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Registration number: NI032474

Holywood Leisure Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Holywood Leisure Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Holywood Leisure Limited

(Registration number: NI032474)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

861,515

853,126

Current assets

 

Stocks

5

6,963

8,167

Debtors

6

10,563

84,782

Cash at bank and in hand

 

95,410

62,853

 

112,936

155,802

Creditors: Amounts falling due within one year

7

(55,653)

(59,920)

Net current assets

 

57,283

95,882

Total assets less current liabilities

 

918,798

949,008

Provisions for liabilities

(88,548)

(90,887)

Net assets

 

830,250

858,121

Capital and reserves

 

Called up share capital

8

120,000

120,000

Retained earnings

710,250

738,121

Shareholders' funds

 

830,250

858,121

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Holywood Leisure Limited

(Registration number: NI032474)
Balance Sheet as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
Mr Lorcan Ward
Director

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
Ards Shopping Centre
Blair Mayne Road South
Newtownards
Co. Down
BT23 4EU

These financial statements were authorised for issue by the Board on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Other tangible assets

15% reducing balance

Furniture, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

1,495,231

106,793

73,621

1,675,645

Additions

50,000

-

-

50,000

At 31 July 2024

1,545,231

106,793

73,621

1,725,645

Depreciation

At 1 August 2023

705,788

85,254

31,477

822,519

Charge for the year

29,905

5,385

6,321

41,611

At 31 July 2024

735,693

90,639

37,798

864,130

Carrying amount

At 31 July 2024

809,538

16,154

35,823

861,515

At 31 July 2023

789,443

21,539

42,144

853,126

Included within the net book value of land and buildings above is £809,538 (2023 - £789,443) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

6,963

8,167

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

-

55,000

Prepayments

 

10,563

12,483

Other debtors

 

-

17,299

   

10,563

84,782

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,000

-

Taxation and social security

 

11,634

16,845

Accruals and deferred income

 

42,964

42,699

Other creditors

 

55

376

 

55,653

59,920

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

'A' Ordinary shares of £1 each

31,200

31,200

31,200

31,200

'B' Ordinary shares of £1 each

29,400

29,400

29,400

29,400

'C' Ordinary shares of £1 each

29,400

29,400

29,400

29,400

'D' Ordinary shares of £1 each

30,000

30,000

30,000

30,000

120,000

120,000

120,000

120,000

9

Related party transactions

Key management personnel

The directors are deemed to be the company's key management personnel and they received no remuneration from the company in either the current or prior year.

Summary of transactions with parent

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.
 

Summary of transactions with entities with joint control or significant interest

Payment of services on behalf of related party
 

 

Holywood Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Income and receivables from related parties

2023

Parent
£

Entities with joint control or significant influence
£

Settlement of liabilities

-

5,000

Amounts receivable from related party

50,000

5,000

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Settlement of liabilities

6,000

Amounts payable to related party

1,000

10

Parent and ultimate parent undertaking

The company's immediate parent is DET Banbridge Limited, incorporated in Northern Ireland.

 The ultimate parent is Distribution and Exhibition Transport Limited, incorporated in Ireland.

 The most senior parent entity producing publicly available financial statements is Distribution and Exhibtion Transport Limited, incorporated in Ireland. These financial statements are available upon request from Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.

 The ultimate controlling party is Mr Paul Ward and Mrs Mary Ward.

11

Non adjusting events after the financial period

Post year end the entire share capital of Holywood Leisure held by DET Banbridge Limited was transferred to Dublin Cinema Group.