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COMPANY REGISTRATION NUMBER: NI031378
CDC (NI) Ltd
Filleted Financial Statements
30 June 2024
CDC (NI) Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
CDC (NI) Ltd
Officers and Professional Advisers
The board of directors
P Kearney
C Kearney
Registered office
8th Floor Bedford House
Bedford Street
Belfast
BT2 7FD
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Starwood Property Mortgage Sub-22-A L.L.C.
1601 Washington Avenue
Suite 800
Miami Beach
FL33139
United States of America
Solicitors
DWF (Northern Ireland) LLP
Jefferson House
42 Queen Street
Belfast
BT1 6HL
Tughan's
Marlborough House
30 Victoria Street
Belfast
BT1 3GG
DWF (Northern Ireland) LLP
42 Queen Street
Belfast
BT1 6HL
CDC (NI) Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
36,592,869
34,614,923
Current assets
Debtors
5
8,820,386
7,796,747
Cash at bank and in hand
24,158
64,208
------------
------------
8,844,544
7,860,955
Creditors: amounts falling due within one year
6
1,879,630
1,737,480
------------
------------
Net current assets
6,964,914
6,123,475
-------------
-------------
Total assets less current liabilities
43,557,783
40,738,398
Creditors: amounts falling due after more than one year
7
17,822,928
15,149,972
-------------
-------------
Net assets
25,734,855
25,588,426
-------------
-------------
Capital and reserves
Called up share capital
2
2
Other reserves
211,291
211,291
Profit and loss account
25,523,562
25,377,133
-------------
-------------
Shareholders funds
25,734,855
25,588,426
-------------
-------------
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 income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
C Kearney
Director
Company registration number: NI031378
CDC (NI) Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8th Floor Bedford House, Bedford Street, Belfast, BT2 7FD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Investment property
The investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
The Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in the profit and loss
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% straight line
Equipment
-
33% straight line
Investment Properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Investment properties
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
34,610,000
1,219,487
91,643
154,800
36,075,930
Additions
1,979,215
1,979,215
-------------
------------
--------
---------
-------------
At 30 June 2024
36,589,215
1,219,487
91,643
154,800
38,055,145
-------------
------------
--------
---------
-------------
Depreciation
At 1 July 2023
1,214,616
91,643
154,748
1,461,007
Charge for the year
1,217
52
1,269
-------------
------------
--------
---------
-------------
At 30 June 2024
1,215,833
91,643
154,800
1,462,276
-------------
------------
--------
---------
-------------
Carrying amount
At 30 June 2024
36,589,215
3,654
36,592,869
-------------
------------
--------
---------
-------------
At 30 June 2023
34,610,000
4,871
52
34,614,923
-------------
------------
--------
---------
-------------
The investment properties were professionally valued in May 2023 by CBRE, on the basis of an 'Open Market Valuation' methodology pursuant to the principles of the 'Red Book' valuations as stipulated by the Royal Institute of Chartered Surveyors.
5. Debtors
2024
2023
£
£
Trade debtors
142,751
60,459
Amounts owed by group undertakings
8,335,263
7,533,521
Prepayments and accrued income
131,368
112,962
Other debtors
211,004
89,805
------------
------------
8,820,386
7,796,747
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings
8,335,263
7,533,521
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
505,206
457,530
Amounts owed to related parties
1,069,810
682,341
Accruals and deferred income
259,846
266,739
Corporation tax
5
5
Social security and other taxes
40,763
308,643
Obligations under finance leases and hire purchase contracts
22,222
Other creditors
4,000
------------
------------
1,879,630
1,737,480
------------
------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
17,822,928
15,149,972
-------------
-------------
The company has provided security for certain borrowings of its intermediate parent company, Kilmona Investments Limited. The security is by way of charges and inter-company guarantees.
8. Deferred tax
At 30 June 2024, the company had a potential deferred tax asset of £56,995 (2023: liability of £127,072) which has not been recognised in the financial statements as its future recovery is uncertain.
9. Summary audit opinion
The auditor's report dated 18 December 2024 was unqualified .
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
10. Related party transactions
Transactions As the company is a wholly owned subsidiary and consolidated financial statements have been prepared which are publicly available, advantage has been taken of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures. During the year a related party under common control of the directors collected rents and service charges on behalf of the company. At 30 June 2024, a balance of £1,069,810 (2023: £682,341) was owed by the company.