Glenlough Developments Limited 31/12/2019 iXBRL

Glenlough Developments Limited 31/12/2019 iXBRL

GLENLOUGH DEVELOPMENTS LIMITED - Company Information

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Company registration number: NI049396
Glenlough Developments Limited
Filleted financial statements
31 December 2019
Barry Thompson and Company
Chartered Accountants
76-78 Church Street
Portadown
Glenlough Developments Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Glenlough Developments Limited
Directors and other information
Directors Mr N T G Eakin
Mr L Warren
Secretary L Warren
Company number NI049396
Registered office 76-78 Church Street
Portadown
Co Armagh
BT62 3EU
Auditor Barry Thompson and Company
76-78 Church Street
Portadown
Co Armagh
BT62 3EU
Bankers Northern Bank Ltd
45-48 High Street
Portadown
Co Armagh
BT62 1LB
Glenlough Developments Limited
Directors responsibilities statement
Year ended 31 December 2019
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Glenlough Developments Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 584,348 584,348
_______ _______
584,348 584,348
Current assets
Debtors 5 57,687 55,371
Cash at bank and in hand 40,621 1,802
_______ _______
98,308 57,173
Creditors: amounts falling due
within one year 6 ( 1,244,205) ( 1,239,019)
_______ _______
Net current liabilities ( 1,145,897) ( 1,181,846)
_______ _______
Total assets less current liabilities ( 561,549) ( 597,498)
_______ _______
Net liabilities ( 561,549) ( 597,498)
_______ _______
Capital and reserves
Called up share capital 7 10,000 10,000
Profit and loss account ( 571,549) ( 607,498)
_______ _______
Shareholders deficit ( 561,549) ( 597,498)
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2020 , and are signed on behalf of the board by:
Mr N T G Eakin
Director
Company registration number: NI049396
Glenlough Developments Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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 meets its day to day working capital requirements through a loan facility and there is no indication that the bank will demand repayment in the forseeable future. However if such a situation should arise the companies within the group have confirmed they will not seek repayment of the liabilities due to them and have pledged their ongoing support to the company.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
4. Tangible assets
Freehold property Investment properties Total
£ £ £
Cost or valuation
At 1 January 2019 672,044 - 672,044
Revaluation - 584,348 584,348
Other movements ( 672,044) - ( 672,044)
_______ _______ _______
At 31 December 2019 - 584,348 584,348
_______ _______ _______
Depreciation
At 1 January 2019 87,696 - 87,696
Other movements ( 87,696) - ( 87,696)
_______ _______ _______
At 31 December 2019 - - -
_______ _______ _______
Carrying amount
At 31 December 2019 - 584,348 584,348
_______ _______ _______
At 31 December 2018 584,348 - 584,348
_______ _______ _______
During the year land and buildings have been transferred to Investment properties, it is of the opinion of the directors the market value of these properties was not significantly greater than the book value at 31 December 2018.
5. Debtors
2019 2018
£ £
Trade debtors 11,009 8,479
Amounts owed by group undertakings and undertakings in which the company has a participating interest 44,995 44,995
Other debtors 1,683 1,897
_______ _______
57,687 55,371
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors - 2,419
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,224,050 1,223,550
Corporation tax 8,432 4,504
Social security and other taxes 2,742 1,506
Other creditors 8,981 7,040
_______ _______
1,244,205 1,239,019
_______ _______
The bank overdraft is secured by a fixed charge over book debts, a floating charge, a legal mortgage on 1 Goban Street, Portadown, a guarantee for £500,000 by Noel Eakin and a guarantee for £500,000 signed by Leslie Warren.
7. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares shares of £ 1.00 each 10,000 10,000 10,000 10,000
_______ _______ _______ _______
8. Events after the end of the reporting period
At present the directors do not envisage the Covid-19 pandemic will result in a significant adverse impact for the company, however given that the outcome of the Covid-19 pandemic is uncertain we acknowledge that a definitive assessment of its impact cannot be made at this time.
9. Summary audit opinion
The auditor's report for the year dated 27 August 2020 was unqualified.
The senior statutory auditor was Barry Thompson for and on behalf of Barry Thompson and Company
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019 2018 2019 2018
£ £ £ £
Boreal Limited- parent company - - 38,411 38,411
Noel Eakin & Sons Limited - group company - - ( 1,217,466) ( 1,216,966)
_______ _______ _______ _______
No amount are owed to/from any of the directors in the company.
11. Controlling party
The directors regard Boreal Limited , which is registered in Northern Ireland, to be the company's ultimate parent company. According to the register kept by the company, Boreal Limited has 70% interest in the share capital of Glenlough Developments Limited at 31 December 2019.The company is controlled equally by NTG Eakin & BE Eakin who each own 50% of the ordinary share capital of Boreal Limited.