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Registration number: NI634809

DET Banbridge Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

DET Banbridge Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 13

 

DET Banbridge Limited

(Registration number: NI634809)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

46,000

Investment property

6

-

400,000

Investments

7

1,130,000

1,130,000

 

1,130,000

1,576,000

Current assets

 

Stocks

8

-

36,350

Debtors

9

14,684

18,426

Cash at bank and in hand

 

8,675

6,716

 

23,359

61,492

Creditors: Amounts falling due within one year

10

(1,482,998)

(2,670,999)

Net current liabilities

 

(1,459,639)

(2,609,507)

Net liabilities

 

(329,639)

(1,033,507)

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

(329,739)

(1,033,607)

Shareholders' deficit

 

(329,639)

(1,033,507)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

DET Banbridge Limited

(Registration number: NI634809)
Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mr Paul Ward
Company secretary and director

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
Iveagh Movie Studios Complex
26 Downshire Place
Banbridge
BT32 3DF
Northern Ireland

These financial statements were authorised for issue by the Board on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the company's net liability position at the year end and confirm that loans from related parties will not be called in. As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% Straight line

Other tangible assets (including equipment, fixtures & fittings)

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The comany only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the diifference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 4).

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

475,000

475,000

Disposals

(475,000)

(475,000)

At 30 November 2023

-

-

Amortisation

At 1 December 2022

475,000

475,000

Amortisation eliminated on disposals

(475,000)

(475,000)

At 30 November 2023

-

-

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

50,000

50,000

Disposals

(50,000)

(50,000)

At 30 November 2023

-

-

Depreciation

At 1 December 2022

4,000

4,000

Eliminated on disposal

(4,000)

(4,000)

At 30 November 2023

-

-

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

46,000

46,000

Included within the net book value of land and buildings above is £Nil (2022 - £46,000) in respect of freehold land and buildings.
 

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Investment properties

2023
£

At 1 December

400,000

Disposals

(400,000)

At 30 November

-

Investment property was valued by the directors. The directors have valued the investment property at the year end based on their estimate of market value and they believe that the above valuation represents the fair value of the investment property at the year end.

There has been no valuation of investment property by an independent valuer.

7

Investments

2023
£

2022
£

Investments in subsidiaries

1,130,000

1,130,000

Subsidiaries

£

Cost or valuation

At 1 December 2022

1,130,000

Provision

Carrying amount

At 30 November 2023

1,130,000

At 30 November 2022

1,130,000

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Holywood Leisure Ltd

51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

Northern Ireland

Ordinary

0%

100%

Subsidiary undertakings

Holywood Leisure Ltd

The principal activity of Holywood Leisure Ltd is cinema operation.

8

Stocks

2023
£

2022
£

Other inventories

-

36,350

9

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

13

14,684

-

Other debtors

 

-

14,577

Prepayments

 

-

3,849

 

14,684

18,426

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

1,130,000

1,750,000

Trade creditors

 

6,667

2,527

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

232,931

810,214

Taxation and social security

 

738

1,012

Accruals and deferred income

 

24,580

19,167

Other creditors

 

88,082

88,079

 

1,482,998

2,670,999

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

12

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

1,130,000

1,750,000

13

Related party transactions

Key management personnel

The Company's key management personnel are deemed to be the directors. The directors received no remuneration from the company in either the current or prior year.

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Summary of transactions with parent

Distribution and Exhibition Transport Limited owns 100% of DET Banbridge Limited and the company has taken advantage of the exemption in FRS 102 not to disclose transactions with wholly owned subsidiaries which form part of the group.
 

Summary of transactions with subsidiaries

DET Banbridge Limited owns 100% of Holywood Leisure Limited and the company has taken advantage of the exemption in FRS 102 not to disclose transactions with wholly owned subsidiaries which formed part of the group.
 

Summary of transactions with other related parties

In 2016, the company recievd a loan from an entity under common ownership and control.
 

Income and receivables from related parties

2023

Other related parties
£

Settlement of liabilities

14,684

Amounts receivable from related party

14,684

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Subsidiary
£

Key management
£

Amounts payable to related party

183

232,748

87,762

2022

Entities with joint control or significant influence
£

Subsidiary
£

Key management
£

Other related parties
£

Settlement of liabilities

84

-

-

7,282

Amounts payable to related party

183

282,748

87,762

7,282

Loans from related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

520,000

1,750,000

2,270,000

Repaid

(520,000)

-

(520,000)

Impairment

-

(620,000)

(620,000)

At end of period

-

1,130,000

1,130,000

 

DET Banbridge Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2022

Parent
£

Other related parties
£

Total
£

At start of period

520,000

1,750,000

2,270,000

At end of period

520,000

1,750,000

2,270,000

Terms of loans from related parties

Loans from related parties are denominated in sterling, repayable on demand and interest free.
 

14

Parent and ultimate parent undertaking

The company's immediate parent is Distribution and Exhibtion Transport Limited, incorporated in Ireland.

  These financial statements are available upon request from Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.

 The ultimate controlling party is Mr Paul Ward and Mrs Mary Ward.