Lagan Holdings Limited Filleted accounts for Companies House (small and micro)

LAGAN HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI049714

Lagan Holdings Limited

Filleted Unaudited Financial Statements

30 June 2023

Lagan Holdings Limited

Financial Statements

Year ended 30th June 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Lagan Holdings Limited

Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Current assets

Debtors	6	3,856,102	4,168,642
Cash at bank and in hand		393,645	316,731
		------------	------------
		4,249,747	4,485,373

Creditors: amounts falling due within one year	7	9,366,663		9,375,637
		------------		------------
Net current liabilities			5,116,916	4,890,264
			------------	------------
Total assets less current liabilities			( 5,116,916)	( 4,890,264)
			------------	------------
Net liabilities			( 5,116,916)	( 4,890,264)
			------------	------------

Capital and reserves

Called up share capital	9	81,001	81,001
Profit and loss account		( 5,197,917)	( 4,971,265)
		------------	------------
Shareholders deficit		( 5,116,916)	( 4,890,264)
		------------	------------

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 comprehensive income has not been delivered.

For the year ending 30th June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Lagan Holdings Limited

Statement of Financial Position (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:

SG McCann

Director

Company registration number: NI049714

Lagan Holdings Limited

Notes to the Financial Statements

Year ended 30th June 2023

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lagan House, 19 Clarendon Road, Belfast, BT1 3BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Foreign currencies

The financial statements are expressed in sterling. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date and revenues,costs and non monetary assets at the exchange rates ruling at the transaction date.

Debtors and creditors receivable / payable within one year

Debtors are stated after all known bad debts have been written off and specific provisions have been made against all considered doubtful for collection.

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

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to Nil (2022: Nil).

5. Investments

	Subsidiary undertakings
	£

Cost
At 1st July 2022 and 30th June 2023	1,524,000
	------------
Impairment
At 1st July 2022 and 30th June 2023	1,524,000
	------------

Carrying amount
At 30th June 2023	–
	------------
At 30th June 2022	–
	------------

The company has 100% shareholding in Antrim Asphalt Ltd, a holding company incorporated in Northern Ireland. Antrim Asphalt Ltd has 100% shareholding in Irish Asphalt Ltd, Runbury International Ltd and Linstock Ltd all registered in the Republic of Ireland. Irish Asphalt Ltd is a plant hire company while the other two have the activity of property holding.

6. Debtors

	2023	2022
	£	£

Amounts owed by group and related undertakings	3,856,102	4,168,642
	------------	------------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£

Trade creditors	263	23,895
Amounts owed to related undertakings	9,337,187	9,292,787
Other creditors	29,213	58,955
	------------	------------
	9,366,663	9,375,637
	------------	------------

8. Contingent liabilities

Various proceedings have been issued against the company and certain group subsidiary companies as well as other quarry owners, in relation to the supply of allegedly defective quarry products from inter alia a quarry in Baylane, Co. Dublin, Republic of Ireland. On robust legal advice, the proceedings are being vigorously defended by the company and the company does not accept that it has any liability.

9. Called up share capital

Issued, called up and fully paid

2023		2022
No.	£	No.	£

Ordinary shares of £ 1 each	81,001	81,001	81,001	81,001
	--------	--------	--------	--------

10. Related party transactions

At the Statement of Financial Position date the following entities are regarded as related parties as defined by FRS 102.

	2023	2022
	£	£
Amounts owed to the company (note 7)
Lagan Developments (Holdings) Limited	3,548,596	3,625,045
Irish Asphalt Limited	307,506	543,597
	------------	------------
	3,856,102	4,168,642
	------------	------------

	2023	2022
	£	£
Amounts owed by the company (note 8)
Lagan Cement Group Limited	8,998,371	8,998,371
Lagan Construction Limited	250,000	250,000
Lagan Services Limited (formerly Lagan Construction Services Limited)	38,400	19,200
Lagan Management Ltd	50,416	25,216
	------------	------------
	9,337,187	9,292,787
	------------	------------

During the year fees for services as directors were charged to the company as follows:-

		2023	2022
		£	£

Lagan Services Limited (formerly Lagan Construction Services Limited)	40,000	40,000
Lagan Management Limited	60,000	60,000
	----------	----------
	100,000	100,000
	----------	----------

SG McCann , PG Woods and SD Bell are directors of Lagan Management Limited. JPK Lagan is the ultimate controlling party of Lagan Management Limited. MA Lagan has an interest in Lagan Services Limited (formerly Lagan Construction Services Limited). SG McCann and JPK Lagan are directors of Lagan Cement Group Limited.

11. Control

At 30 June 2023 the immediate and ultimate parent company was Runlin Limited, a company incorporated in Northern Ireland, which is controlled by JPK Lagan and MA Lagan.