0
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,768,784
1,768,784
1,768,784
xbrli:pure
xbrli:shares
iso4217:GBP
NI028118
2023-07-01
2024-06-30
NI028118
2024-06-30
NI028118
2023-06-30
NI028118
2022-07-01
2023-06-30
NI028118
2023-06-30
NI028118
2022-06-30
NI028118
core:FurnitureFittings
2023-07-01
2024-06-30
NI028118
bus:RegisteredOffice
2023-07-01
2024-06-30
NI028118
bus:LeadAgentIfApplicable
2023-07-01
2024-06-30
NI028118
bus:Agent1
2023-07-01
2024-06-30
NI028118
bus:Director3
2023-07-01
2024-06-30
NI028118
bus:Director6
2023-07-01
2024-06-30
NI028118
core:WithinOneYear
2024-06-30
NI028118
core:WithinOneYear
2023-06-30
NI028118
core:LandBuildings
2023-06-30
NI028118
core:FurnitureFittings
2023-06-30
NI028118
core:LandBuildings
2024-06-30
NI028118
core:FurnitureFittings
2024-06-30
NI028118
core:LandBuildings
2023-07-01
2024-06-30
NI028118
core:AfterOneYear
2024-06-30
NI028118
core:AfterOneYear
2023-06-30
NI028118
core:ShareCapital
2024-06-30
NI028118
core:ShareCapital
2023-06-30
NI028118
core:RetainedEarningsAccumulatedLosses
2024-06-30
NI028118
core:RetainedEarningsAccumulatedLosses
2023-06-30
NI028118
core:CostValuation
core:Non-currentFinancialInstruments
2024-06-30
NI028118
core:Non-currentFinancialInstruments
2024-06-30
NI028118
core:Non-currentFinancialInstruments
2023-06-30
NI028118
core:LandBuildings
2023-06-30
NI028118
core:FurnitureFittings
2023-06-30
NI028118
bus:SmallEntities
2023-07-01
2024-06-30
NI028118
bus:Audited
2023-07-01
2024-06-30
NI028118
bus:SmallCompaniesRegimeForAccounts
2023-07-01
2024-06-30
NI028118
bus:PrivateLimitedCompanyLtd
2023-07-01
2024-06-30
NI028118
bus:FullAccounts
2023-07-01
2024-06-30
NI028118
1
2024-06-30
NI028118
1
2023-06-30
COMPANY REGISTRATION NUMBER:
NI028118
Filleted Financial Statements |
|
Year ended 30 June 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 to 8 |
|
|
Officers and Professional Advisers |
|
The board of directors |
P Kearney |
|
C Kearney |
|
|
Registered office |
8th Floor Bedford House |
|
Bedford Street |
|
Belfast |
|
Northern Ireland |
|
BT2 7FD |
|
|
Auditor |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants & Statutory Auditors |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Bankers |
Starwood Property Mortgage Sub-22-A L.L.C. |
|
1601 Washington Avenue |
|
Suite 800 |
|
Miami Beach |
|
FL33139 |
|
United States of America |
|
|
|
Danske Bank |
|
Donegall Square West |
|
Belfast |
|
BT1 6JS |
|
|
Solicitors |
DWF (Northern Ireland) LLP |
|
Jefferson House |
|
42 Queen Street |
|
Belfast |
|
BT1 6HL |
|
|
|
Tughan's |
|
Marlborough House |
|
30 Victoria Street |
|
Belfast |
|
BT1 3GG |
|
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
4 |
|
29,615,114 |
40,426,402 |
Investments |
5 |
|
1,768,784 |
1,768,784 |
|
|
------------- |
------------- |
|
|
31,383,898 |
42,195,186 |
|
|
|
|
|
Current assets
Stocks |
358,500 |
|
358,500 |
Debtors |
6 |
42,648,789 |
|
39,607,849 |
Cash at bank and in hand |
57,797 |
|
262,396 |
|
------------- |
|
------------- |
|
43,065,086 |
|
40,228,745 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,745,534 |
|
2,904,416 |
|
------------- |
|
------------- |
Net current assets |
|
40,319,552 |
37,324,329 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
71,703,450 |
79,519,515 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
80,341,716 |
84,245,904 |
|
|
------------- |
------------- |
Net liabilities |
|
(
8,638,266) |
(
4,726,389) |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
40,000 |
40,000 |
Profit and loss account |
|
(
8,678,266) |
(
4,766,389) |
|
|
------------ |
------------ |
Shareholders deficit |
|
(
8,638,266) |
(
4,726,389) |
|
|
------------ |
------------ |
|
|
|
|
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:
Company registration number:
NI028118
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, Northern Ireland, 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.
