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Company registration number: NI653658
GARSIN HOLDINGS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2024
GARSIN HOLDINGS LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
_________________________________________________________________________________________
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
GARSIN HOLDINGS LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
_________________________________________________________________________________________
Directors Mr Gary McMullan
Mrs Sinead McMullan
Company number NI653658
Registered office 1 Grove Lane
Broagh Road
Castledawson
BT45 8EN
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
Bankers Bank of Ireland
Market Street
Magherafelt
BT45 6EE
GARSIN HOLDINGS LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GARSIN HOLDINGS LTD (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Garsin Holdings Ltd for the year ended 30 June 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Garsin Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Garsin Holdings Ltd and state those matters that we have agreed to state to the board of directors of Garsin Holdings Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garsin Holdings Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Garsin Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Garsin Holdings Ltd. You consider that Garsin Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Garsin Holdings Ltd. 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.
Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
20 February 2025
GARSIN HOLDINGS LTD
BALANCE SHEET (CONTINUED)
30 JUNE 2024
_________________________________________________________________________________________
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,475,072 1,396,567
Investments 5 2 2
_______ _______
1,475,074 1,396,569
Current assets
Debtors 6 83,945 764,617
Cash at bank and in hand 798,485 21,868
_______ _______
882,430 786,485
Creditors: amounts falling due
within one year 7 ( 51,121) ( 376,431)
_______ _______
Net current assets 831,309 410,054
_______ _______
Total assets less current liabilities 2,306,383 1,806,623
Creditors: amounts falling due
after more than one year 8 ( 429,873) ( 452,467)
_______ _______
Net assets 1,876,510 1,354,156
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 1,876,506 1,354,152
_______ _______
Shareholders funds 1,876,510 1,354,156
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr Gary McMullan
Director
Company registration number: NI653658
GARSIN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 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 1 Grove Lane, Broagh Road, Castledawson, BT45 8EN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Investment Property - Properties are maintained to a high value to keep original cost therefore no depreciation charged.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 or 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. Tangible assets
Fixtures, fittings and equipment Investment Property Total
£ £ £
Cost
At 1 July 2023 - 1,396,567 1,396,567
Additions 92,359 - 92,359
_______ _______ _______
At 30 June 2024 92,359 1,396,567 1,488,926
_______ _______ _______
Depreciation
At 1 July 2023 - - -
Charge for the year 13,854 - 13,854
_______ _______ _______
At 30 June 2024 13,854 - 13,854
_______ _______ _______
Carrying amount
At 30 June 2024 78,505 1,396,567 1,475,072
_______ _______ _______
At 30 June 2023 - 1,396,567 1,396,567
_______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2023 and 30 June 2024 2 2
_______ _______
Impairment
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 2 2
_______ _______
At 30 June 2023 2 2
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 17,130 14,852
Other debtors 66,815 749,765
_______ _______
83,945 764,617
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 29,232 30,021
Trade creditors 2,500 4,343
Other creditors 19,389 342,067
_______ _______
51,121 376,431
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 429,873 452,467
_______ _______
9. 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 o/standing
£ £ £
Mr Gary McMullan ( 339,458) 322,765 ( 16,693)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Gary McMullan ( 5,048) ( 334,410) ( 339,458)
_______ _______ _______