COMPANY REGISTRATION NUMBER:
NI680147
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
4 |
3,080,365 |
3,080,365 |
|
Cash at bank and in hand |
365 |
914 |
|
------------ |
------------ |
|
3,080,730 |
3,081,279 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
1,678 |
6,478 |
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------------ |
------------ |
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Net current assets |
3,079,052 |
3,074,801 |
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------------ |
------------ |
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Total assets less current liabilities |
3,079,052 |
3,074,801 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
4,196,351 |
4,188,351 |
|
------------ |
------------ |
|
Net liabilities |
(
1,117,299) |
(
1,113,550) |
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------------ |
------------ |
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|
|
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Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
(
1,117,300) |
(
1,113,551) |
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------------ |
------------ |
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Shareholders deficit |
(
1,117,299) |
(
1,113,550) |
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------------ |
------------ |
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|
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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 statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
23 April 2025
, and are signed on behalf of the board by:
Company registration number:
NI680147
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Notes to the Financial Statements |
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Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O Maneely Mc Cann, Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, 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
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had a net shareholders deficit of £1,117,299 at the balance sheet date. The company is in the early stages of property development and accordingly losses are anticipated. The directors have evaluated the company's current position and future plans, and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors continue to pursue the development potential of land held and have included the current economic climate and property market in their considerations. The company, along with other members of the group, have the necessary cash to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a going concern basis.
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.
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:
|
Fixtures and fittings |
- |
25% reducing balance |
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|
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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 are 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.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
3,080,365 |
3,080,365 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
3,080,365 |
3,080,365 |
|
------------ |
------------ |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Corporation tax |
478 |
478 |
|
Other creditors |
1,200 |
6,000 |
|
------- |
------- |
|
1,678 |
6,478 |
|
------- |
------- |
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
4,196,351 |
4,188,351 |
|
------------ |
------------ |
|
|
|
7.
Summary audit opinion
The auditor's report for the period dated
23 April 2025
was unqualified.
An Emphasis of Matter paragraph was included in relation to Going Concern: Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of Maneely Mc Cann Chartered Accountants.
8.
Related party transactions
Control The company is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Herbert Corporate Holdings Limited is a wholly owned subsidiary of Herbert Corporate Holdings (IOM) Limited, a company incorporated in Isle of Man. Mrs L E Herbert is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
9.
Controlling party
Herbert Corporate Holdings (IOM) Limited
, a company incorporated in Isle of Man, is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings Limited may be obtained from Ground Floor, Dorchester House, Belmont Hill, Douglas, Isle of Man, IM1 4RE.