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18 December 2024
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No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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NI632967
2023-07-01
2024-06-30
NI632967
2024-06-30
NI632967
2023-06-30
NI632967
2022-07-01
2023-06-30
NI632967
2023-06-30
NI632967
2022-06-30
NI632967
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2023-07-01
2024-06-30
NI632967
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2024-06-30
NI632967
bus:Agent1
2023-07-01
2024-06-30
NI632967
bus:Agent2
2023-07-01
2024-06-30
NI632967
bus:Director1
2023-07-01
2024-06-30
NI632967
bus:Director2
2023-07-01
2024-06-30
NI632967
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2024-06-30
NI632967
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2023-06-30
NI632967
core:WithinOneYear
2024-06-30
NI632967
core:WithinOneYear
2023-06-30
NI632967
core:ShareCapital
2024-06-30
NI632967
core:ShareCapital
2023-06-30
NI632967
core:RetainedEarningsAccumulatedLosses
2023-06-30
NI632967
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core:Non-currentFinancialInstruments
2024-06-30
NI632967
core:Non-currentFinancialInstruments
2024-06-30
NI632967
core:Non-currentFinancialInstruments
2023-06-30
NI632967
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2024-06-30
NI632967
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2024-06-30
NI632967
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2024-06-30
NI632967
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2024-06-30
NI632967
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2023-07-01
2024-06-30
NI632967
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2023-07-01
2024-06-30
COMPANY REGISTRATION NUMBER:
NI632967
Filleted Financial Statements |
|
Year ended 30 June 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Officers and Professional Advisers |
|
The board of directors |
C Kearney |
|
P Kearney |
|
|
Registered office |
8th Floor |
|
Bedford House |
|
16-22 Bedford Street |
|
Belfast |
|
Northern Ireland |
|
BT2 7FD |
|
|
Auditor |
Maneely Mc Cann Chartered Accountants |
|
Chartered accountants & statutory auditor |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Bankers |
Danske Bank |
|
Donegall Square West |
|
Belfast |
|
BT1 6JS |
|
|
|
Allied Irish Bank |
|
92 Ann Street |
|
Belfast |
|
BT1 3AY |
|
|
|
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 |
|
|
|
McKees |
|
The Linenhall |
|
32-38 Linenhall Street |
|
Belfast |
|
Northern Ireland |
|
Antrim |
|
BT2 8BG |
|
|
O'Reilly Stewart Solicitors
75-77 May Street
Belfast
BT1 3JL
Statement of Financial Position |
|
30 June 2024
Fixed assets
Current assets
Stocks |
3,583,592 |
5,852,479 |
Debtors |
5 |
3,045,229 |
3,104,506 |
Cash at bank and in hand |
422,074 |
1,268 |
|
------------ |
------------ |
|
7,050,895 |
8,958,253 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
671,211 |
1,160,931 |
|
------------ |
------------ |
Net current assets |
6,379,684 |
7,797,322 |
|
------------ |
------------ |
Total assets less current liabilities |
6,379,834 |
7,797,472 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
6,379,734 |
3,607,474 |
|
------------ |
------------ |
Net assets |
100 |
4,189,998 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
– |
4,189,898 |
|
---- |
------------ |
Shareholders funds |
100 |
4,189,998 |
|
---- |
------------ |
|
|
|
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:
NI632967
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, 16-22 Bedford Street, Belfast, BT2 7FD, Northern Ireland.
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.
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.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress Sites for development are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions are made for foreseeable losses where appropriate. No element of profit is included in the valuation for site development.
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 are 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.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
150 |
|
---- |
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 June 2024 |
150 |
|
---- |
At 30 June 2023 |
150 |
|
---- |
|
|
The company holds 20% or more of the share capital of the following company:
Subsidiary
Holding
Nature
Country of
Undertaking
of business
Incorporation
Kilmona Fairdown Limited
Ordinary 100%
Dormant
Northern Ireland
Lanyon Homes NI Limited
holds 100% of the ordinary share capital of Kilmona Fairdown Limited, a company incorporated in Northern Ireland.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
463,818 |
Amounts owed by group undertakings |
3,030,000 |
2,630,000 |
Other debtors |
15,229 |
10,688 |
|
------------ |
------------ |
|
3,045,229 |
3,104,506 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
3,030,000 |
2,630,000 |
|
------------ |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
456,204 |
881,434 |
Other creditors |
215,007 |
279,497 |
|
--------- |
------------ |
|
671,211 |
1,160,931 |
|
--------- |
------------ |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
1,719,788 |
1,648,887 |
Amounts owed to group undertakings |
4,659,946 |
1,958,587 |
|
------------ |
------------ |
|
6,379,734 |
3,607,474 |
|
------------ |
------------ |
|
|
|
The company has provided security in the form of charges for bank borrowings and certain bank borrowings of group companies. The security is in the way of charges and intercompany guarantees.
8.
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
.
9.
Related party transactions
Transactions The company has taken advantage 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 received transfers from the company. At 30 June 2024, a balance of £100,000 (2023: £100,000) was owed to the company.