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

LOUGHVIEW LEISURE HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI648364

Loughview Leisure Holdings Limited

Filleted Financial Statements

30 June 2020

Loughview Leisure Holdings Limited

Statement of Financial Position

30 June 2020

	2020	2019
Note	£	£

Fixed assets

Investments	4	5,025,100	5,025,000

Current assets

Debtors	5	1	1
		----	----
Net current assets		1	1
		------------	------------
Total assets less current liabilities		5,025,101	5,025,001

Creditors: Amounts due after one year	6	5,000,100	5,025,826
		------------	------------
Net assets/(liabilities)		25,001	( 825)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	25,000	( 826)
	--------	----
Shareholders funds/(deficit)	25,001	( 825)
	--------	----

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:

H Wilson

Director

Company registration number: NI648364

Loughview Leisure Holdings 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, 16-22 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.

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.

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 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.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2019	5,025,000
Additions	100
	------------
At 30 June 2020	5,025,100
	------------
Impairment
At 1 July 2019 and 30 June 2020	–
	------------

Carrying amount
At 30 June 2020	5,025,100
	------------
At 30 June 2019	5,025,000
	------------

Listed investments

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Loughview Leisure Group Limited	Ordinary	100
Loughview Real Estate Limited	Ordinary	100

The investments represent a 100% equity holding in Loughview Leisure Group Limited, a company involved in the hotel trade, and a 100% equity holding in Loughview Real Estate Limited, a company involved in property development .

5. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1	1
	----	----

6. Creditors: Amounts due after one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	5,000,100	5,025,826
	------------	------------

The company has provided security in the form of fixed and floating charges in respect of its subsidiary's borrowings.

7. 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 .

8. 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 102 Section 1A Appendix C, Related Party Disclosures. In the prior year the company received a loan from a related party under the common control of one of the directors. The amount owed to the related party at the balance sheet date was £ 5,000,000 (2019: £5,000,000).