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

KILMONA INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI627564

Kilmona Investments Limited

Filleted Financial Statements

30 June 2020

Kilmona Investments Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Investments	4		6,491,330	6,491,330

Current assets

Debtors	5	75,003,592	67,102,230
Cash at bank and in hand		1,793,808	3,016,416
		-------------	-------------
		76,797,400	70,118,646

Creditors: amounts falling due within one year	6	6,178,295		6,245,305
		-------------		-------------
Net current assets			70,619,105	63,873,341
			-------------	-------------
Total assets less current liabilities			77,110,435	70,364,671

Creditors: amounts falling due after more than one year	7	63,310,644	56,568,763
		-------------	-------------
Net assets		13,799,791	13,795,908
		-------------	-------------

Capital and reserves

Called up share capital	150	150
Share premium account	6,491,180	6,491,180
Profit and loss account	7,308,461	7,304,578
	-------------	-------------
Shareholder funds	13,799,791	13,795,908
	-------------	-------------

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 income and retained earnings 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 2020 , and are signed on behalf of the board by:

P Kearney

Director

Company registration number: NI627564

Kilmona Investments Limited

Notes to the Financial Statements

Year ended 30 June 2020

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, Northern Ireland.

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.

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.

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.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

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 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. 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. 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. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2019 and 30 June 2020	6,491,330
	------------
Impairment
At 1 July 2019 and 30 June 2020	–
	------------

Carrying amount
At 30 June 2020	6,491,330
	------------
At 30 June 2019	6,491,330
	------------

Subsidiaries, associates and other investments

The investment in group undertaking is comprised of:

	Country of incorporation	Holding	Proportion of voting rights and shares held	Nature of business

Kilmona Holdings Limited	Northern Ireland	Ordinary shares	100%

Kilmona Property Limited, a company incorporated in Northern Ireland and involved in the rental of property, is a wholly owned subsidiary of Kilmona Holdings Limited. Annanpat Limited, a dormant company incorporated in Northern Ireland, 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. Ballyhampton Limited, a company incorporated in Northern Ireland and involved in the 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. Kilmona Private Equity Limited, a holding company incorporated in Northern Ireland, a wholly owned subsidiary of Kilmona Holdings Limited. Lanyon Place Limited, a company incorporated in Northern Ireland and involved in the rental of property, is a wholly owned subsidiary of Kilmona Private Equity Limited.

5. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	75,003,592	67,102,230
	-------------	-------------

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

	2020	2019
	£	£
Amounts owed by group undertakings	75,003,592	67,102,230
	-------------	-------------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Other creditors	6,178,295	6,245,305
	------------	------------

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

	2020	2019
	£	£
Bank loans and overdrafts	56,632,405	51,562,828
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,678,239	5,005,935
	-------------	-------------
	63,310,644	56,568,763
	-------------	-------------

The bank loan is provided on a group wide basis and is secured by fixed and floating charges over the assets and undertakings of the group.

8. Interest rate swaps

The company has entered into interest rate swaps to help mitigate the effect of changes in interest rates on variable rate debt. At 30 June 2020 these had a valuation of £10 (2019: £1,464) which is not considered to be significantly different to their fair value at that date, and they have not been recognised in the statement of financial position as they are not considered to be material.

9. Contingencies

Included in other creditors is an amount of £ 1,009,952 (2019: £902,027) for which a director of the company has given a personal guarantee.

10. Events after the end of the reporting period

On 22 December 2020, the Kilmona Group refinanced the group's debts with a new lender.

11. Summary audit opinion

The auditor's report for the year dated 23 December 2020 was unqualified.

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

12. Related party transactions

Transactions As the company is a wholly owned subsidiary and consolidated financial statements have been prepared which are publicly available, advantage has been taken 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.