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COMPANY REGISTRATION NUMBER: NI056786
The Garage Ballygowan Ltd
Filleted Unaudited Financial Statements
30 June 2024
The Garage Ballygowan 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
The Garage Ballygowan Ltd
Officers and Professional Advisers
Director
Mr K L Campbell
Registered office
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
32 Main Street
Saintfield
Ballynahinch
Down
BT24 7AB
Solicitors
Nesbitt Solicitors Ltd
109 Cregagh Road
Belfast
Northern Ireland
BT6 8PZ
The Garage Ballygowan Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Current assets
Debtors
4
20,851
70,851
Creditors: amounts falling due within one year
5
347,372
437,259
---------
---------
Net current liabilities
326,521
366,408
---------
---------
Total assets less current liabilities
( 326,521)
( 366,408)
---------
---------
Net liabilities
( 326,521)
( 366,408)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 326,523)
( 366,410)
---------
---------
Shareholders deficit
( 326,521)
( 366,408)
---------
---------
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 year ending 30 June 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 year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 24 March 2025 , and are signed on behalf of the board by:
Mr K L Campbell
Director
Company registration number: NI056786
The Garage Ballygowan 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 Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
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.
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.
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
20,851
20,851
Other debtors
50,000
--------
--------
20,851
70,851
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
135,132
112,149
Corporation tax
195,076
212,574
Other creditors
17,164
112,536
---------
---------
347,372
437,259
---------
---------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr K L Campbell
( 17,164)
( 17,164)
--------
--------
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Hanwood Filling Station Ltd
20,851
The Garage Comber Ltd
( 112,150)
Lisdalgan Properties Ltd
( 22,982)
( 22,982)
--------
----
---------
----
The above are related parties due to common ownership. The amounts outstanding are unsecured, non-interest bearing and will be settled in cash. No guarantees have been given or received.
8. Controlling party
The parent company of The Garage Ballygowan Limited is Lisdalgan Properties Limited and its registered office is 82A Belfast Road, Saintfield, Ballynahinch, BT24 7HE. The shareholders of Lisdalgan Properties Limited are the ultimate controlling party.