Carrigmay Developments UK Ltd - Limited company accounts 11.7

REGISTERED NUMBER: 06244634

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2014

for

Carrigmay Developments UK Ltd

Page

Company Information

1

Report of the Directors

2

Independent Auditor's Report

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

M A Sampson

L F West

R Roche

A White

SECRETARY:

R Roche

REGISTERED OFFICE:

Mitre House

12-14 Mitre Street

London

EC3A 5BU

REGISTERED NUMBER:

06244634

AUDITOR:

Deloitte

Chartered Accountants and Statutory Auditor

Dublin 2

Ireland

BANKERS:

Allied Irish Bank (GB)

AIB House

25 Esplanade

St Helier

JE1 2AB

SOLICITORS:

O'Flynn Exham & Partners

58/59 South Mall

Cork

The directors present their report with the financial statements of the company for the year ended 31 December 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development management.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2014 to the date of this

report.

M A Sampson

L F West

R Roche

A White

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditor is unaware, and each director has taken all the steps that he ought to have taken as

a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is

aware of that information.

AUDITOR

The auditor, Deloitte & Touche, Chartered Accountants and Statutory Auditor, will be proposed for re-appointment at

the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

M A Sampson - Director

7 September 2015

We have audited the financial statements of Carrigmay Developments UK Limited for the year ended 31 December

2014 which comprise the Statement of Accounting Policies, the Profit and Loss Account, the Balance Sheet and the

related notes 1 to 10. The financial reporting framework that has been applied in their preparation is applicable law and

the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted

Accounting Practice applicable to Smaller Entities).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in an Auditor's 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 members as a

body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial

statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Marguerite Larkin (Senior Statutory Auditor)

for and on behalf of Deloitte

Chartered Accountants and Statutory Auditor

Dublin 2

Ireland

7 September 2015

TURNOVER

2,189,550

781,178

Cost of sales

(2,111,550

)

(705,932

)

GROSS PROFIT

78,000

75,246

Administrative expenses

(64,364

)

(51,693

)

OPERATING PROFIT

3

13,636

23,553

Interest receivable and similar income

26

-

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

13,662

23,553

Tax on profit on ordinary activities

4

(2,796

)

(5,180

)

PROFIT FOR THE FINANCIAL YEAR

10,866

18,373

CURRENT ASSETS

Debtors

5

715,645

520,036

Cash at bank

17,407

2,659

733,052

522,695

CREDITORS

Amounts falling due within one year

6

577,263

377,772

NET CURRENT ASSETS

155,789

144,923

TOTAL ASSETS LESS CURRENT
LIABILITIES

155,789

144,923

CAPITAL AND RESERVES

Called up share capital

7

1

Profit and loss account

8

155,788

144,922

SHAREHOLDERS' FUNDS

155,789

144,923

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the Board of Directors on 7 September 2015 and
were signed on its behalf by:

L F West - Director

1.	GROUP FINANCIAL STATEMENTS

The company is a wholly owned subsidiary of Coolgarriff Limited incorporated in the Republic of Ireland. The

ultimate parent company Cleveland Investments is the only group company which produces consolidated

accounts. These consolidated accounts are not publicly available.

The parent manages its operations and investments so as to ensure that all subsidiary undertakings are in a

position to continue their activities for the foreseeable future. On that basis, the directors are satisfied that it is

appropriate to prepare the financial statements of the company on a going concern basis. The financial

statements do not include any adjustments that would be necessary if the company was unable to continue as a

going concern.

2.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents amounts invoiced in respect of development costs recharged and management services

provided, excluding value added tax.

Services provided but which had not been billed at the balance sheet date have been recognised as revenue.

Revenue recognition in this manner is based on an assessment of the fair value of the services provided at the

balance sheet date where there exists an agreed right to receive consideration for work undertaken. Accrued

income is included in the financial statements as a current asset.

Deferred tax

Deferred tax is provided in full on timing differences, which result in an obligation at the balance sheet date to

pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on

current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in

taxation computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

3.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.14

31.12.13

£

Directors' remuneration and other benefits etc

6,426

7,500

Auditors remuneration is borne by Westfield Investments, another group company.

The company did not have any employees in the current year or preceding period.

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.14

31.12.13

£

Current tax:

UK corporation tax

2,796

5,180

Tax on profit on ordinary activities

2,796

5,180

Factors affecting the tax charge

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is

explained below:

31.12.14

31.12.13

£

Profit on ordinary activities before tax

13,662

23,553

Profit on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 21% (2013 - 23%)

2,869

5,417

Effects of:

Disallowable expenses

32

-

Tax rate adjustment

68

58

Small companies rate relief

(173

)

(295

)

Current tax charge

2,796

5,180

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Amounts owed by group undertakings

305,146

347,924

Amounts owed by parent undertaking

1

Other debtors

410,498

172,111

715,645

520,036

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Trade creditors

251,310

77,160

Amounts owed to group undertakings

289,996

265,876

Taxation and social security

2,770

5,154

Other creditors

33,187

29,582

577,263

377,772

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

1

Ordinary

1

8.

RESERVES

Profit

and loss

account

£

At 1 January 2014

144,922

Profit for the year

10,866

At 31 December 2014

155,788

9.	IMMEDIATE AND ULTIMATE PARENT COMPANY

The immediate parent company is Coolgarriff Limited, which is incorporated in the Republic of Ireland.

The ultimate parent company and ultimate controlling party is Cleveland Investments, which is incorporated in

the Republic of Ireland.

10.	RELATED PARTY DISCLOSURES

Cleveland Investments is the ultimate parent company of Carrigmay Developments UK Limited. Carrigmay

Developments (Jersey) Limited, New Malden (Jersey) Limited (both incorporated in Jersey) and Westfield

Investments (incorporated in the Republic of Ireland) are members of the group.

At the balance sheet date:

- £1 (2013 - £1) was owed to the company by Cleveland Investments;

- £225,146 (2013 - £347,924) was owed to the company by Carrigmay Developments (Jersey) Limited;

- £80,000 (2013 - £nil) was owed to the company by New Malden (Jersey) Limited;

- £289,996 (2013 - £265,876) was owed by the company to Westfield Investments. This amount is unsecured,

does not bear interest and is repayable on demand;

- £25,000 (2013 - £22,541) was accrued by the company for management fees chargeable to the company by

Westfield Investments;

- £28,000 (2013 - £25,246) was accrued by the company for management fees chargeable by the company to

Carrigmay Developments (Jersey) Limited.

During the year:

- development costs of £2,111,550 (2013- £677,862) were charged to Carrigmay Developments (Jersey)

Limited;

- management fees of £78,000 (2013 - £75,246) were charged to Carrigmay Developments (Jersey) Limited;

- management fees of £23,678 (2013 - £22,541) were charged by Westfield Investments for services including

those of director Mr Roche.

- £30,380 (2013 - £18,091) was paid to Sampson West for services provided in addition to the directors' fees

shown in note 3 to the accounts. Directors Mr. Sampson and Mr. West are controlling partners in Sampson

West, a UK partnership.