Unaudited Financial Statements
Endzone Investments Limited
For the year ended 30 April 2024
Registered number: NI668076
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Endzone Investments Limited
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Company Information
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Grant Thornton Advisors (NI) LLP
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12 - 15 Donegall Square West
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Endzone Investments Limited
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Contents
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Notes to the Financial Statements
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Independent Accountant's Report to the directors of the unaudited financial statements of Endzone Investments Limited for the year ended 30 April 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Endzone Investments Limited for the year ended 30 April 2024, which comprise the Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Endzone Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Endzone Investments Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Endzone Investments Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 30 April 2024 and you have acknowledged on the Balance Sheet as at 30 April 2024 your duty to ensure that Endzone Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Endzone Investments Limited is exempt from the statutory audit requirement for the year ended 30 April 2024.
We have not been instructed to carry out an audit or review the financial statements of Endzone Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grant Thornton Advisors (NI) LLP
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Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH
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Date: 17 April 2025
Page 1
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Endzone Investments Limited
Registered number:NI668076
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Balance Sheet
As at 30 April 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 2
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Endzone Investments Limited
Registered number:NI668076
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Balance Sheet (continued)
As at 30 April 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.
The notes on pages 4 to 10 form part of these financial statements.
Page 3
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
Endzone Investments Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 517 Loughshore Road, Enniskillen BT93 3BT.
During the financial period the directors made the decision to cease trading. The principal activity of the company was letting real estate.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The financial statements have been prepared on a basis other than going concern, which is described as the break-up basis. The preparation of financial statements on a break-up basis is a departure from the requirement of FRS102 and company law to prepare financial statements on a going concern basis. This departure is made in order to comply with the overriding requirement in the Companies Act 2006 for the financial statements to give a true and fair view. The break-up basis requires the carrying value of the assets to be at the amounts they are expected to realise and liabilities include any amounts which have crystallised as a result of the decision to wind up the company. The application of the break-up basis has had no impact on the results for the year. In all other respects the financial statements have been prepared in accordance with the accounting framework.
The following principal accounting policies have been applied:
Page 4
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Page 5
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 6
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.
Page 7
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Freehold investment property
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The property was sold on 27 October 2023 for £1.24 million. The profit on disposal of £86,148 is shown in the Profit and loss account.
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Due after more than one year
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Amounts owed by group undertakings
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Page 8
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Corporation tax is repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The terms of the accruals and deferred income are based on the underlying contracts.
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary Shares shares of £1.00 each
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Share premium account
Includes any premiums received on issue of share capital.
Share capital
Represents the nominal value of shares that have been issued.
Profit and loss account
Includes all current and prior period retained profits and losses.
Page 9
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Endzone Investments Limited
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Notes to the Financial Statements
For the year ended 30 April 2024
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Related party transactions
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The company had the following related party transactions:
During the year the company advanced funds to a company which holds 51% of its shares of £1,108,578. At the balance sheet date the amount owed from this company was £14,792,070 (2023: £13,683,492). The loan is unsecured, interest free and repayable upon demand.
During the year the company advanced funds to a company which holds 49% of its shares of £1,108,578. At the balance sheet date the amount owed from this company was £15,247,079 (2023: £14,138,501). The loan is unsecured, interest free and repayable upon demand.
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Post balance sheet events
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Following the period end the directors commenced the winding up of the Company. As this process has not yet commenced at year end there was no legal or constructive liability in this regard, and accordingly, no provision was made.
On 13 May 2024, the Company completed a capital reduction of £17,905,369. This was undertaken to create distributable reserves and was carried out in accordance with the relevant legal framework and shareholder approval. The impact of this transaction will be reflected in the Company's subsequent financial statements.
The immediate parent undertaking is Loughside Enterprises Ltd, a company incorporated in Northern Ireland.
The ultimate controlling party are the shareholders of Loughside Enterprises Ltd.
Page 10
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