0 false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 137,878 265,972 15,750,000 15,750,000 15,750,000 55,168 xbrli:pure xbrli:shares iso4217:GBP NI677549 2023-05-01 2024-03-31 NI677549 2024-03-31 NI677549 2023-04-30 NI677549 2022-05-01 2023-04-30 NI677549 2023-04-30 NI677549 bus:RegisteredOffice 2023-05-01 2024-03-31 NI677549 bus:OrdinaryShareClass1 2023-05-01 2024-03-31 NI677549 bus:Director1 2023-05-01 2024-03-31 NI677549 bus:Director3 2023-05-01 2024-03-31 NI677549 bus:Director2 2023-05-01 2024-03-31 NI677549 bus:Director3 2024-03-31 NI677549 bus:Director2 2024-03-31 NI677549 core:WithinOneYear 2024-03-31 NI677549 core:WithinOneYear 2023-04-30 NI677549 core:AfterOneYear 2024-03-31 NI677549 core:AfterOneYear 2023-04-30 NI677549 core:UKTax 2023-05-01 2024-03-31 NI677549 core:UKTax 2022-05-01 2023-04-30 NI677549 core:ShareCapital 2024-03-31 NI677549 core:ShareCapital 2023-04-30 NI677549 core:SharePremium 2024-03-31 NI677549 core:SharePremium 2023-04-30 NI677549 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI677549 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI677549 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 NI677549 core:RevaluationInvestmentPropertyDeferredTax 2023-04-30 NI677549 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI677549 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 NI677549 core:DeferredTaxation 2024-03-31 NI677549 bus:SmallEntities 2023-05-01 2024-03-31 NI677549 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 NI677549 bus:FullAccounts 2023-05-01 2024-03-31 NI677549 bus:SmallCompaniesRegimeForDirectorsReport 2023-05-01 2024-03-31 NI677549 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-03-31 NI677549 bus:OrdinaryShareClass1 2024-03-31 NI677549 bus:OrdinaryShareClass1 2023-04-30
COMPANY REGISTRATION NUMBER: NI677549
Straidorn Investments Limited
Unaudited Financial Statements
31 March 2024
Straidorn Investments Limited
Directors' Report
Period from 1 May 2023 to 31 March 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 March 2024 .
Directors
The directors who served the company during the period were as follows:
Mr L N McKibbin
Miss K McKibbin
(Appointed 19 March 2024)
Mr M W Sullivan
(Resigned 19 March 2024)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 December 2024 and signed on behalf of the board by:
Mr L N McKibbin
Director
Registered office:
8th Floor
Victoria House
Gloucester Street
Belfast
N Ireland
BT1 4LS
Straidorn Investments Limited
Statement of Income and Retained Earnings
Period from 1 May 2023 to 31 March 2024
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
Note
£
£
Turnover
4
795,862
1,017,912
---------
------------
Gross profit
795,862
1,017,912
Administrative expenses
101,279
322,986
---------
------------
Operating profit
5
694,583
694,926
Interest payable and similar expenses
6
516,179
397,593
---------
------------
Profit before taxation
178,404
297,333
Tax on profit
7
40,526
31,361
---------
---------
Profit for the financial period and total comprehensive income
137,878
265,972
---------
---------
All the activities of the company are from continuing operations.
Straidorn Investments Limited
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
Fixed assets
Tangible assets
8
15,750,000
15,750,000
Current assets
Debtors
9
497,237
39,845
Cash at bank and in hand
124,776
284,703
---------
---------
622,013
324,548
Creditors: amounts falling due within one year
10
4,747,296
4,382,303
------------
------------
Net current liabilities
4,125,283
4,057,755
-------------
-------------
Total assets less current liabilities
11,624,717
11,692,245
Creditors: amounts falling due after more than one year
11
7,491,000
7,696,406
Provisions
Taxation including deferred tax
12
55,168
55,168
-------------
-------------
Net assets
4,078,549
3,940,671
-------------
-------------
Capital and reserves
Called up share capital
14
100
100
Share premium account
15
2,468,978
2,468,978
Profit and loss account
15
1,609,471
1,471,593
------------
------------
Shareholders funds
4,078,549
3,940,671
------------
------------
For the period 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 period 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.
