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Unaudited Financial Statements Masthead (NI) Limited For the Year Ended 30 April 2025 Registered number: NI070317
Masthead (NI) Limited
Company Information
Directors | W Chambers
| J Chambers
| W Newell
Registered number | NI070317
Registered office | 7 Moneydarragh Road
| Annalong
| Newry
| Co. Down
| BT34 4TY
Accountants | Grant Thornton Advisors (NI) LLP
| Chartered Accountants
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Ulster Bank
| Castlewellan
| Co. Down
| BT31 9DD
Masthead (NI) Limited
Contents
| Page
Accountants' report | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 9
Independent Accountant's Report to the directors of the unaudited financial statements of Masthead (NI) Limited for the Year Ended 30 April 2025 In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Masthead (NI) Limited for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us. The financial statements have been prepared on the basis set out in the notes to the financial statements. This report is made solely to the directors of Masthead (NI) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Masthead (NI) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Masthead (NI) Limited and its directors, as a body, for our work or for this report. We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements. You have approved the financial statements for the year ended 30 April 2025 and you have acknowledged on the Balance sheet as at 30 April 2025 your duty to ensure that Masthead (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Masthead (NI) Limited is exempt from the statutory audit requirement for the year ended 30 April 2025. We have not been instructed to carry out an audit or review the financial statements of Masthead (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grant Thornton Advisors (NI) LLP |
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH |
Date: 24 November 2025 Page 1
Masthead (NI) Limited Registered number:NI070317
Balance sheet As at 30 April 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 355,000 |  | 355,000
|  |  | 355,000 |  | 355,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 483,459 |  | 485,671 |
Cash at bank and in hand | 7 | 36,628 |  | 9,355 |
|  | 520,087 |  | 495,026 |
Creditors: amounts falling due within one year | 8 | (8,448) |  | (9,587) |
Net current assets |  |  | 511,639 |  | 485,439
Total assets less current liabilities |  |  | 866,639 |  | 840,439
Provisions for liabilities |  |  |  |  |
Deferred tax liability | 9 | (22,696) |  | (22,696) |
|  |  | (22,696) |  | (22,696)
Net assets |  |  | 843,943 |  | 817,743
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Other reserve | 11 |  | 68,077 |  | 68,077
Profit and loss account | 11 |  | 775,766 |  | 749,566
|  |  | 843,943 |  | 817,743
Page 2
Masthead (NI) Limited Registered number:NI070317
Balance sheet (continued) As at 30 April 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2025.
W Chambers
Director
Page 3
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025
1. | General information
Masthead (NI) Limited is a private limited company limited by shares and incorporated in Northern Ireland. The registered office is 7 Moneydarragh Road, Annalong, Newry, Co. Down, BT34 4TY. The principal activity of the company is operating and letting of own real estate. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). These financial statements are presented in Sterling (£). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 4
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025 2.Accounting policies (continued)
| 2.4 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025 2.Accounting policies (continued)
| 2.9 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: a) Recoverability of debtors Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. b) Market value of investment properties Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.
4. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 6
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 May 2024 | 355,000
| At 30 April 2025 | 355,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 2,267
| Amounts owed from group companies | 331,848 | 331,848
| Amounts owed from related parties | 150,000 | 150,000
| Prepayments and accrued income | 1,611 | 1,556
|  | 483,459 | 485,671
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 36,628 | 9,355
|  | 36,628 | 9,355
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | 3,914 | 9,587
| Accruals and deferred income | 4,534 | -
|  | 8,448 | 9,587
Page 7
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025
9. | Deferred tax liability
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 22,696 | 22,696
| At end of year | 22,696 | 22,696
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Capital gains | 22,696 | 22,696
|  | 22,696 | 22,696
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
11. | Reserves
Other reserve Comprises non-distributable income in relation to property revaluations less deferred tax. Profit & loss account Includes all current and prior period retained profits and losses.
12. | Related party transactions
| The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of the group. At the balance sheet date, the company was owed £150,000 (2024: £150,000) from a related party by virtue of common directorship. There were no transactions with the related party during the current financial year.
Page 8
Masthead (NI) Limited
Notes to the financial statements For the Year Ended 30 April 2025
13. | Controlling party
The company's parent undertaking is Shellco Seafoods Limited, a company incorporated in Northern Ireland. The company's ultimate controlling party is Bonumcorpus (No.53) Limited by virtue of shareholding in Shellco Seafoods Limited.
Page 9