Registered number
NI046109
Binnian Developments Limited
Filleted Accounts
30 April 2024
Binnian Developments Limited
Independent auditor's report
to the members of Binnian Developments Limited
Opinion
We have audited the accounts of Binnian Developments Limited for the year ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included the following :
We considered as part of our audit risk assessment of the nature of the company, its business model and related risks including the impact of the cost of living crisis, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors' assessment of the company's ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors' plans for future actions in relation to their going concern assessment.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below :
Identifying and Assessing potential risks related to irregularities
In identifying and assessing risks of material misstatment in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance
results of our enquiries of management about their identification and assessment of the risks of irregularities
any matters which we have identified having obtained from management whether they were aware of any instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; and reviewing the internal controls established to mitigate risk of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagmeent team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have identified the greatest potential for fraud in the areas which management is required to exercise significant judgement. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pension and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included data protection, employment, environmental and health and safety regulations.
Audit response to risks identified
As a result of performing the above, we identified the potential for management override of the controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to the risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that many indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ben Reynolds
(Senior Statutory Auditor)
for and on behalf of 10c Marcus Square
Fitzpatrick & Kearney Ltd Newry
Accountants and Statutory Auditors Co. Down
29 January 2025 BT34 1AE
Binnian Developments Limited
Registered number: NI046109
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,082,173 1,109,191
Current assets
Debtors 5 10,357 5,527
Creditors: amounts falling due within one year 6 (108,916) (119,079)
Net current liabilities (98,559) (113,552)
Total assets less current liabilities 983,614 995,639
Creditors: amounts falling due after more than one year 7 (9,367) (14,349)
Provisions for liabilities 7 (824,160) (849,558)
Net assets 150,087 131,732
Capital and reserves
Investment capital 2,000 2,000
Profit and loss account 148,087 129,732
Members funds 150,087 131,732
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Conor Patterson
Director
Approved by the board on 29 January 2025
Binnian Developments Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value, net of value added tax and discounts, of rentals receivable from letting of commercial units at The Harbour, Kilkeel.
Property, plant and equipment
The company's land and buildings are held to earn rental income and are technically investment properties as defined by FRS102, however, the directors have accounted for these assets as property, plant and equipment as permitted under the standard as the fair value of each cannot be measured reliably without undue cost and effort.
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 2% straight line on buildings
Fixtures and fittings 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Ben Reynolds
Firm: Fitzpatrick & Kearney Ltd
Date of audit report: 29 January 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
4 Tangible fixed assets
Land and buildings Fixtures & Fittings Total
£ £ £
Cost
At 1 May 2023 1,579,169 8,480 1,587,649
At 30 April 2024 1,579,169 8,480 1,587,649
Depreciation
At 1 May 2023 470,300 8,158 478,458
Charge for the year 26,937 81 27,018
At 30 April 2024 497,237 8,239 505,476
Net book value
At 30 April 2024 1,081,932 241 1,082,173
At 30 April 2023 1,108,869 322 1,109,191
5 Debtors 2024 2023
£ £
Trade debtors 4,813 800
Other debtors 5,544 4,727
10,357 5,527
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18,095 30,789
Trade creditors 36,930 34,694
Taxation and social security costs 6,918 5,525
Other creditors 46,973 48,071
108,916 119,079
The company's bank loans and overdrafts are secured by a Legal Mortgage/Charge over 7A The Harbour, Magheramurphy, Kilkeel.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,367 14,349
8 Subsequent events
No events occurred after the reporting date which require adjustment to the financial statements or disclosure in the financial statements.
9 Provisions for liabilities and charges 2024 2023
£ £
As at 1st May 849,558 874,955
Amortised to profit and loss account (25,397) (25,397)
As at 30th April 824,160 849,558
The above provisions for liabilities relate to Capital Grants received from DARD and DEL.
10 Other information
Binnian Developments Limited is a private company limited by guarantee and incorporated in Northern Ireland. Its registered office is:
WIN Business Park
Canal Quay
Newry
Co. Down
BT35 6PH
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