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Sage Accounts Production 24.0 - FRS102_2024
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NI041906
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NI041906
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NI041906
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NI041906
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NI041906
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NI041906
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NI041906
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NI041906
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2024-08-31
NI041906
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NI041906
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NI041906
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NI041906
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2023-09-01
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2023-08-31
NI041906
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2024-08-31
Company registration number:
NI041906
Duncreggan Student Village Limited
Filleted financial statements
31 August 2024
Duncreggan Student Village Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Duncreggan Student Village Limited
Directors and other information
|
|
|
|
Directors |
Mr Declan Salter |
|
|
Mrs Anne Salter |
|
|
|
|
|
|
|
Company number |
NI041906 |
|
|
|
|
|
|
|
Registered office |
Block 4 Office |
|
|
85 Duncreggan Road |
|
|
Londonderry |
|
|
BT48 0AA |
|
|
|
|
|
|
|
Auditor |
Hill Vellacott |
|
|
22 Great Victoria Street |
|
|
Belfast |
|
|
BT2 7BA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Barclays Bank Plc |
|
|
Leicester |
|
|
LE87 2BB |
|
|
|
Duncreggan Student Village Limited
Directors responsibilities statement
Year ended 31 August 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.
Duncreggan Student Village Limited
Statement of financial position
31 August 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
6 |
3,124,769 |
|
|
|
3,389,525 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
3,124,769 |
|
|
|
3,389,525 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
4,545,632 |
|
|
|
3,791,462 |
|
|
Cash at bank and in hand |
|
|
44,668 |
|
|
|
575,266 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
4,590,300 |
|
|
|
4,366,728 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
2,839,645) |
|
|
|
(
2,173,941) |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
Net current assets |
|
|
|
|
1,750,655 |
|
|
|
2,192,787 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Total assets less current liabilities |
|
|
|
|
4,875,424 |
|
|
|
5,582,312 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
- |
|
|
|
(
458,333) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
185,872) |
|
|
|
(
198,736) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
|
|
_________ |
Net assets |
|
|
|
|
4,689,552 |
|
|
|
4,925,243 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
100,000 |
|
|
|
100,000 |
Profit and loss account |
|
11 |
|
|
4,589,552 |
|
|
|
4,825,243 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Shareholders funds |
|
|
|
|
4,689,552 |
|
|
|
4,925,243 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
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 December 2024
, and are signed on behalf of the board by:
Mr Declan Salter
Director
Company registration number:
NI041906
Duncreggan Student Village Limited
Statement of changes in equity
Year ended 31 August 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 September 2022 |
|
100,000 |
|
5,154,204 |
5,254,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
466,449 |
466,449 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
466,449 |
466,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
795,410) |
(
795,410) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
795,410) |
(
795,410) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
At 31 August 2023 and 1 September 2023 |
|
100,000 |
|
4,825,243 |
4,925,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
415,409 |
415,409 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
415,409 |
415,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
651,100) |
(
651,100) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
651,100) |
(
651,100) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
At 31 August 2024 |
|
100,000 |
|
4,589,552 |
4,689,552 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duncreggan Student Village Limited
Notes to the financial statements
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Block 4 Office, 85 Duncreggan Road, Londonderry, BT48 0AA.
The principal activity of the company is the development, funding, construction and operation of student accommodation at Duncreggan Student Village, University of Ulster, Londonderry for a period of 34 years, ending on 30 June 2036 under the University Partnership Programme.
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.
Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:Recoverability of debtorsEstimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered. The amounts owed by connected compaines are £4,274,725 (2023 - £3,519,725).
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.Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: -The amount of revenue can be measured reliably; -It is probable that the Company will receive the consideration due under the contract; -The stage of completion of the contract at the end of the reporting period can be measured reliably; and - The costs incurred and the costs to complete the contract can be measured reliably.
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:
|
|
|
|
|
|
Long leasehold property |
- |
Straight line over the life of the lease |
|
|
Fittings fixtures and equipment |
- |
25 % |
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
24,000 |
22,000 |
|
|
|
_________ |
_________ |
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 September 2023 and 31 August 2024 |
8,764,091 |
2,198 |
8,766,289 |
|
|
|
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 September 2023 |
5,375,253 |
1,511 |
5,376,764 |
|
|
|
|
|
Charge for the year |
264,069 |
687 |
264,756 |
|
|
|
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
At 31 August 2024 |
5,639,322 |
2,198 |
5,641,520 |
|
|
|
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 August 2024 |
3,124,769 |
- |
3,124,769 |
|
|
|
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
At 31 August 2023 |
3,388,838 |
687 |
3,389,525 |
|
|
|
|
|
|
_________ |
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing costs totalling £298,340 have been included in the cost of the fixed assets.
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by connected companies |
|
4,274,725 |
3,519,725 |
|
Other debtors |
|
270,907 |
271,737 |
|
|
|
_________ |
_________ |
|
|
|
4,545,632 |
3,791,462 |
|
|
|
_________ |
_________ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
305,556 |
305,556 |
|
Amounts owed to connected companies |
|
2,176,048 |
1,524,948 |
|
Corporation tax |
|
215,916 |
192,056 |
|
Social security and other taxes |
|
29 |
609 |
|
Other creditors |
|
142,096 |
150,772 |
|
|
|
_________ |
_________ |
|
|
|
2,839,645 |
2,173,941 |
|
|
|
_________ |
_________ |
|
|
|
|
|
Barclays Bank PLC hold an all monies debenture secured on the headlease of the land and premises known as Duncreaggan Student Village, Magee College, Londonderry as security for the bank loan due within 1 year of £305,556 (2023 - £305,556) and due after 1 year of £Nil (2023 - £458,333).
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
- |
458,333 |
|
|
|
_________ |
_________ |
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|
|
_________ |
|
_________ |
|
_________ |
|
_________ |
|
|
|
|
|
|
|
|
|
|
11.
Reserves
Profit and loss accountThis includes all current and prior period retained profits and losses.
12.
Summary audit opinion
The auditor's report dated
20 December 2024
was unqualified.
The senior statutory auditor was
Kieran McCaughey FCCA
for and on behalf of
Hill Vellacott
13.
Related party transactions
The company has the following related party transactions:
Duncreggan Student Village Limited
is related to Declanne Limited as it owns 49.8% of the called up share capital in the parent company Broomco (3971) Limited. In the year the company advanced a loan of £755,000 (2023: £798,000) to Declanne Limited and charged interest of £21,609 (2023: £17,681), at the balance sheet date the interest remains unpaid. At the balance sheet date the amount owed from Declanne Limited was £4,274,725 (2023: £3,519,725). The loan is unsecured, is accruing interest at 0.5% and is repayable upon demand.The company has availed on the exemption under FRS102 Section 33 which does not require disclosure of transactions entered into any parent undertaking which is wholly owned by a member of that group.
14.
Controlling party
The company is a 100% owned subsidiary of Broomco (3971) Limited, a company incorporated in the United Kingdom.The ultimate controlling party is Declan Salter due to his share holdings in Broomco (3971) Limited and Declanne Limited.