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COMPANY REGISTRATION NUMBER: NI664783
Loughview Real Estate Limited
Filleted Financial Statements
30 June 2024
Loughview Real Estate Limited
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
Loughview Real Estate Limited
Officers and Professional Advisers
The board of directors
S Carson
C Kearney
P Kearney
Registered office
10 Donegall Square South
Belfast
Northern Ireland
BT1 5JD
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT1 5UB
Loughview Real Estate Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Current assets
Stocks
498,838
329,741
Debtors
4
231,853
262,334
Cash at bank and in hand
1,628
3,069
---------
---------
732,319
595,144
Creditors: amounts falling due within one year
5
176,316
13,980
---------
---------
Net current assets
556,003
581,164
---------
---------
Total assets less current liabilities
556,003
581,164
---------
---------
Net assets
556,003
581,164
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
555,903
581,064
---------
---------
Shareholders funds
556,003
581,164
---------
---------
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: NI664783
Loughview Real Estate Limited
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 10 Donegall Square South, Belfast, BT1 5JD, 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.
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.
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 the 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. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
229,714
261,714
Other debtors
2,139
620
---------
---------
231,853
262,334
---------
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,281
10,980
Other creditors
169,035
3,000
---------
--------
176,316
13,980
---------
--------
6. 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 .
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Kearney
( 166,035)
( 166,035)
----
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Kearney
----
----
----
8. Related party transactions
Control The company is a wholly owned subsidiary of Loughview Leisure Holdings Limited, a company incorporated in Northern Ireland. Loughview Leisure Holdings Limited is a wholly owned subsidiary of Kilmona Group Limited, a company incorporated in Northern Ireland. P Kearney is the shareholder of Kilmona Group Limited and as such is considered to be the company's ultimate controlling party. Related party 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 33, Related Party Disclosures.
9. Controlling party
Kilmona Group Limited is the company's ultimate parent company. Copies of the consolidated financial statements may be obtained from 8th Floor, Bedford House, Bedford Street, Belfast, BT2 7FD .