O'Kane Supermarkets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI015904 (Northern Ireland)

O'KANE SUPERMARKETS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Chartered Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Ciaran O'Kane

Brian O'Kane

Margaret O'Kane

Diarmuid O'Kane

Paula O'Kane

SECRETARY:

Margaret O'Kane

REGISTERED OFFICE:

49 High Street

Draperstown

MAGHERAFELT

Co. Londonderry

BT45 7AB

REGISTERED NUMBER:

NI015904 (Northern Ireland)

ACCOUNTANTS:

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

BANKERS:

Danske Bank

Business Banking

PO Box 183

Donegal Square West

BELFAST

BT1 6JS

SOLICITORS:

Tughans

Marlborough House

30 Victoria Street

BELFAST

BT1 3GS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 May 2022 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them 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 the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 May 2022 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

29 September 2022

FIXED ASSETS

Intangible assets

4

39,600

59,400

Tangible assets

5

-

379

Investment property

6

8,675,000

9,233,000

8,714,600

9,292,779

CURRENT ASSETS

Debtors

7

479,433

393,933

Cash at bank

836,836

713,996

1,316,269

1,107,929

CREDITORS

Amounts falling due within one year

8

487,059

590,943

NET CURRENT ASSETS

829,210

516,986

TOTAL ASSETS LESS CURRENT LIABILITIES

9,543,810

9,809,765

CREDITORS

Amounts falling due after more than one year

9

(1,402,688

)

(1,539,693

)

PROVISIONS FOR LIABILITIES

(300,817

)

(283,684

)

ACCRUALS AND DEFERRED INCOME

(177,970

)

(182,231

)

NET ASSETS

7,662,335

7,804,157

CAPITAL AND RESERVES

Called up share capital

20,007

20,007

Retained earnings

7,642,328

7,784,150

SHAREHOLDERS' FUNDS

7,662,335

7,804,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by:

Brian O'Kane - Director

Ciaran O'Kane - Director

Diarmuid O'Kane - Director

1.	STATUTORY INFORMATION

O'Kane Supermarkets Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

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.

Intangible assets

Intangible fixed assets comprise acquired separable liquor licences. These assets are amortised over a period of 10 years as directed under FRS 102 as their useful economic lives are deemed to be indefinite. This is supported by annual impairment reviews to ensure that the carrying value of the intangible asset does not exceed its recoverable amount.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Commercial vehicles

-

20% straight line

Investment property

Investment properties are included in the Balance Sheet at their open market value in accordance with Section 16 of FRS 102 and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2021

and 31 May 2022

198,000

AMORTISATION

At 1 June 2021

138,600

Charge for year

19,800

At 31 May 2022

158,400

NET BOOK VALUE

At 31 May 2022

39,600

At 31 May 2021

59,400

5.	TANGIBLE FIXED ASSETS

Commercial

vehicles

£

COST

At 1 June 2021

and 31 May 2022

1,893

DEPRECIATION

At 1 June 2021

1,514

Charge for year

379

At 31 May 2022

1,893

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

379

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

9,233,000

Revaluations

(558,000

)

At 31 May 2022

8,675,000

NET BOOK VALUE

At 31 May 2022

8,675,000

At 31 May 2021

9,233,000

Fair value at 31 May 2022 is represented by:

£

Valuation in 2012

190,219

Valuation in 2014

2,237,608

Valuation in 2015

(218,095

)

Valuation in 2016

(89,039

)

Valuation in 2017

80,437

Valuation in 2018

69,640

Valuation in 2021

(1,000,000

)

Valuation in 2022

(558,000

)

Cost

7,962,230

8,675,000

If the Investment Property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

7,962,230

7,962,230

One property was valued by OKT, a registered valuer, in June 2021. The other Investment Properties were valued on an open market basis in November 2021 by the directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

479,433

393,933

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

142,497

159,908

Trade creditors

1,821

1,942

Taxation and social security

216,683

243,325

Other creditors

126,058

185,768

487,059

590,943

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,402,688

1,539,693

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,545,185

1,699,601

The bank loans and overdrafts are secured by a floating charge and a mortgage on an investment property in Omagh.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans from/(to) a director subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

Ciaran O'Kane

Balance outstanding at start of year

101,000

-

Amounts advanced

2,020

101,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

103,020

101,000

12.	RELATED PARTY DISCLOSURES

At 31 May 2022 the company owed a member of key management personnel £40 (2021 - £40). No interest is to be charged on the loan. At the balance sheet date, the loan is presented within creditors: amounts falling due within one year.