0 true false false false true true false false false false false false true false false 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,726,707 1,073,812 2 2 20 20 25 302,247 73,948 25,250 401,445 302,247 302,247 73,948 25,250 99,198 90,214 19,038 3,788 113,040 114,432 13,728 5,050 133,210 204,646 204,646 32,766 8,838 41,604 41,182 16,412 57,594 212,033 54,910 21,462 288,405 3,659,323 3,659,298 3,659,298 25 3,659,323 634,788 634,788 634,788 634,788 634,788 634,788 1 2 2 1 450,000 450,000 450,002 450,002 xbrli:pure xbrli:shares iso4217:GBP NI610173 2022-07-01 2023-06-30 NI610173 2023-06-30 NI610173 2022-06-30 NI610173 2021-06-24 2022-06-30 NI610173 2022-06-30 NI610173 2021-06-23 NI610173 bus:Consolidated 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:Subsidiary1 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:Subsidiary2 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:Subsidiary3 2022-07-01 2023-06-30 NI610173 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI610173 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 NI610173 core:PlantMachinery 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:PlantMachinery 2022-07-01 2023-06-30 NI610173 core:FurnitureFittings 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:FurnitureFittings 2022-07-01 2023-06-30 NI610173 core:MotorVehicles 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:MotorVehicles 2022-07-01 2023-06-30 NI610173 bus:RegisteredOffice 2022-07-01 2023-06-30 NI610173 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI610173 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass2 2022-07-01 2023-06-30 NI610173 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 NI610173 bus:Consolidated bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 NI610173 bus:Director1 2022-07-01 2023-06-30 NI610173 bus:Director2 2022-07-01 2023-06-30 NI610173 bus:Consolidated bus:Director1 2022-07-01 2023-06-30 NI610173 bus:Consolidated bus:Director2 2022-07-01 2023-06-30 NI610173 bus:Consolidated 2023-06-30 NI610173 bus:Consolidated core:WithinOneYear 2023-06-30 NI610173 bus:Consolidated core:WithinOneYear 2022-06-30 NI610173 core:WithinOneYear 2023-06-30 NI610173 core:WithinOneYear 2022-06-30 NI610173 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 NI610173 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2022-06-30 NI610173 core:PlantMachinery 2022-06-30 NI610173 bus:Consolidated core:PlantMachinery 2022-06-30 NI610173 core:MotorVehicles 2022-06-30 NI610173 bus:Consolidated core:MotorVehicles 2022-06-30 NI610173 bus:Consolidated 2022-06-30 NI610173 core:PlantMachinery 2023-06-30 NI610173 bus:Consolidated core:PlantMachinery 2023-06-30 NI610173 core:MotorVehicles 2023-06-30 NI610173 bus:Consolidated core:MotorVehicles 2023-06-30 NI610173 bus:Consolidated 2021-06-24 2022-06-30 NI610173 bus:Consolidated 2022-06-30 NI610173 bus:Consolidated core:UKTax 2021-06-24 2022-06-30 NI610173 core:AfterOneYear bus:Consolidated 2023-06-30 NI610173 core:AfterOneYear bus:Consolidated 2022-06-30 NI610173 core:AfterOneYear 2023-06-30 NI610173 core:AfterOneYear 2022-06-30 NI610173 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-06-30 NI610173 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-06-23 NI610173 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-06-30 NI610173 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-06-30 NI610173 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI610173 core:RetainedEarningsAccumulatedLosses 2021-06-23 NI610173 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI610173 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI610173 bus:Consolidated core:ShareCapital 2023-06-30 NI610173 bus:Consolidated core:ShareCapital 2022-06-30 NI610173 bus:Consolidated core:OtherReservesSubtotal 2022-06-30 NI610173 core:ShareCapital 2023-06-30 NI610173 core:ShareCapital 2022-06-30 NI610173 core:DeferredTaxation 2022-07-01 2023-06-30 NI610173 bus:Consolidated core:DeferredTaxation 