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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.1 - FRS102_2021
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NI635525
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NI635525
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NI635525
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NI635525
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2024-05-31
Company registration number:
NI635525
BROOMHILL VENTURES LTD
Filleted financial statements
31 May 2024
BROOMHILL VENTURES LTD
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BROOMHILL VENTURES LTD
Directors and other information
|
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Directors |
Gary Nicholl |
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|
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Company number |
NI635525 |
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|
Registered office |
176 Clooney Road |
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|
Greysteel |
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Derry |
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|
BT47 3DY |
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Business address |
176 Clooney Road |
|
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Greysteel |
|
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Derry |
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|
BT47 3DY |
|
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Auditor |
McDaid McCullough Moore |
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|
28-32 Clarendon Street |
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Derry |
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N. Ireland |
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|
BT48 7HD |
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Solicitors |
John McKee |
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|
32-38 Linenhall Street |
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Belfast |
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|
BT2 8BG |
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|
BROOMHILL VENTURES LTD
Directors responsibilities statement
Year ended 31 May 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BROOMHILL VENTURES LTD
Statement of financial position
31 May 2024
|
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2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
709,384 |
|
|
|
709,384 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
709,384 |
|
|
|
709,384 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
5 |
(
577,692) |
|
|
|
(
577,692) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
577,692) |
|
|
|
(
577,692) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
131,692 |
|
|
|
131,692 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
131,692 |
|
|
|
131,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
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|
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|
|
|
Capital and reserves |
|
|
|
|
|
|
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|
|
Called up share capital |
|
6 |
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
131,691 |
|
|
|
131,691 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
131,692 |
|
|
|
131,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
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|
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 February 2025
, and are signed on behalf of the board by:
Gary Nicholl
Director
Company registration number:
NI635525
BROOMHILL VENTURES LTD
Statement of changes in equity
Year ended 31 May 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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|
At 1 June 2022 |
|
1 |
|
131,691 |
131,692 |
|
|
|
|
|
|
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|
|
|
|
|
|
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|
Profit for the year |
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|
- |
- |
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|
|
|
|
_______ |
|
_______ |
_______ |
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|
Total comprehensive income for the year |
|
- |
|
- |
- |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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|
|
|
|
At 31 May 2023 and 1 June 2023 |
|
1 |
|
131,691 |
131,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
- |
- |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
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|
At 31 May 2024 |
|
1 |
|
131,691 |
131,692 |
|
|
|
|
|
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|
_______ |
|
_______ |
_______ |
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|
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BROOMHILL VENTURES LTD
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 176 Clooney Road, Greysteel, Derry, BT47 3DY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
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|
Freehold property |
- |
not depreciated |
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|
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 or 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.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
709,384 |
709,384 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
709,384 |
709,384 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 May 2023 |
709,384 |
709,384 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The director considers that freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the statement of comprehensive income. The director performs annual impairment reviews in accordance with the requirements of Section 27 of FRS 102 to ensure that the recoverable amount is not lower than the carrying value.
5.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
575,119 |
575,119 |
|
Social security and other taxes |
|
583 |
583 |
|
Other creditors |
|
1,990 |
1,990 |
|
|
|
_______ |
_______ |
|
|
|
577,692 |
577,692 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
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|
|
|
|
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|
|
On 23 December 2015 shares which had an aggregate nominal value of £1 were alloted for aggregate consideration of £1.
7.
Summary audit opinion
The auditor's report for the year dated
20 February 2025
was unqualified.
The senior statutory auditor was
Terence McCullough
for and on behalf of
McDaid McCullough Moore
8.
Related party transactions
The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions with group undertakings as it is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited. The parent company prepares consolidated financial statements which are publicly available.
9.
Controlling party
The company is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited.Hugh and Loreen Nicholl own 100% of the issued share capital of Nicholls' (Fuel Oils) Limited therefore Hugh and Loreen Nicholl collectively are the company's ultimate controlling party at the balance sheet date.
10.
Ultimate Parent Undertaking
Broomhill Ventures Ltd is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited, a company incorporated in Northern Ireland. The largest and smallest group in which the results of the company are consolidated is that headed by Nicholls' (Fuel Oils) Limited. The consolidated financial statements of Nicholls' (Fuel Oils) Limited are available to the public and may be obtained from Companies House, 2nd Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG.