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

KILMONA HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI056039

Kilmona Holdings Limited

Filleted Financial Statements

30 June 2019

Kilmona Holdings Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Kilmona Holdings Limited

Officers and Professional Advisers

The board of directors	D Mitchell
	H Wilson
	P Kearney

Company secretary	H Wilson

Registered office	8th Floor Bedford House
	Bedford Street
	Belfast
	BT2 7FD

Auditor	Maneely Mc Cann
	Chartered Accountants & Statutory Auditors
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Fairfield REF ECS Designated Activity Company
	Ground Floor
	27 Merrion Square
	Dublin 2
	Ireland

	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	Tughan's
	Marlborough House
	30 Victoria Street
	Belfast
	BT1 3GG

	Keystone Law
	Rochester Building
	28 Adelaide Street
	Belfast
	BT2 8GD

Kilmona Holdings Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	4		40,001	40,001

Current assets

Debtors	5	5,370,517		5,370,517
Cash at bank and in hand		74		22
		------------		------------
		5,370,591		5,370,539
		------------		------------
Net current assets			5,370,591	5,370,539
			------------	------------
Total assets less current liabilities			5,410,592	5,410,540

Creditors: amounts falling due after more than one year	6	22,823,240	22,819,240
		-------------	-------------
Net liabilities		( 17,412,648)	( 17,408,700)
		-------------	-------------

Capital and reserves

Called up share capital	7,000,099	7,000,099
Profit and loss account	( 24,412,747)	( 24,408,799)
	-------------	-------------
Shareholders deficit	( 17,412,648)	( 17,408,700)
	-------------	-------------

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 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

H Wilson
Director

Company registration number: NI056039

Kilmona Holdings Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8th Floor Bedford House, Bedford Street, Belfast, BT2 7FD.

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, 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 financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had a net shareholders deficit of £17,412,648. Since 9 October 2017, Fairfield Real Estate Finance (FREF) have provided secured lending facilities to the Kilmona Group based on the Group's asset strategies which will develop and maximise the inherent medium to long term economic value of these assets. The Kilmona Group has the necessary cash cover and secured lender and other Kilmona Group companies' support to meet its total on-going unsecured creditor obligations and liabilities for the medium to long term. In light of the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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 entity 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. 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. 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.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2018 and 30 June 2019	40,001
	--------
Impairment
At 1 July 2018 and 30 June 2019	–
	--------

Carrying amount
At 30 June 2019	40,001
	--------
At 30 June 2018	40,001
	--------

The company holds 100% of the share capital of the following companies:

Company Company of Class of Shares Nature

registration shares held

Kilmona Property Northern Ordinary 100% Property investment

Limited Ireland and development

Kilmona Private Northern Ordinary 100% Holding Company

Equity Limited Ireland

Annanpat Limited, a dormant company incorporated in Northern Ireland, is a wholly owned subsidiary of Kilmona Property Limited.

Ballyhampton Limited, a company incorporated in Northern Ireland and involved in the sale and rental of property, is a wholly owned subsidiary of Kilmona Property Limited.

CDC (NI) Ltd, a company incorporated in Northern Ireland and involved in warehouse handling, is a wholly owned subsidiary of Kilmona Property Limited.

Beacons Place Limited, a dormant company incorporated in Scotland, is a wholly owned subsidiary of Kilmona Property Limited.

Lanyon Place Limited, a company incorporated in Northern Ireland and involved in the sale and rental of property, is a wholly owned subsidiary of Kilmona Private Equity Limited.

5. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings	5,370,517	5,370,517
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2019	2018
	£	£
Amounts owed by group undertakings	5,370,517	5,370,517
	------------	------------

6. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	22,696,677	22,692,677
Other creditors	126,563	126,563
	-------------	-------------
	22,823,240	22,819,240
	-------------	-------------

The company has provided security in the form of charges for certain bank borrowings of group companies.

7. Summary audit opinion

The auditor's report for the year dated 23 December 2019 was unqualified , however it included an emphasis of matter in respect of uncertainty in relation to going concern as follows:

We draw attention to note 3 to the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann .

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2019	2018
	£	£
P Kearney	( 126,462)	( 126,462)
	---------	---------

9. Related party transactions

Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.