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COMPANY REGISTRATION NUMBER: NI622410
Johncorp (No.3) Limited
Filleted Unaudited Financial Statements
31 March 2024
Johncorp (No.3) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Johncorp (No.3) Limited
Officers and Professional Advisers
The board of directors
Mr. M.E Gurpinar
LAM(B) LTD Asset Management (Bahamas) Ltd
Registered office
Unit 1 Ground Floor
Adelaide Exchange
24-26 Adelaide Street
Belfast
BT2 8GD
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Bank of Ireland
202 Andersonstown Road
Belfast
BT11 9EB
Lloyds Bank Plc
32 Oxford Street
London
W1R 2BS
Johncorp (No.3) Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Johncorp (No.3) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Johncorp (No.3) Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. Our work has been undertaken in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
15 January 2025
Johncorp (No.3) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Stocks
10,211,972
10,211,972
Debtors
4
77,822
105,431
Cash at bank and in hand
197,466
18,513
-------------
-------------
10,487,260
10,335,916
Creditors: amounts falling due within one year
5
11,306,232
11,475,124
-------------
-------------
Net current liabilities
818,972
1,139,208
---------
------------
Total assets less current liabilities
( 818,972)
( 1,139,208)
---------
------------
Net liabilities
( 818,972)
( 1,139,208)
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 819,072)
( 1,139,308)
---------
------------
Shareholders deficit
( 818,972)
( 1,139,208)
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
Mr. M.E Gurpinar
Director
Company registration number: NI622410
Johncorp (No.3) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1 Ground Floor, Adelaide Exchange, 24-26 Adelaide Street, Belfast, BT2 8GD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income 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.
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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. 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.
4. Debtors
2024
2023
£
£
Trade debtors
51,379
Amounts owed by group undertakings and undertakings in which the company has a participating interest
51,972
51,972
Other debtors
25,850
2,080
--------
---------
77,822
105,431
--------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,639,356
5,806,854
Trade creditors
13,168
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,866,000
2,866,000
Corporation tax
7,138
Social security and other taxes
39,119
33,264
Other creditors
2,754,619
2,755,838
-------------
-------------
11,306,232
11,475,124
-------------
-------------
A balance of £5,639,356 included in other creditors is secured by a fixed charge over the property and land held by the company.
6. Related party transactions
The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures. At the year end John Corp (No.3) Limited was due a balance from Highgarden Limited of £51,972 (2023: £51,972). At the year end John Corp (No.3) Limited owed a balance to Dalesford Estates Limited of £2,743,278 (2023: £2,743,278). At the year end John Corp (No.3) Limited owed a balance to LOM Financial (Bahamas) Limited of £122,723 (2023: £122,723).
7. Controlling party
The company is a wholly owned subsidiary of Highgarden Limited, a company incorporated in England and Wales. Mr Metin Gurpinar is the 100& shareholder of Highgarden Limited and as such is considered to be the company's ultimate controlling party.