2022-07-01 2023-06-30 NI610173 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 NI610173 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-06-30 NI610173 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-06-30 NI610173 core:Non-currentFinancialInstruments 2023-06-30 NI610173 core:Non-currentFinancialInstruments 2022-06-30 NI610173 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-06-30 NI610173 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 NI610173 bus:Consolidated core:RevaluationPropertyPlantEquipmentDeferredTax 2022-06-30 NI610173 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-06-30 NI610173 bus:Consolidated core:TaxLossesCarry-forwardsDeferredTax 2023-06-30 NI610173 bus:Consolidated core:TaxLossesCarry-forwardsDeferredTax 2022-06-30 NI610173 core:TaxLossesCarry-forwardsDeferredTax 2023-06-30 NI610173 core:TaxLossesCarry-forwardsDeferredTax 2022-06-30 NI610173 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI610173 core:RetainedEarningsAccumulatedLosses 2021-06-24 2022-06-30 NI610173 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 NI610173 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2022-06-30 NI610173 core:PlantMachinery 2022-06-30 NI610173 bus:Consolidated core:PlantMachinery 2022-06-30 NI610173 core:MotorVehicles 2022-06-30 NI610173 bus:Consolidated core:MotorVehicles 2022-06-30 NI610173 core:DeferredTaxation 2022-06-30 NI610173 bus:Consolidated core:DeferredTaxation 2022-06-30 NI610173 bus:Consolidated bus:LeadAgentIfApplicable 2021-06-24 2022-06-30 NI610173 bus:Consolidated bus:Director1 2022-06-30 NI610173 bus:Consolidated bus:Director1 2023-06-30 NI610173 bus:Consolidated bus:Director2 2022-06-30 NI610173 bus:Consolidated bus:Director1 2021-06-23 NI610173 bus:Consolidated bus:Director1 2022-06-30 NI610173 bus:Consolidated bus:Director2 2021-06-23 NI610173 bus:Consolidated bus:Director2 2022-06-30 NI610173 bus:Consolidated 2021-06-23 NI610173 bus:Consolidated bus:Director1 2021-06-24 2022-06-30 NI610173 bus:Consolidated bus:Director2 2021-06-24 2022-06-30 NI610173 bus:SmallEntities 2022-07-01 2023-06-30 NI610173 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI610173 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI610173 bus:FullAccounts 2022-07-01 2023-06-30 NI610173 bus:OrdinaryShareClass1 2023-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass1 2023-06-30 NI610173 bus:OrdinaryShareClass1 2022-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass1 2022-06-30 NI610173 bus:OrdinaryShareClass2 2023-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass2 2023-06-30 NI610173 bus:OrdinaryShareClass2 2022-06-30 NI610173 bus:Consolidated bus:OrdinaryShareClass2 2022-06-30 NI610173 bus:AllOrdinaryShares 2023-06-30 NI610173 bus:AllOrdinaryShares bus:Consolidated 2023-06-30 NI610173 bus:AllOrdinaryShares 2022-06-30 NI610173 bus:AllOrdinaryShares bus:Consolidated 2022-06-30 NI610173 core:Associate1 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate1 bus:Consolidated 2021-06-24 2022-06-30 NI610173 core:Associate2 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate2 bus:Consolidated 2021-06-24 2022-06-30 NI610173 core:Associate3 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate4 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate4 bus:Consolidated 2021-06-24 2022-06-30 NI610173 core:Associate5 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate6 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate7 bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:Associate1 2022-07-01 2023-06-30 NI610173 core:Associate2 2022-07-01 2023-06-30 NI610173 core:Associate3 2022-07-01 2023-06-30 NI610173 core:Associate4 2022-07-01 2023-06-30 NI610173 core:Associate4 2021-06-24 2022-06-30 NI610173 core:Associate5 2022-07-01 2023-06-30 NI610173 core:Associate6 2022-07-01 2023-06-30 NI610173 core:Associate7 2022-07-01 2023-06-30 NI610173 core:Associate1 bus:Consolidated 2023-06-30 NI610173 core:Associate1 bus:Consolidated 