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Registration number: NI019807

Buttercrane Centre Limited

Filleted Financial Statements

for the Year Ended 31 October 2024

 

Buttercrane Centre Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Buttercrane Centre Limited

(Registration number: NI019807)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

14,935,040

14,681,626

Current assets

 

Debtors

5

4,450,881

4,635,895

Cash at bank and in hand

 

1,449,470

200,205

 

5,900,351

4,836,100

Creditors: Amounts falling due within one year

6

(20,533,676)

(20,510,607)

Net current liabilities

 

(14,633,325)

(15,674,507)

Total assets less current liabilities

 

301,715

(992,881)

Creditors: Amounts falling due after more than one year

6

(1,300,000)

(1,400,000)

Net liabilities

 

(998,285)

(2,392,881)

Capital and reserves

 

Called up share capital

7

2,025

2,025

Retained earnings

(1,000,310)

(2,394,906)

Shareholders' deficit

 

(998,285)

(2,392,881)

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.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................
Mrs Patricia Henry
Company secretary and director

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
1 Ballycregagh Road
Cloughmills
Ballymena
County Antrim
BT44 9LB

These financial statements were authorised for issue by the Board on 20 June 2025.

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.

The presentational currency of these financial statements is pounds sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the going concern assumption in preparing the financial statements. The directors have received confirmation that the shareholders will not call in their loans and support the group, should it be required.

Noting the company's positive trading performance and after reviewing the Company's forecasts which indicated that the Company is expected to generate cash inflow, the Directors believe that the Company has adequate resources to continue for the foreseeable future and the financial statements have been prepared on a going concern basis.

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 June 2025 was James Wallace, who signed for and on behalf of DT Carson & Co..

.........................................

Judgements

The preparation of financial statements requires management to makes 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.

Key sources of estimation uncertainty

Investment properties are valued annually by the directors using a yield methodology. Key inputs into the valuations were annual rent and anticipated property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The carrying amount is £14,935,040 (2023 -£14,681,626).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

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.

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled; the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.


 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 November

14,681,626

Additions

253,414

At 31 October

14,935,040


Investment property was valued by the directors. The directors have valued the investment property at the year end based on their estimate of the market value using a yield methodology. The directors believe that the above valuation represents the fair value of the investment property at the year end.

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

226,424

330,631

Amounts owed by related parties

9

3,877,051

3,873,895

Prepayments

 

270,053

371,693

Other debtors

 

77,353

59,676

   

4,450,881

4,635,895

 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

100,000

100,000

Trade creditors

 

63,924

71,407

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

19,479,154

19,479,154

Taxation and social security

 

68,816

87,079

Accruals and deferred income

 

615,088

604,854

Other creditors

 

206,694

168,113

 

20,533,676

20,510,607

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,300,000

1,400,000

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,025

2,025

2,025

2,025

       
 

Buttercrane Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,300,000

1,400,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

100,000

100,000

Bank borrowings

The bank loan is denominated in pounds sterling . The carrying amount at year end is £1,400,000 (2023 - £1,500,000).

- Debenture held giving a fixed and floating charge over the assets of the company;
- Legal charge over the assets of Buttercrane Shopping Centre, Newry;

9

Related party transactions

The company is taking advantage of the exemption in FRS 102 not to disclose transactions between wholly owned members within the group.

Key management personnel

The key management personnel are deemed to be the directors. The directors received no remuneration from the
company during the current or prior year.

10

Parent and ultimate parent undertaking

The company's immediate parent is Balurig Limited, owning 100% of the issued share capital and being incorporated in Northern Ireland.