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had a net shareholders deficit of of £8,638,266. Starwood and Ulster Bank (UB) provide secured lending facilities to the Kilmona Group based on the Group's asset strategies which will develop and maximise the inherent medium to long term economic value of these assets. The Kilmona Group has the necessary cash cover and secured lender and other Kilmona Group companies' support to meet its total on-going unsecured creditor obligations and liabilities for the medium to long term. In light of the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under UK law.
Investment property
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.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measured on an ongoing basis.
Judgements and key sources of estimation uncertainty
The preparation of the 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 other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover represents the amounts derived from proceeds of the sale of trading properties, rentals and service charges receivable on letting to tenants and amounts received from the company's Unit Trust investments during the year.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: - provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; - deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Tax losses are surrendered between group companies for no consideration. Tax arising on the sale of revalued assets is allocated on a pro rata basis between the gain reported in the Profit & Loss Account and the revaluation gain reported previously in the Statement of Total Recognised Gains and Losses.
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:
|
Fixtures, fittings & equipment |
- |
15% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value. Cost is based on the purchase price of the stock items and includes any directly attributable costs. Net realisable value is the price at which the stock can be realised in the normal course of business. Work in progress Sites for development are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions is made for foreseeable losses where appropriate. No element of profit is included in the valuation for site development. Interest is capitalised and is included in the valuation of sites for development.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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. 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
|
Investment properties |
Fixtures, fittings and equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 July 2023 |
40,414,217 |
152,957 |
40,567,174 |
Additions |
110,199 |
– |
110,199 |
Disposals |
(
10,919,659) |
– |
(
10,919,659) |
|
------------- |
--------- |
------------- |
At 30 June 2024 |
29,604,757 |
152,957 |
29,757,714 |
|
------------- |
--------- |
------------- |
Depreciation |
|
|
|
At 1 July 2023 |
– |
140,772 |
140,772 |
Charge for the year |
– |
1,828 |
1,828 |
|
------------- |
--------- |
------------- |
At 30 June 2024 |
– |
142,600 |
142,600 |
|
------------- |
--------- |
------------- |
Carrying amount |
|
|
|
At 30 June 2024 |
29,604,757 |
10,357 |
29,615,114 |
|
------------- |
--------- |
------------- |
At 30 June 2023 |
40,414,217 |
12,185 |
40,426,402 |
|
------------- |
--------- |
------------- |
|
|
|
|
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. If investment properties had not been revalued they would have been included in the financial statements at 30 June 2024 at a historic cost of £26,984,286 (2023: £35,613,022).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
1,768,784 |
|
------------ |
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 30 June 2024 |
1,768,784 |
|
------------ |
At 30 June 2023 |
1,768,784 |
|
------------ |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
7,789 |
182,655 |
Amounts owed by group undertakings |
40,668,122 |
37,977,066 |
Prepayments and accrued income |
261,186 |
183,702 |
Amounts owed by related parties |
1,531,913 |
1,156,238 |
Other debtors |
179,779 |
108,188 |
|
------------- |
------------- |
|
42,648,789 |
39,607,849 |
|
------------- |
------------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
40,668,122 |
37,977,066 |
Amounts owed by related parties |
1,531,913 |
1,156,238 |
|
------------- |
------------- |
|
42,200,035 |
39,133,304 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,833,402 |
1,721,365 |
Accruals and deferred income |
316,286 |
326,205 |
Social security and other taxes |
84,866 |
305,410 |
Other creditors |
510,980 |
551,436 |
|
------------ |
------------ |
|
2,745,534 |
2,904,416 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings |
80,341,716 |
84,245,904 |
|
------------- |
------------- |
|
|
|
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.
9.
Summary audit opinion
The auditor's report dated
18 December 2024
was unqualified
, however it included an emphasis of matter in respect of uncertainty in relation to going concern as follows:
We draw attention to note 3 to the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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 £1,531,913 (2023: £1,156,238) was owed to the company.