2022-06-30 NI610173 core:Associate2 bus:Consolidated 2023-06-30 NI610173 core:Associate2 bus:Consolidated 2022-06-30 NI610173 core:Associate3 bus:Consolidated 2022-06-30 NI610173 core:Associate4 bus:Consolidated 2023-06-30 NI610173 core:Associate4 bus:Consolidated 2022-06-30 NI610173 core:Associate5 bus:Consolidated 2023-06-30 NI610173 core:Associate6 bus:Consolidated 2023-06-30 NI610173 core:Associate7 bus:Consolidated 2023-06-30 NI610173 core:Associate1 2023-06-30 NI610173 core:Associate1 2022-06-30 NI610173 core:Associate2 2023-06-30 NI610173 core:Associate2 2022-06-30 NI610173 core:Associate3 2022-06-30 NI610173 core:Associate4 2023-06-30 NI610173 core:Associate4 2022-06-30 NI610173 core:Associate5 2023-06-30 NI610173 core:Associate6 2023-06-30 NI610173 core:Associate7 2023-06-30 NI610173 core:MergerReserve 2022-07-01 2023-06-30 NI610173 core:AllAssociates bus:Consolidated 2022-07-01 2023-06-30 NI610173 core:AllAssociates 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: NI610173
Lisdalgan Properties Limited
Unaudited Financial Statements
30 June 2023
Lisdalgan Properties Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
5
Consolidated statement of income and retained earnings
6
Company statement of income and retained earnings
7
Consolidated statement of financial position
8
Company statement of financial position
10
Consolidated statement of cash flows
12
Notes to the financial statements
13
Lisdalgan Properties Limited
Officers and Professional Advisers
The board of directors
Mr K L Campbell
Ms L J Patrick
Registered office
82a Belfast Road
Saintfield
Ballynahinch
County Down
BT24 7HE
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Nesbitt Solicitors Ltd
109 Cregagh Road
Belfast
Northern Ireland
BT6 8PZ
Lisdalgan Properties Limited
Strategic Report
Year ended 30 June 2023
The principal activity in the company is the retail sale of automotive fuel. The directors present their strategic report for the year ended 30 June 2023. Review of business and future developments The profit and loss account for the year is set out on page 12. The group's trading performance continued to be impacted by the rising costs of energy however the directors have initiated the necessary steps to address this. The group is confident of the outlook in terms of sales and profits for the current year with an ever-increasing focus on the forecourt convenience retailing and food service aspect of its operations. Principal risks and uncertainties The group's operations expose it to financial. The group has in place a risk management program that seeks to limit the adverse effects on the financial performance of the group. Price risk The group is exposed to price fluctuations which can have a direct impact upon its profit margins. The company regularly monitors this and adopts suitable strategies to management this risk. The company has no exposure to equity securities price risk as it holds no listed investments. The group also operates in an extremely competitive market, with players drawn from local and large scale multi-national organisations, operating in the forecourt, food-to-go and convenience sectors. To mitigate this, the directors continually monitor changes in competitor activity and focus on delivering competitive prices and value for customers. Environment The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and safety The group is committed to achieving the highest practicable standards in health and safety management and strives to make all premises safe environments for employees and customers alike. Human resources The group's most important resource is its people; their knowledge and experience are crucial to meeting customer requirements. Retention of key staff is critical, and the group has invested in relevant employment training and development and has in place appropriate incentive and career progression arrangements. Directors The directors of the group during the year are shown on page 4.
