45 01/06/2023 31/05/2024 2024-05-31 false false false false true false false false false false true false false true false false false false false true false 2023-06-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP NI688138 2023-06-01 2024-05-31 NI688138 2024-05-31 NI688138 2023-05-31 NI688138 2022-06-01 2023-05-31 NI688138 2023-05-31 NI688138 2022-05-31 NI688138 core:LandBuildings core:LongLeaseholdAssets 2023-06-01 2024-05-31 NI688138 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI688138 core:OnerousContractsExcludingVacantProperties 2023-06-01 2024-05-31 NI688138 bus:RegisteredOffice 2023-06-01 2024-05-31 NI688138 bus:LeadAgentIfApplicable 2023-06-01 2024-05-31 NI688138 bus:Director1 2023-06-01 2024-05-31 NI688138 bus:Director3 2023-06-01 2024-05-31 NI688138 bus:Director4 2023-06-01 2024-05-31 NI688138 bus:Director5 2023-06-01 2024-05-31 NI688138 bus:Director6 2023-06-01 2024-05-31 NI688138 bus:Director7 2023-06-01 2024-05-31 NI688138 bus:Director8 2023-06-01 2024-05-31 NI688138 bus:Director9 2023-06-01 2024-05-31 NI688138 bus:Director2 2023-06-01 2024-05-31 NI688138 core:WithinOneYear 2024-05-31 NI688138 core:WithinOneYear 2023-05-31 NI688138 core:ShareCapital 2024-05-31 NI688138 core:ShareCapital 2023-05-31 NI688138 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI688138 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI688138 bus:Director1 2023-05-31 NI688138 bus:Director1 2024-05-31 NI688138 bus:Director2 2023-05-31 NI688138 bus:Director3 2023-05-31 NI688138 bus:Director3 2024-05-31 NI688138 bus:Director4 2023-05-31 NI688138 bus:Director4 2024-05-31 NI688138 bus:Director1 2023-05-31 NI688138 bus:Director2 2023-05-31 NI688138 bus:Director3 2023-05-31 NI688138 bus:Director4 2023-05-31 NI688138 bus:Director1 2022-06-01 2023-05-31 NI688138 bus:Director2 2022-06-01 2023-05-31 NI688138 bus:Director3 2022-06-01 2023-05-31 NI688138 bus:Director4 2022-06-01 2023-05-31 NI688138 bus:SmallEntities 2023-06-01 2024-05-31 NI688138 bus:Audited 2023-06-01 2024-05-31 NI688138 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI688138 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI688138 bus:AbridgedAccounts 2023-06-01 2024-05-31 NI688138 core:ComputerEquipment 2023-06-01 2024-05-31 NI688138 core:AllAssociates 2023-06-01 2024-05-31
Company registration number: NI688138
Simon Brien Residential Ltd
Abridged filleted financial statements
31 May 2024
Simon Brien Residential Ltd
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Simon Brien Residential Ltd
Directors and other information
Directors S J Brien
T O'Doherty
S H Dickey
K Wilson (Appointed 31 January 2024)
C Cullinan (Appointed 31 January 2024)
K Dufficy (Appointed 31 January 2024)
S McKenna (Appointed 31 January 2024)
D O'Malley (Appointed 31 January 2024)
Company number NI688138
Registered office 525 Lisburn Road
Belfast
Antrim
BT9 7GQ
Auditor Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers AIB (NI)
35 University Road
Belfast
BT7 1ND
Simon Brien Residential 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.
Simon Brien Residential Ltd
Abridged statement of financial position
31 May 2024
31/05/24 31/05/23
Note £ £ £ £
Fixed assets
Tangible assets 5 242,820 253,692
_______ _______
242,820 253,692
Current assets
Debtors 834,566 523,195
Cash at bank and in hand 562,375 1,444,288
_______ _______
1,396,941 1,967,483
Creditors: amounts falling due
within one year ( 698,074) ( 1,059,596)
_______ _______
Net current assets 698,867 907,887
_______ _______
Total assets less current liabilities 941,687 1,161,579
Provisions for liabilities ( 61,805) ( 63,423)
_______ _______
Net assets 879,882 1,098,156
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 879,782 1,098,056
_______ _______
Shareholders funds 879,882 1,098,156
_______ _______
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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
S J Brien
Director
Company registration number: NI688138
Simon Brien Residential 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 525 Lisburn Road, Belfast, Antrim, BT9 7GQ. The principal activity of the company is the sale and letting of residential property.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Alterations to property - 4 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Computer equipment - 33 % straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Funds held on behalf of clients
The company provides normal solicitor services to clients and this includes the operation of client bank accounts under the requirements of the Solicitors Accounts Regulations 2014, issued by the Law Society of Northern Ireland. These funds are held in client bank accounts and are not assets of the company. Accordingly, the client bank accounts and the corresponding liability to the clients is not recognised in these financial statements. The amount held at 31 May 2024 was £2,462,496.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 45 (2023: 27 ).
5. Tangible assets
£
Cost
At 1 June 2023 591,216
Additions 12,120
_______
At 31 May 2024 603,336
_______
Depreciation
At 1 June 2023 337,524
Charge for the year 22,992
_______
At 31 May 2024 360,516
_______
Carrying amount
At 31 May 2024 242,820
_______
At 31 May 2023 253,692
_______
6. Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 22 July 2024. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
7. Summary audit opinion
The auditor's report dated 13 November 2024 was unqualified.
The senior statutory auditor was Eoin McMullan ACA for and on behalf of Hill Vellacott
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/05/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S J Brien ( 79,810) - 88,263 8,453
E J Brien 542 ( 542) - -
T O'Doherty ( 43,527) - 43,629 102
S H Dickey ( 26,753) - 26,806 53
_______ _______ _______ _______
( 149,548) ( 542) 158,698 8,608
_______ _______ _______ _______
Period ended 31/05/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S J Brien - ( 79,810) - ( 79,810)
E J Brien - 542 - 542
T O'Doherty - ( 43,527) - ( 43,527)
S H Dickey - ( 26,753) - ( 26,753)
_______ _______ _______ _______
- ( 149,548) - ( 149,548)
_______ _______ _______ _______
9. Related party transactions
Related parties include:1. Murlough Properties Limited, which has a directors in common controlDuring the year an amount of £75,000 of rent was paid by Murlough Properties Limited on behalf of Simon Brien Residential Ltd .2. The company occupies premises owned by the pension fund of a director and the company paid £51,000 for rent to the pension fund.3. Simon Brien Residential Limited was owed £278,353 by Sherry Fitzgerald Group at the balance sheet date.4. The company paid of dividends of £900,000 during the year (2023: £NIL)
10. Controlling party
The company is a wholly owned subsidiary of Kedge Limited. The ultimate parent company of Simon Brien Residential Ltd is Navigate Limited, a company registered in the Isle of Man, which forms part of the group of companies which are controlled by CastleGate Investments.
11. Charges against the Company
Debenture incorporating a fixed and floating charge over all company assets present and future.