Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-05-01Letting33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI070317 2023-05-01 2024-04-30 NI070317 2022-05-01 2023-04-30 NI070317 2024-04-30 NI070317 2023-04-30 NI070317 2022-05-01 NI070317 c:Director1 2023-05-01 2024-04-30 NI070317 c:Director2 2023-05-01 2024-04-30 NI070317 c:Director3 2023-05-01 2024-04-30 NI070317 c:RegisteredOffice 2023-05-01 2024-04-30 NI070317 c:Agent1 2023-05-01 2024-04-30 NI070317 d:FreeholdInvestmentProperty 2024-04-30 NI070317 d:FreeholdInvestmentProperty 2023-04-30 NI070317 d:CurrentFinancialInstruments 2024-04-30 NI070317 d:CurrentFinancialInstruments 2023-04-30 NI070317 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 NI070317 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 NI070317 d:ShareCapital 2024-04-30 NI070317 d:ShareCapital 2023-04-30 NI070317 d:RevaluationReserve 2023-05-01 2024-04-30 NI070317 d:RevaluationReserve 2024-04-30 NI070317 d:RevaluationReserve 2023-04-30 NI070317 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 NI070317 d:RetainedEarningsAccumulatedLosses 2024-04-30 NI070317 d:RetainedEarningsAccumulatedLosses 2023-04-30 NI070317 c:OrdinaryShareClass1 2023-05-01 2024-04-30 NI070317 c:OrdinaryShareClass1 2024-04-30 NI070317 c:OrdinaryShareClass1 2023-04-30 NI070317 c:FRS102 2023-05-01 2024-04-30 NI070317 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI070317 c:FullAccounts 2023-05-01 2024-04-30 NI070317 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI070317 d:OtherDeferredTax 2024-04-30 NI070317 d:OtherDeferredTax 2023-04-30 NI070317 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Masthead (NI) Limited
For the Year Ended 30 April 2024





































Registered number: NI070317

 
Masthead (NI) Limited
 

Company Information


Directors
W Chambers 
J Chambers 
W Newell 




Registered number
NI070317



Registered office
7 Moneydarragh Road
Annalong

Newry

Co. Down

BT34 4TY




Accountants
Grant Thornton Advisors (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank

Castlewellan

Co. Down

BT31 9DD





 
Masthead (NI) Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9


  
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Independent Accountant's Report to the directors of the unaudited financial statements of Masthead (NI) Limited for the Year Ended 30 April 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Masthead (NI) Limited for the year ended 30 April 2024, which compris the Statement of comprehensive income,  the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of Masthead (NI) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Masthead (NI) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Masthead (NI) Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 30 April 2024 and you have acknowledged on the Balance sheet as at 30 April 2024 your duty to ensure that Masthead (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Masthead (NI) Limited is exempt from the statutory audit requirement for the year ended 30 April 2024.

We have not been instructed to carry out an audit or review the financial statements of Masthead (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton Advisors (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   21 January 2025
Page 1

 
Masthead (NI) Limited
Registered number:NI070317

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
355,000
355,000

  
355,000
355,000

Current assets
  

Debtors: amounts falling due within one year
 6 
485,671
336,495

Cash at bank and in hand
 7 
9,355
130,411

  
495,026
466,906

Creditors: amounts falling due within one year
 8 
(9,587)
(11,638)

Net current assets
  
 
 
485,439
 
 
455,268

Total assets less current liabilities
  
840,439
810,268

Provisions for liabilities
  

Deferred tax liability
 9 
(22,696)
(22,696)

  
 
 
(22,696)
 
 
(22,696)

Net assets
  
817,743
787,572


Capital and reserves
  

Called up share capital 
 10 
100
100

Other reserve
 11 
68,077
68,077

Profit and loss account
 11 
749,566
719,395

  
817,743
787,572


Page 2

 
Masthead (NI) Limited
Registered number:NI070317

Balance sheet (continued)
As at 30 April 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




W Chambers
Director

Page 3

 
Masthead (NI) Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024


1.


General information

Masthead (NI) Limited is a private limited company limited by shares and incorporated in Northern Ireland. The registered office is 7 Moneydarragh Road, Annalong, Newry, Co. Down, BT34 4TY.
The principal activity of the company is operating and letting of own real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the  financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. 

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the 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.

Page 4

 
Masthead (NI) Limited
 

Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Masthead (NI) Limited
 

Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.
 

Page 6

 
Masthead (NI) Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
355,000



At 30 April 2024
355,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Trade debtors
2,267
3,167

Amounts owed from group company
331,848
-

Amounts owed by related parties
150,000
331,848

Prepayments and accrued income
1,556
1,480

485,671
336,495



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,355
130,411

9,355
130,411


Page 7

 
Masthead (NI) Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
9,587
7,138

Accruals and deferred income
-
4,500

9,587
11,638



9.


Deferred tax liability




2024
2023


£

£






At beginning of year
22,696
22,696



At end of year
22,696
22,696

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains/(losses)
22,696
22,696

22,696
22,696


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Other reserve

Includes unrealised revaluation of investment property prior to transition to FRS 102.

Profit & loss account

Includes all current and prior period retained profits and losses.

Page 8

 
Masthead (NI) Limited
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

12.


Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of the group.
During the year the company had net transactions with a company related by virtue of common directorship of £150,000. At the balance sheet date the amount owed from the related party was £150,000 (2023: £NIL).


13.


Controlling party

The company's parent undertaking is Shellco Seafoods Limited, a company incorporated in Northern Ireland. The company's ultimate controlling party is Bonumcorpus (No.53) Limited by virtue of their shareholdings in Shellco Seafoods Limited.


Page 9