This report was approved by the board of directors on 6 January 2024 and signed on behalf of the board by:
Mr K L Campbell
Director
Registered office:
82a Belfast Road
Saintfield
Ballynahinch
County Down
BT24 7HE
Lisdalgan Properties Limited
Directors' Report
Year ended 30 June 2023
The directors present their report and the unaudited financial statements of the group for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
Mr K L Campbell
Ms L J Patrick
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 6 January 2024 and signed on behalf of the board by:
Mr K L Campbell
Director
Registered office:
82a Belfast Road
Saintfield
Ballynahinch
County Down
BT24 7HE
Lisdalgan Properties Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lisdalgan Properties Limited
Year ended 30 June 2023
As described on the consolidated statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2023, which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
6 January 2024
Lisdalgan Properties Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 June 2023
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
Note
£
£
Turnover
4
10,000
927,986
Cost of sales
( 8,161)
937,574
--------
---------
Gross profit/(loss)
18,161
( 9,588)
Administrative expenses
565,030
3,614,664
Other operating income
5
5,679,579
---------
------------
Operating (loss)/profit
6
( 546,869)
2,055,327
Income from shares in group undertakings
10
( 3,659,298)
Other interest receivable and similar income
11
12,191
3,936
Interest payable and similar expenses
12
114,898
------------
------------
(Loss)/profit before taxation
( 4,308,874)
2,059,263
Tax on (loss)/profit
13
( 582,167)
985,451
------------
------------
(Loss)/profit for the financial year and total comprehensive income
( 3,726,707)
1,073,812
------------
------------
Retained earnings at the start of the year
3,506,321
2,432,509
------------
------------
Retained (losses)/earnings at the end of the year
( 220,386)
3,506,321
------------
------------
All the activities of the group are from continuing operations.
Lisdalgan Properties Limited
Company Statement of Income and Retained Earnings
Year ended 30 June 2023
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
4,031,122
( 3,460,069)
Retained (losses)/earnings at the start of the year
( 3,007,367)
452,702
------------
------------
Retained earnings/(losses) at the end of the year
1,023,755
( 3,007,367)
------------
------------
Lisdalgan Properties Limited
Consolidated Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
14
57,594
288,405
Current assets
Debtors
16
1,846,091
2,711,051
Cash at bank and in hand
15,965
71,907
------------
------------
1,862,056
2,782,958
Creditors: amounts falling due within one year
17
1,690,034
2,139,549
------------
------------
Net current assets
172,022
643,409
---------
---------
Total assets less current liabilities
229,616
931,814
Provisions
18
634,788
---------
---------
Net assets
229,616
297,026
---------
---------
Capital and reserves
Called up share capital
22
450,002
450,002
Other reserves, including the fair value reserve
23
( 3,659,297)
Profit and loss account
23
( 220,386)
3,506,321
---------
------------
Shareholders funds
229,616
297,026
---------
------------
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lisdalgan Properties Limited
Consolidated Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 January 2024 , and are signed on behalf of the board by:
Mr K L Campbell
Director
Company registration number: NI610173
Lisdalgan Properties Limited
Company Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
14
57,594
288,405
Investments
15
25
3,659,323
--------
------------
57,619
3,947,728
Current assets
Debtors
16
1,818,413
2,695,143
Cash at bank and in hand
15,665
71,607
------------
------------
1,834,078
2,766,750
Creditors: amounts falling due within one year
17
417,940
8,637,055
------------
------------
Net current assets/(liabilities)
1,416,138
( 5,870,305)
------------
------------
Total assets less current liabilities
1,473,757
( 1,922,577)
Provisions
18
634,788
------------
------------
Net assets/(liabilities)
1,473,757
( 2,557,365)
------------
------------
Capital and reserves
Called up share capital
22
450,002
450,002
Profit and loss account
23
1,023,755
( 3,007,367)
------------
------------
Shareholders funds/(deficit)
1,473,757
( 2,557,365)
------------
------------
The profit for the financial year of the parent company was £ 4,031,122 (2022: £ 3,460,069 loss).
