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COMPANY REGISTRATION NUMBER: NI613040
Causeway Investments Limited
Filleted Unaudited Financial Statements
30 April 2024
Causeway Investments Limited
Statement of Financial Position
30 April 2024
30 Apr 24
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
5
415,146
431,006
Current assets
Debtors
6
180,681
129,851
Cash at bank and in hand
127
5,141
---------
---------
180,808
134,992
Creditors: amounts falling due within one year
7
427,012
359,822
---------
---------
Net current liabilities
246,204
224,830
---------
---------
Total assets less current liabilities
168,942
206,176
Creditors: amounts falling due after more than one year
8
437,240
494,095
Provisions
7,078
2,129
---------
---------
Net liabilities
( 275,376)
( 290,048)
---------
---------
Capital and reserves
Called up share capital
5
5
Profit and loss account
( 275,381)
( 290,053)
---------
---------
Shareholders deficit
( 275,376)
( 290,048)
---------
---------
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.
For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Causeway Investments Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Ms E.T. Orr
Director
Company registration number: NI613040
Causeway Investments Limited
Notes to the Financial Statements
Period from 1 July 2023 to 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, 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.
Going concern
The company has net current liabilities of £246,204 (2023: £224,830) at the balance sheet date. The directors have received assurances that the parent will continue to support the company going forward and longer-term liabilities (reflecting fixed rate bonds) are not repayable until after more than 5 years from the balance sheet date. The directors have specifically considered current economic conditions and are satisfied that there is no material identified risks to the forecast income streams and that the current funding structures remain adequate for a period not less than 12 months from the date of signing of the financial statements. Accordingly, they consider it appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover from the generation of electricity is recognised at the fair value of the consideration received or receivable provided in the normal course of business and is shown net of VAT and other sales related taxes.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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
-
4% straight line
Freehold land is not depreciated.
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.
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 as a finance cost 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 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. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold land
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023 and 30 April 2024
120,000
475,802
595,802
---------
---------
---------
Depreciation
At 1 July 2023
164,796
164,796
Charge for the period
15,860
15,860
---------
---------
---------
At 30 April 2024
180,656
180,656
---------
---------
---------
Carrying amount
At 30 April 2024
120,000
295,146
415,146
---------
---------
---------
At 30 June 2023
120,000
311,006
431,006
---------
---------
---------
6. Debtors
30 Apr 24
30 Jun 23
£
£
Trade debtors
2,488
2,488
Amounts owed by group undertakings and undertakings in which the company has a participating interest
60,792
Other debtors
117,401
127,363
---------
---------
180,681
129,851
---------
---------
7. Creditors: amounts falling due within one year
30 Apr 24
30 Jun 23
£
£
Trade creditors
4,349
17,906
Amounts owed to group undertakings and undertakings in which the company has a participating interest
350,781
330,010
Social security and other taxes
279
Other creditors
71,603
11,906
---------
---------
427,012
359,822
---------
---------
8. Creditors: amounts falling due after more than one year
30 Apr 24
30 Jun 23
£
£
Other creditors
437,240
494,095
---------
---------
Included in other creditors are fixed rate bonds of £437,240 (2023: £494,095) which are secured by way of first legal mortgage over all property and a first fixed charge over the remaining assets of the company.
9. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
30 Apr 24
30 Jun 23
30 Apr 24
30 Jun 23
£
£
£
£
Entities under common control
40,011
6,937
( 289,990)
( 330,000)
--------
-------
---------
---------
The related party balances are payable on demand and are non interest bearing.