The share capital of Happy Days (Lisburn) Ltd is wholly owned by The Journey Church, a charity registered in Northern Ireland.
At the year end, Happy Days (Lisburn) Ltd owed £47,412 (2024, £47,412) in respect of an intercompany loan. The loan is unsecured, interest free and repayable on demand. The charity charged Happy Days (Lisburn) Ltd £8,100 for rent during the year. Happy Days (Lisburn) Ltd recharged the charity £3,870 for hospitality and event costs. (£1,575 owing at the year end).
The following transactions during the year involved companies with common directors to Happy Days (Lisburn) Ltd:
- £4,700 was paid to The Owl and Pussycat Cafe for consultancy. £12,780 was paid to Capstone Homes (N.I.) Ltd for consultancy, £833 for purchases and £1,000 for equipment. Company director Matthew Kennedy is also a director of both The Owl and Pussycat Cafe Ltd and Capstone Homes (N.I.) Ltd.
- £8,091 was paid to Office Hero Ltd for cleaning. Director David Adams is also a director of Office Hero Ltd.
- £1,812 was paid to BeyondHR Ltd for subscriptions. Director Neil McLeese is also a director of BeyondHR Ltd.
- £2,718 of sales during the year were made to Smyth Patterson Ltd. Director Colin Patterson is also a director of Smyth Patterson Ltd.
All transactions were conducted on normal commercial terms.
4. Going Concern
The financial statements have been prepared on a going concern basis. Although the Company has incurred losses and faces liquidity pressures, the related party, The Journey Church and has confirmed it's commitment to provide financial support for at least the next 12 months. Management has also implemented measures to improve profitability. In view of these factors, the directors consider the going concern basis to be appropriate.