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lisdalgan Properties Limited
Company Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 January 2024 , and are signed on behalf of the board by:
Mr K L Campbell
Director
Company registration number: NI610173
Lisdalgan Properties Limited
Consolidated Statement of Cash Flows
Year ended 30 June 2023
2023
2022
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 3,726,707)
1,073,812
Adjustments for:
Depreciation of tangible assets
133,210
132,685
Government grant income
( 12,701)
Income from shares in group undertakings
3,659,298
Other interest receivable and similar income
( 12,191)
( 3,936)
Interest payable and similar expenses
114,898
Loss on disposal of tangible assets
97,601
2,937,833
Tax on profit/(loss)
(582,167)
985,451
Accrued expenses/(income)
9,000
( 93,819)
Movement in deferred tax asset
(52,622)
Changes in:
Stocks
248,895
Trade and other debtors
864,960
( 2,251,775)
Trade and other creditors
21,203
( 2,350,320)
------------
------------
Cash generated from operations
526,483
666,125
Interest paid
( 114,898)
Interest received
12,191
3,936
Tax received
94,673
55,015
---------
---------
Net cash from operating activities
518,449
725,076
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 93,888)
Proceeds from sale of tangible assets
3,737,074
---------
------------
Net cash from investing activities
3,643,186
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 650,000)
( 4,424,198)
Proceeds from loans from group undertakings
75,609
( 10,250)
Government grant income
12,701
---------
------------
Net cash used in financing activities
( 574,391)
( 4,421,747)
---------
------------
Net decrease in cash and cash equivalents
( 55,942)
( 53,485)
Cash and cash equivalents at beginning of year
71,907
125,392
--------
---------
Cash and cash equivalents at end of year
15,965
71,907
--------
---------
Lisdalgan Properties Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 82a Belfast Road, Saintfield, Ballynahinch, County Down, BT24 7HE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Lisdalgan Properties Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the 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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment Property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Long leasehold property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Sale of goods
10,000
922,490
Rental income
5,496
--------
---------
10,000
927,986
--------
---------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Government grant income
12,701
Other operating income
5,666,878
----
------------
5,679,579
----
------------
6. Operating profit/(loss)
Operating profit or loss is stated after charging:
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Depreciation of tangible assets
133,210
132,685
Loss on disposal of tangible assets
97,601
2,937,833
Impairment of trade debtors
20,000
---------
------------
7. Auditor's remuneration
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Fees payable for the audit of the financial statements
12,000
----
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Number of administrative staff
26
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Wages and salaries
143,095
Social security costs
7,466
Other pension costs
3,807
----
---------
154,368
----
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Remuneration
2,990
----
-------
10. Income from shares in group undertakings
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
(Gain)/loss on FV adj to shares in group
(3,659,298)
------------
----
11. Other interest receivable and similar income
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Interest on loans and receivables
12,191
3,936
--------
-------
12. Interest payable and similar expenses
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Other interest payable and similar charges
114,898
---------
----
13. Tax on profit/(loss)
Major components of tax (income)/expense
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Current tax:
UK current tax income
932,017
Deferred tax:
Origination and reversal of timing differences
( 582,167)
53,434
---------
---------
Tax on profit/(loss)
( 582,167)
985,451
---------
---------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
Period from
Year to
24 Jun 21 to
30 Jun 23
30 Jun 22
£
£
(Loss)/profit on ordinary activities before taxation
( 4,308,874)
2,059,263
------------
------------
(Loss)/profit on ordinary activities by rate of tax
( 1,112,256)
391,260
Effect of expenses not deductible for tax purposes
963,792
547,161
Effect of capital allowances and depreciation
55,990
108,221
Utilisation of tax losses
92,474
( 116,475)
Unused tax losses
1,850
Origination and reversal of timing differences
( 582,167)
53,434
------------
------------
Tax on profit/(loss)
( 582,167)
985,451
------------
------------
14. Tangible assets
Group and company
Investment Property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
302,247
73,948
25,250
401,445
Disposals
( 302,247)
( 302,247)
---------
--------
--------
---------
At 30 June 2023
73,948
25,250
99,198
---------
--------
--------
---------
