Company registration number NI025056 (Northern Ireland)
CORICK INVESTMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CORICK INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr A William Buller
Mr Alfred W Buller
Secretary
Mr G McGivern
Company number
NI025056
Registered office
Valley Business Centre
67 Church Road
Newtown Abbey
BT36 7LS
CORICK INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
CORICK INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company continued to be that of trading in properties through joint ventures.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A William Buller
Mr Alfred W Buller
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr Alfred W Buller
Director
20 February 2025
CORICK INVESTMENTS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
2024
2023
£
£
Turnover
-
-
Administrative expenses
(25,346)
(30,950)
Other operating income
32,056
21,860
Operating profit/(loss)
6,710
(9,090)
Interest payable and similar expenses
(104,434)
(77,684)
Loss before taxation
(97,724)
(86,774)
Tax on loss
Loss for the financial year
(97,724)
(86,774)
The income statement has been prepared on the basis that all operations are continuing operations.
CORICK INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,115,091
2,115,091
Investments
5
3
3
2,115,094
2,115,094
Current assets
Debtors
6
344,673
1,090,766
Cash at bank and in hand
574
581
345,247
1,091,347
Creditors: amounts falling due within one year
7
(2,525,499)
(1,647,147)
Net current liabilities
(2,180,252)
(555,800)
Total assets less current liabilities
(65,158)
1,559,294
Creditors: amounts falling due after more than one year
8
(16,765)
(1,543,493)
Net (liabilities)/assets
(81,923)
15,801
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
(91,923)
5,801
Total equity
(81,923)
15,801
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr Alfred W Buller
Director
Company Registration No. NI025056
CORICK INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
10,000
92,575
102,575
Year ended 28 February 2023:
Loss and total comprehensive income
-
(86,774)
(86,774)
Balance at 28 February 2023
10,000
5,801
15,801
Year ended 29 February 2024:
Loss and total comprehensive income
-
(97,724)
(97,724)
Balance at 29 February 2024
10,000
(91,923)
(81,923)
CORICK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
1
Accounting policies
Company information
Corick Investments Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Valley Business Centre, 67 Church Road, Newtown Abbey, BT36 7LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, rounded to the nearest £.
The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are measured at cost.
1.4
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CORICK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
CORICK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 and 29 February 2024
2,115,091
Depreciation and impairment
At 1 March 2023 and 29 February 2024
Carrying amount
At 29 February 2024
2,115,091
At 28 February 2023
2,115,091
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3
3
Fixed asset investments not carried at market value
Investments in companies have not been re-valued on the basis that the director has determined that the cost of obtaining fair values for the investments outweighs the benefits to the users of these accounts.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
74,673
820,766
Other debtors
270,000
270,000
344,673
1,090,766
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,225
9,934
Trade creditors
26,800
18,400
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,892,260
827,108
Taxation and social security
13,237
61,037
Other creditors
582,977
730,668
2,525,499
1,647,147
CORICK INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,765
1,543,493
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
5,000
5,000
5,000
5,000
Ordinary B of £1 each
5,000
5,000
5,000
5,000
10,000
10,000
10,000
10,000
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