IRIS Accounts Production v24.2.0.383 NI609083 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6090832023-02-28NI6090832024-02-29NI6090832023-03-012024-02-29NI6090832022-02-28NI6090832022-03-012023-02-28NI6090832023-02-28NI609083ns15:NorthernIreland2023-03-012024-02-29NI609083ns14:PoundSterling2023-03-012024-02-29NI609083ns10:Director12023-03-012024-02-29NI609083ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29NI609083ns10:SmallEntities2023-03-012024-02-29NI609083ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29NI609083ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29NI609083ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29NI609083ns10:FullAccounts2023-03-012024-02-29NI609083ns10:OrdinaryShareClass12023-03-012024-02-29NI609083ns10:Director22023-03-012024-02-29NI609083ns10:Director32023-03-012024-02-29NI609083ns10:RegisteredOffice2023-03-012024-02-29NI609083ns5:CurrentFinancialInstruments2024-02-29NI609083ns5:CurrentFinancialInstruments2023-02-28NI609083ns5:ShareCapital2024-02-29NI609083ns5:ShareCapital2023-02-28NI609083ns5:RetainedEarningsAccumulatedLosses2024-02-29NI609083ns5:RetainedEarningsAccumulatedLosses2023-02-28NI609083ns5:LandBuildings2023-02-28NI609083ns5:PlantMachinery2023-02-28NI609083ns5:FurnitureFittings2023-02-28NI609083ns5:MotorVehicles2023-02-28NI609083ns5:LandBuildings2023-03-012024-02-29NI609083ns5:PlantMachinery2023-03-012024-02-29NI609083ns5:FurnitureFittings2023-03-012024-02-29NI609083ns5:MotorVehicles2023-03-012024-02-29NI609083ns5:LandBuildings2024-02-29NI609083ns5:PlantMachinery2024-02-29NI609083ns5:FurnitureFittings2024-02-29NI609083ns5:MotorVehicles2024-02-29NI609083ns5:LandBuildings2023-02-28NI609083ns5:PlantMachinery2023-02-28NI609083ns5:FurnitureFittings2023-02-28NI609083ns5:MotorVehicles2023-02-28NI609083ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29NI609083ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28NI609083ns5:DeferredTaxation2023-02-28NI609083ns5:DeferredTaxation2023-03-012024-02-29NI609083ns5:DeferredTaxation2024-02-29NI609083ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: NI609083 (Northern Ireland)















NORTHERN VIEW LEISURE LIMITED

Unaudited Financial Statements for the Year Ended 29 February 2024






NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)






Contents of the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


NORTHERN VIEW LEISURE LIMITED

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Paul McGurk
Nigel McGurk
Kevin James Lynch





REGISTERED OFFICE: Brookmount
18 Dungannon Road
Cookstown
Co. Tyrone
BT80 8TL





REGISTERED NUMBER: NI609083 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Statement of Financial Position
29 FEBRUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 3,148,875 3,195,875

CURRENT ASSETS
Receivables: amounts falling due within
one year

6

12,857,693

12,166,606
Cash at bank 3,167,246 2,621,392
16,024,939 14,787,998
PAYABLES
Amounts falling due within one year 7 (7,217,568 ) (6,504,713 )
NET CURRENT ASSETS 8,807,371 8,283,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,956,246

11,479,160

PROVISIONS FOR LIABILITIES 8 (28,621 ) (55,212 )
NET ASSETS 11,927,625 11,423,948

CAPITAL AND RESERVES
Called up share capital 9 4 4
Retained earnings 11,927,621 11,423,944
SHAREHOLDERS' FUNDS 11,927,625 11,423,948

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 29 February 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 17 October 2024 and were signed on its behalf by:





Nigel McGurk - Director


NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Northern View Leisure Limited is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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 House Act 2006. The financial statements have been prepared on a going concern basis. The accounting policies outlined below have been applied consistently throughout the year.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of services:
Revenue from the sale of services is recognised when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the group will receive consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property4% straight line
Plant and machinery25% reducing balance
Fixtures, fittings and equipment15% reducing balance
Motor vehicles25% reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.


NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued
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 where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and hire purchase agreements which transfer substantially all risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Reclassification
Some expenses have been reclassified in the current year to reflect more accurately the nature of the expense.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 9 ) .

NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 March 2023 3,245,367 472,909 322,908 83,574 4,124,758
Additions - 46,699 11,270 - 57,969
Disposals - - - (1,200 ) (1,200 )
At 29 February 2024 3,245,367 519,608 334,178 82,374 4,181,527
DEPRECIATION
At 1 March 2023 324,137 318,841 221,068 64,837 928,883
Charge for year 28,968 54,917 16,121 3,763 103,769
At 29 February 2024 353,105 373,758 237,189 68,600 1,032,652
NET BOOK VALUE
At 29 February 2024 2,892,262 145,850 96,989 13,774 3,148,875
At 28 February 2023 2,921,230 154,068 101,840 18,737 3,195,875

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 201,487 135,948
Amounts owed by related undertakings 12,562,050 11,923,060
Prepayments and accrued income 94,156 107,598
12,857,693 12,166,606

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade payables 71,709 75,473
Amounts owed to related undertakings 5,663,696 4,963,732
Taxation and social security 58,565 74,310
Other payables 1,423,598 1,391,198
7,217,568 6,504,713

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 28,621 55,212

Deferred tax
£
Balance at 1 March 2023 55,212
Credit to Income Statement during year (26,591 )
Balance at 29 February 2024 28,621

NORTHERN VIEW LEISURE LIMITED (REGISTERED NUMBER: NI609083)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4 Ordinary 1 4 4

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions.