggregate cost |
147,193,543 |
Aggregate depreciation |
– |
-------------- |
|
Carrying value |
|
-------------- |
|
At 31 December 2022 |
|
Aggregate cost |
130,750,009 |
Aggregate depreciation |
– |
-------------- |
|
Carrying value |
|
-------------- |
|
Group |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 and 31 December 2023 |
|
|
|
-------- |
---- |
-------- |
|
Impairment |
|||
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
-------- |
---- |
-------- |
|
Carrying amount |
|||
At 1 January 2023 and 31 December 2023 |
|
|
|
-------- |
---- |
-------- |
|
At 31 December 2022 |
|
|
|
-------- |
---- |
-------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
--------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Banner Dell Limited | Northern Ireland | Ordinary shares | 100% | Holding company |
Herbel Limited | Northern Ireland | Ordinary shares | 100% | Holding company |
Scotco (Eastern) Limited | Scotland | Ordinary shares | 100% | Property investment & development |
Brechan Limited | Northern Ireland | Ordinary shares | 100% | Dormant |
Herbel Restaurants Limited | Northern Ireland | Ordinary shares | 100% | Property investment |
L Herbert & Son Limited | Northern Ireland | Ordinary shares | 100% | Property investment & development |
Kirk Bryson & Co Limited | Northern Ireland | Ordinary shares | 100% | Property investment |
Kirk Bryson (Ireland) Limited | Republic of Ireland | Ordinary shares | 100% | Dormant |
HB Building Property Services Limited | Northern Ireland | Ordinary shares | 100% | Property development |
Lesley Developments Limited | Northern Ireland | Ordinary shares | 100% | Property development |
Lesley Developments (Lisburn) Limited | Northern Ireland | Ordinary shares | 100% | Property development |
Lesley Developments (Greenisland) Limited | Northern Ireland | Ordinary shares | 100% | Property development |
Lesley Portrush Limited | Northern Ireland | Ordinary shares | 100% | Property development |
Forestside Acquisitions Limited | Northern Ireland | Ordinary shares | 100% | Property investment |
Herbel Property Development Limited | Northern Ireland | Ordinary shares | 100% | Property investment & development |
Kirk Bryson (Northern) Limited | England/Wales | Ordinary shares | 100% | Property investment |
Mussenden Properties Limited | Northern Ireland | Ordinary shares | 100% | Property investment |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Work in progress |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
– |
– |
Deferred tax asset |
– |
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other debtors - desc in a/cs |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
– |
|
Accruals and deferred income |
|
|
|
– |
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Director loan accounts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------- |
------------- |
-------- |
--------- |
|
|
|
|
|
|
------------- |
------------- |
-------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Amounts owed to group undertakings |
|
– |
|
– |
Other creditors |
|
|
– |
– |
------------- |
------------- |
--------- |
---- |
|
|
|
|
– |
|
------------- |
------------- |
--------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 20) |
– |
|
– |
– |
---- |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Revaluation of tangible assets |
– |
(
|
– |
– |
---- |
------------ |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
101 |
|
101 |
---- |
---- |
---- |
---- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(795,929) |
|
Debt due within one year |
(5,197,109) |
(2,152,242) |
(7,349,351) |
Debt due after one year |
(20,434,554) |
(49,453,072) |
(69,887,626) |
------------- |
------------- |
------------- |
|
(
|
(
|
(
|
|
------------- |
------------- |
------------- |
|
2023 |
||||
Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
(
|
|
--------- |
--------- |
-------- |
||
2022 |
||||
Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
(
|
(
|
|
-------- |
--------- |
--------- |
||