Straidorn Investments Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr L N McKibbin
Director
Company registration number: NI677549
Straidorn Investments Limited
Statement of Cash Flows
Period from 1 May 2023 to 31 March 2024
31 Mar 24
30 Apr 23
£
£
Cash flows from operating activities
Profit for the financial period
137,878
265,972
Adjustments for:
Fair value adjustment of investment property
250,000
Interest payable and similar expenses
516,179
397,593
Tax on profit
40,526
31,361
Accrued expenses
332,909
39,326
Changes in:
Trade and other debtors
( 457,392)
( 27,225)
Trade and other creditors
( 8,440)
( 193,498)
---------
---------
Cash generated from operations
561,660
763,529
Interest paid
( 516,179)
( 397,593)
Tax (paid)/received
( 2)
1
---------
---------
Net cash from operating activities
45,479
365,937
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 205,406)
( 469,218)
---------
---------
Net cash used in financing activities
( 205,406)
( 469,218)
---------
---------
Net decrease in cash and cash equivalents
( 159,927)
( 103,281)
Cash and cash equivalents at beginning of period
284,703
387,984
---------
---------
Cash and cash equivalents at end of period
124,776
284,703
---------
---------
Straidorn Investments Limited
Notes to the Financial Statements
Period from 1 May 2023 to 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 8th Floor, Victoria House, Gloucester Street, Belfast, BT1 4LS, N Ireland.
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.
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.
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.
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 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.
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.
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.
4. Turnover
Turnover arises from:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Rental income
795,862
1,017,912
---------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Fair value adjustments to investment property
250,000
----
---------
6. Interest payable and similar expenses
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Interest on banks loans and overdrafts
516,179
397,593
---------
---------
7. Tax on profit
Major components of tax expense
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Current tax:
UK current tax expense
40,526
65,621
Deferred tax:
Origination and reversal of timing differences
( 34,260)
--------
--------
Tax on profit
40,526
31,361
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
Period from
1 May 23 to
Year to
31 Mar 24
30 Apr 23
£
£
Profit on ordinary activities before taxation
178,404
297,333
---------
---------
Profit on ordinary activities by rate of tax
44,601
56,493
Effect of capital allowances and depreciation
( 3,113)
( 3,048)
Effect of revenue exempt from tax
47,500
Effect of different UK tax rates on some earnings
(962)
1,661
Utilisation of tax losses
( 36,985)
Deferred tax charge
(34,260)
---------
---------
Tax on profit
40,526
31,361
---------
---------
8. Tangible assets
Freehold property
£
Cost
At 1 May 2023 and 31 March 2024
15,750,000
-------------
Depreciation
At 1 May 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
15,750,000
-------------
At 30 April 2023
15,750,000
-------------
The address of the investment property is; Victoria House, 15 Gloucester Street, Belfast, BT1 4LS. The investment property was valued in October 2023 by Osborne King who are an independent valuer holding recognised and relevant qualifications and who have recent experience in similar investment property valuations.
9. Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
47,237
39,845
Amounts owed by undertakings in which the company has a participating interest
450,000
---------
--------
497,237
39,845
---------
--------
10. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
487,500
487,500
Accruals and deferred income
432,846
99,937
Corporation tax
106,146
65,622
Social security and other taxes
41,898
50,338
Other creditors
3,678,906
3,678,906
------------
------------
4,747,296
4,382,303
------------
------------
The bank loan is secured by a fixed charge over the company's investment property and a floating charge covering all the property or undertakings of the company.
11. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
7,491,000
7,696,406
------------
------------
The bank loan is secured by a fixed charge over the company's investment property and a floating charge covering all the property or undertakings of the company.
12. Provisions
Deferred tax (note 13)
£
At 1 May 2023 and 31 March 2024
55,168
--------
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Mar 24
30 Apr 23
£
£
Included in provisions (note 12)
55,168
55,168
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
30 Apr 23
£
£
Fair value adjustment of investment property
55,168
55,168
--------
--------
14. Called up share capital
Issued, called up and fully paid
31 Mar 24
30 Apr 23
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
15. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
16. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
284,703
(159,927)
124,776
Debt due within one year
(487,500)
(487,500)
Debt due after one year
(7,696,406)
205,406
(7,491,000)
------------
---------
------------
( 7,899,203)
45,479
( 7,853,724)
------------
---------
------------
17. Related party transactions
The company is under the control of the company directors Mr LN McKibbin and Miss K McKibbin . Lincoln Recruitment Limited is also under the control of the company directors. Lincoln Recruitment Limited advanced an interest free loan to the company. The balance owing by the company to Lincoln Recruitment Limited at the year end was £3,678,906 (2023: £3,678,906).