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COMPANY REGISTRATION NUMBER: NI632095
Havana Trading No.3 Limited
Filleted Unaudited Abridged Financial Statements
30 September 2024
Havana Trading No.3 Limited
Abridged Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Investment property
5
4,150,000
4,150,000
Current assets
Debtors
156,752
58,095
Cash at bank and in hand
219,604
199,975
---------
---------
376,356
258,070
Creditors: amounts falling due within one year
( 1,843,290)
( 1,947,029)
------------
------------
Net current liabilities
( 1,466,934)
( 1,688,959)
------------
------------
Total assets less current liabilities
2,683,066
2,461,041
Provisions
( 493,492)
( 493,492)
------------
------------
Net assets
2,189,574
1,967,549
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,189,474
1,967,449
------------
------------
Shareholders' funds
2,189,574
1,967,549
------------
------------
These abridged 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 September 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of abridged financial statements for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Havana Trading No.3 Limited
Abridged Statement of Financial Position (continued)
30 September 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
T J Jennings CBE
Director
Company registration number: NI632095
Havana Trading No.3 Limited
Notes to the Abridged Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Talbot Street, Saint Anne's Square, Belfast, BT1 2NF.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Employee numbers
The company has no employees other than the directors.
4. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the going concern basis under the historical cost convention, modified by the revaluation of investment properties measured at fair value through profit or loss. The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
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.
Investment property
Investment property is initially recorded at cost and subsequently stated at their fair value with changes in fair value recognised in profit or loss.
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 abridged 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.
5. Investment property
£
Fair Value
At 1 October 2023 and 30 September 2024
4,150,000
------------
Depreciation
At 1 October 2023 and 30 September 2024
------------
Carrying amount
At 30 September 2024
4,150,000
------------
At 30 September 2023
4,150,000
------------
An independent valuation of the company's investment property was undertaken on 7 October 2023 by professionally qualified valuers, CBRE NI Limited. The valuation was prepared in accordance with the RICS Valuation - Global Standards 2017 and the UK national supplement 2018, ("the Red Book"). The key assumptions employed in the valuation include yields, covenant strength, and comparable recent market transactions. This valuation has been adopted by the directors at 30 September 2024. Certain borrowings from related parties, amounting to £1,525,000 at 30 September 2024 (2023: £1,525,000), have been secured on the assets of the company.
6. Related party transactions
Advantage has been taken of the exemption not to disclose transactions with entities that are part of the group, provided that any subsidiary involved is wholly owned.
7. Controlling party
The company's immediate holding company is Havana Group Limited, a company incorporated in Northern Ireland. This company does not prepare consolidated financial statements. The company's ultimate holding company is Havana Limited, a company incorporated in Northern Ireland. This company does not prepare consolidated financial statements.