Depreciation
At 1 July 2022
90,214
19,038
3,788
113,040
Charge for the year
114,432
13,728
5,050
133,210
Disposals
( 204,646)
( 204,646)
---------
--------
--------
---------
At 30 June 2023
32,766
8,838
41,604
---------
--------
--------
---------
Carrying amount
At 30 June 2023
41,182
16,412
57,594
---------
--------
--------
---------
At 30 June 2022
212,033
54,910
21,462
288,405
---------
--------
--------
---------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
3,659,323
------------
Impairment
At 1 July 2022
Impairment losses
3,659,298
------------
At 30 June 2023
3,659,298
------------
Carrying amount
At 30 June 2023
25
------------
At 30 June 2022
3,659,323
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
The Garage Ballygowan Ltd
Ordinary
100
The Garage Comber Limited
Ordinary
100
Hanwood Filling Station Ltd
Ordinary
100
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
4,800
4,800
Amounts owed by group undertakings
3,000
3,000
Amounts owed by undertakings in which the company has a participating interest
422,745
165,575
412,170
155,000
Deferred tax asset
105,044
157,665
95,676
148,297
Directors loan account
532,162
233,590
589,905
291,333
Other debtors
778,340
2,151,221
715,862
2,100,513
------------
------------
------------
------------
1,846,091
2,711,051
1,818,413
2,695,143
------------
------------
------------
------------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2023
2022
2023
2022
£
£
£
£
Deferred tax asset
105,044
157,665
95,676
148,297
---------
---------
--------
---------
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
650,000
650,000
Trade creditors
30,893
31,893
30,893
31,893
Amounts owed to group undertakings
75,609
75,609
7,750,423
Amounts owed to undertakings in which the company has a participating interest
22,250
22,250
22,250
22,250
Accruals and deferred income
403,322
394,322
92,618
87,618
Corporation tax
1,135,757
1,041,084
189,544
94,871
Social security and other taxes
22,203
7,026
------------
------------
---------
------------
1,690,034
2,139,549
417,940
8,637,055
------------
------------
---------
------------
18. Provisions
Group and company
Deferred tax (note 19)
£
At 1 July 2022
634,788
Charge against provision
( 634,788)
---------
At 30 June 2023
---------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in debtors (note 16)
105,044
157,665
95,676
148,297
Included in provisions (note 18)
( 634,788)
( 634,788)
---------
---------
--------
---------
105,044
( 477,123)
95,676
( 486,491)
---------
---------
--------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
37,910
47,278
Revaluation of tangible assets
587,510
587,510
Unused tax losses
( 105,044)
( 148,297)
( 95,676)
( 148,297)
---------
---------
--------
---------
(105,044)
477,123
(95,676)
486,491
---------
---------
--------
---------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £Nil (2022: £ 3,767 ).
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
12,701
----
--------
----
----
22. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
450,000
450,000
450,000
450,000
---------
---------
---------
---------
450,002
450,002
450,002
450,002
---------
---------
---------
---------
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Merger reserve - This reserve reflects the difference between the cost of investment and the nominal value of the share capital acquired in the subsidiary companies.
24. Analysis of changes in net debt
At 1 Jul 2022
Cash flows
At 30 Jun 2023
£
£
£
Cash at bank and in hand
71,907
(55,942)
15,965
Debt due within one year
(672,250)
574,391
(97,859)
---------
---------
--------
( 600,343)
518,449
( 81,894)
---------
---------
--------
Lisdalgan Properties Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2023
25. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K L Campbell
188,597
343,565
532,162
Ms L J Patrick
44,993
( 44,993)
---------
---------
---------
233,590
298,572
532,162
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K L Campbell
41,764
146,833
188,597
Ms L J Patrick
23,079
21,914
44,993
--------
---------
---------
64,843
168,747
233,590
--------
---------
---------
26. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Colecamp Properties
( 630)
44,872
( 8,000)
( 8,000)
Jim Campbell
( 500)
10,750
( 14,250)
( 13,750)
N Kemp
( 23,250)
23,500
Deena Construction
104,990
175,825
273,565
168,575
KC 2021 GG
( 75,608)
( 75,609)
KC 2021 RT
42,181
42,180
Lisdalgan Enterprises
110,000
110,000
---------
---------
---------
---------
The above are related parties due to common control. The amounts outstanding are non interest bearing and will be settled in cash. No guarantees have been given or received.
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Colecamp Properties
( 8,000)
( 8,000)
Jim Campbell
( 14,250)
( 14,250)
N Kemp
( 20,000)
20,000
Deena Construction
104,990
155,000
259,990
155,000
KC 2021 GG
( 75,608)
( 75,609)
KC 2021 RT
42,181
42,180
Lisdalgan Enterprises
110,000
110,000
---------
---------
---------
---------
The above are related parties due to common control. The amounts outstanding are non interest bearing and will be settled in cash. No guarantees have been given or received.