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Registration number: NI632284

Knockan Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Knockan Holdings Limited

(Registration number: NI632284)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,023

7,200

Investment property

5

1,035,962

1,035,962

 

1,042,985

1,043,162

Current assets

 

Debtors

6

158,778

103,942

Cash at bank and in hand

 

77,160

18,556

 

235,938

122,498

Creditors: Amounts falling due within one year

7

(86,983)

(57,676)

Net current assets

 

148,955

64,822

Total assets less current liabilities

 

1,191,940

1,107,984

Creditors: Amounts falling due after more than one year

7

(273,030)

(327,136)

Net assets

 

918,910

780,848

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

918,810

780,748

Shareholders' funds

 

918,910

780,848

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Knockan Holdings Limited

(Registration number: NI632284)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr Robert John Walker
Director

 

Knockan Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 59 Ballycowan Road, Ballymena, County Antrim, BT42 3DW.

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of rent and other income received and receivable during the accounting period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Knockan Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Knockan Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

8,000

8,000

Additions

603

603

At 30 June 2024

8,603

8,603

Depreciation

At 1 July 2023

800

800

Charge for the year

780

780

At 30 June 2024

1,580

1,580

Carrying amount

At 30 June 2024

7,023

7,023

At 30 June 2023

7,200

7,200

 

Knockan Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investment properties

2024
£

At 1 July

1,035,962

At 30 June

1,035,962

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Other debtors

158,778

103,942

 

158,778

103,942

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

1,699

1,576

Accruals and deferred income

6,846

5,593

Other creditors

78,438

50,507

86,983

57,676

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

273,030

327,136

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100