0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 70,800,000 936,128 15,236,128 56,500,000 56,500,000 70,800,000 4,477,656 3,476,651 1,001,005 xbrli:pure xbrli:shares iso4217:GBP NI616744 2023-10-01 2024-09-30 NI616744 2024-09-30 NI616744 2023-09-30 NI616744 2022-10-01 2023-09-30 NI616744 2023-09-30 NI616744 2022-09-30 NI616744 bus:RegisteredOffice 2023-10-01 2024-09-30 NI616744 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI616744 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 NI616744 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 NI616744 bus:Director1 2023-10-01 2024-09-30 NI616744 bus:Director4 2023-10-01 2024-09-30 NI616744 bus:CompanySecretary1 2023-10-01 2024-09-30 NI616744 core:AfterOneYear 2024-09-30 NI616744 core:AfterOneYear 2023-09-30 NI616744 core:WithinOneYear 2024-09-30 NI616744 core:WithinOneYear 2023-09-30 NI616744 core:ShareCapital 2024-09-30 NI616744 core:ShareCapital 2023-09-30 NI616744 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI616744 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI616744 core:DeferredTaxation 2023-10-01 2024-09-30 NI616744 core:DeferredTaxation 2023-09-30 NI616744 core:DeferredTaxation 2024-09-30 NI616744 bus:SmallEntities 2023-10-01 2024-09-30 NI616744 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 NI616744 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI616744 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI616744 bus:FullAccounts 2023-10-01 2024-09-30 NI616744 bus:OrdinaryShareClass1 2024-09-30 NI616744 bus:OrdinaryShareClass1 2023-09-30 NI616744 bus:OrdinaryShareClass2 2024-09-30 NI616744 bus:OrdinaryShareClass2 2023-09-30 NI616744 bus:AllOrdinaryShares 2024-09-30 NI616744 bus:AllOrdinaryShares 2023-09-30 NI616744 core:InvestmentPropertyIncludedWithinPPE 2023-09-30 NI616744 core:InvestmentPropertyIncludedWithinPPE 2023-10-01 2024-09-30 NI616744 core:InvestmentPropertyIncludedWithinPPE 2024-09-30 NI616744 core:AfterOneYear 2023-10-01 2024-09-30 NI616744 core:AllAssociates 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: NI616744
ES Bedford Street Limited
Filleted Unaudited Financial Statements
30 September 2024
ES Bedford Street Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and Professional Advisers
1
Statement of Financial Position
2
Notes to the Financial Statements
4
ES Bedford Street Limited
Officers and Professional Advisers
The Board of Directors
Mr S McAleer
Mrs E O'Neill
Company Secretary
Ms I Gillis
Registered Office
17-19 Dungannon Road
Cookstown
Co. Tyrone
Northern Ireland
BT80 8TL
Accountants
ASM (M) Ltd
Chartered accountants
The Diamond Centre
Market Street
Magherafelt
BT45 6ED
ES Bedford Street Limited
Statement of Financial Position
30 September 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
56,500,000
70,800,000
Current assets
Debtors
6
515,864
944,766
Cash at bank and in hand
2,644,077
2,398,518
------------
------------
3,159,941
3,343,284
Creditors: amounts falling due within one year
7
( 4,319,619)
( 2,190,154)
------------
------------
Net current (liabilities)/assets
( 1,159,678)
1,153,130
-------------
-------------
Total assets less current liabilities
55,340,322
71,953,130
Creditors: amounts falling due after more than one year
8
( 54,236,630)
( 54,358,158)
Provisions
9
( 1,001,005)
( 4,477,656)
-------------
-------------
Net assets
102,687
13,117,316
-------------
-------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
102,587
13,117,216
---------
-------------
Shareholders funds
102,687
13,117,316
---------
-------------
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 income statement 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 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 .
ES Bedford Street Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 9 June 2025 , and are signed on behalf of the board by:
Mrs E O'Neill
Director
Company registration number: NI616744
ES Bedford Street Limited
Notes to the 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 17-19 Dungannon Road, Cookstown, Co. Tyrone, BT80 8TL, Northern Ireland.
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.
Going concern
The Company made a loss during the year ended 30 September 2024 but, at that date, the Company's assets exceeded its liabilities. The ability of the Company to continue trading as a going concern is depenedant upon the support of group and related undertakings. The directors have confirmed that such support will continue to be made available. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements
Disclosure exemptions
Under the small entity provisions within FRS 102 Section 1A, small companies can claim an exemption from preparing a cash flow statement.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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 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.
Cash flow exemption
Under the small entity provision within FRS102 Section 1A small companies can claim exemption from preparing a cash flow statement.
4. Staff costs
There were no employees other than the directors during the year. The directors did not receive any remuneration from the Company during the year. The directors are the key management of the Company.
5. Tangible assets
Investment Property
£
Cost or valuation
At 1 October 2023 (as restated)
70,800,000
Additions
936,128
Revaluations
( 15,236,128)
-------------
At 30 September 2024
56,500,000
-------------
Depreciation
At 1 October 2023 and 30 September 2024
-------------
Carrying amount
At 30 September 2024
56,500,000
-------------
At 30 September 2023
70,800,000
-------------
The fair value of the investment property at 30 September 2024 was as determined by the Company directors. There has been no external valuation of the property during the year. In assessing the fair value of the property, the directors took into consideration local property prices, the current rental agreement in place on the property and the rental market in the local area.
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
159,070
227,047
Other debtors
356,794
717,719
---------
---------
515,864
944,766
---------
---------
Trade receivables are stated after provisions for impairment of £Nil (2023: £Nil).
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
1,725,000
Trade creditors
247,921
283,099
Social security and other taxes
128,165
Other creditors
2,218,533
1,907,055
------------
------------
4,319,619
2,190,154
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
33,275,000
35,000,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
18,714,953
18,314,952
Other creditors
2,246,677
1,043,206
-------------
-------------
54,236,630
54,358,158
-------------
-------------
Analysis of bank loans are given below:
2024 2023
£ £
Amounts falling due within 1-2 years 33,275,000 35,000,000
The bank loan is repayable in January 2027 and is secured by a fixed and floating charge over the property, including a priority agreement in respect of debt in the Company.
9. Provisions
Deferred tax
£
At 1 October 2023 (as restated)
4,477,656
Charge against provision
( 3,476,651)
------------
At 30 September 2024
1,001,005
------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary "A" shares of £ 0.01 each
5,000
50
5,000
50
Ordinary "B" shares of £ 0.01 each
5,000
50
5,000
50
--------
----
--------
----
10,000
100
10,000
100
--------
----
--------
----
11. Related party transactions
The Company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with entities that are part of the group.
12. Capital commitment
The Company had no capital commitments at 30 September 2024 or at 30 September 2023.
13. Contingent liabilities
The Company had no contingent liabilities at 30 September 2024 or at 30 September 2023.
14. Controlling party
At the balance sheet date, Bedford Street Investments Limited, a company established in Northern Ireland held 100% of the Company's equity share capital and is the immediate and ultimate parent undertaking.