Company Registration No. NI609589 (Northern Ireland)
Heffron Estates Limited
Unaudited accounts
for the year ended 31 December 2019
Heffron Estates Limited
Unaudited accounts
Contents
Heffron Estates Limited
Company Information
for the year ended 31 December 2019
Company Number
NI609589 (Northern Ireland)
Registered Office
THE OFFICE DOCK UNIT 2 CHANNEL WHARF
21 OLD CHANNEL ROAD
BELFAST
CO. ANTRIM
BT3 9DE
Accountants
PGR Chartered Accountants
Unit 2 Channel Wharf
21 Old Channel Road
Belfast
Antrim
BT3 9DE
Heffron Estates Limited
Statement of financial position
as at 31 December 2019
Investment property
1,164,625
1,369,480
Investments
190,376
190,606
Debtors
2,646,355
3,385,638
Cash at bank and in hand
9
5
Creditors: amounts falling due within one year
(2,171,188)
(3,003,416)
Net current assets
475,176
382,227
Total assets less current liabilities
1,830,177
1,942,313
Creditors: amounts falling due after more than one year
(587,832)
(417,362)
Net assets
1,242,345
1,524,951
Called up share capital
100
100
Revaluation reserve
302,722
462,392
Profit and loss account
939,523
1,062,459
Shareholders' funds
1,242,345
1,524,951
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 September 2020 and were signed on its behalf by
Patrick Heffron
Director
Company Registration No. NI609589
Heffron Estates Limited
Notes to the Accounts
for the year ended 31 December 2019
Heffron Estates Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI609589. The registered office is THE OFFICE DOCK UNIT 2 CHANNEL WHARF, 21 OLD CHANNEL ROAD, BELFAST, CO. ANTRIM, BT3 9DE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Fair value at 1 January 2019
1,369,480
Net loss from fair value adjustments
(165,400)
At 31 December 2019
1,164,625
Heffron Estates Limited
Notes to the Accounts
for the year ended 31 December 2019
5
Investments
Other investments
Valuation at 1 January 2019
190,606
Valuation at 31 December 2019
190,376
Fixed asset investments include equity shares in: (Control)
Ballyclare Developments Ltd (50%)
Charlotte House Ltd (25%)
Comber Road Developments Ltd (50%)
Fox Whiskey Ltd (50%)
HBC Investments (23 Charlotte Road) Ltd (25%)
Linen Green Ltd (50%)
Neptune Group Ltd (50%)
Neptune Living Ltd (50%)
Neptune Wharf Ltd (50%)
Neptune Property Developments (99 Queens Road) (50%)
NPD Europe Ltd (50%)
Other debtors
2,646,355
3,385,638
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
13,808
11,700
Trade creditors
1,373
2,280
Taxes and social security
-
6,533
Other creditors
57,738
2,525,050
Loans from directors
2,096,237
455,596
8
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
587,832
417,362
Aggregate of amounts that fall due for payment after five years
509,793
358,630
Bank loan secured as follows:
Fixed and floating charge over the property and undertaking of the company.
Heffron Estates Limited
Notes to the Accounts
for the year ended 31 December 2019
9
Transactions with related parties
Profit for the year includes turnover of £1,000 from a related party entity. Income from investments of £255,000 relates to dividend income from entities over which the entity has joint control. Other expenses includes share of a LLP loss of £40,887 from an entity over which the entity has joint control.
Loans from directors of £ 2,096,236 (2018: £ 455,596) are unsecured and interest free.
Trade creditors include £522 due to a related party entity.
Included in Other Creditors are amounts owed to other related parties of £56,178 (2018: £2,523,490).
Included in Other Debtors are amounts from entities over which the entity has joint control of £989,023 (2018: £1,850,491) and from other related parties of £1,648,139 (2018: £1,526,076).
10
Post balance sheet events
There has been no significant events affecting the company since the year end.
11
Average number of employees
During the year the average number of employees was 0 (2018: 0).
