DET Banbridge Limited - Period Ending 2021-11-30
DET Banbridge Limited - Period Ending 2021-11-30
Registration number:
DET Banbridge Limited
for the Year Ended 30 November 2021
DET Banbridge Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
DET Banbridge Limited
(Registration number: NI634809)
Balance Sheet as at 30 November 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
104,526 |
670,512 |
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Shareholders' funds |
104,626 |
670,612 |
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
DET Banbridge Limited
(Registration number: NI634809)
Balance Sheet as at 30 November 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
The principal place of business is:
Iveagh Movie Studios Complex
26 Downshire Place
Banbridge
BT32 3DF
Northern Ireland
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements and specifically in light of the Covid-19 pandemic.
The Covid-19 health crisis was declared a global pandemic by the World Health Organisation in March 2020 and a lockdown of all non-essential businesses followed to prevent the spread of the virus. As a result of the initial lockdown, we had to temporarily close our cinemas. At the start of the current financial year, the cinemas had partially reopened as part of the easing of the lockdown measures, however a further circuit breaker and second lockdown in late 2020 and into 2021 once against forced the cinemas to close. Lockdown measures were again slowly lifted with a return to trading in May 2021 albeit at levels below that previously seen before the pandemic. It is hoped that trading will return to pre Covid levels in 2022.
As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
Judgements
The preparation of 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. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2% Straight line |
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Other tangible assets (including equipment, fixtures & fittings) |
25% Reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Financial instruments
Classification
Recognition and measurement
The comany only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Impairment
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 December 2020 |
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At 30 November 2021 |
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Amortisation |
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At 1 December 2020 |
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Amortisation charge |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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Tangible assets |
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Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2020 |
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Additions |
- |
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At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
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Charge for the year |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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Included within the net book value of land and buildings above is £1,057,038 (2020 - £1,080,395) in respect of freehold land and buildings.
DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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Investments |
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2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 December 2020 |
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Revaluation |
( |
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At 30 November 2021 |
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Provision |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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51-53 Thomas Street
Northern Ireland |
Ordinary |
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Subsidiary undertakings |
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Holywood Leisure Ltd The principal activity of Holywood Leisure Ltd is |
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Stocks |
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2021 |
2020 |
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Other inventories |
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Debtors |
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2021 |
2020 |
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Prepayments |
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Other debtors |
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DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
100 |
100 |
100 |
100 |
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Loans and borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Other borrowings |
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DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
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Related party transactions |
Summary of transactions with parent
Summary of transactions with all subsidiaries
Summary of transactions with other related parties
Expenditure with and payables to related parties
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2021 |
Entities with joint control or significant influence |
Subsidiary |
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Settlement of liabilities |
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- |
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Amounts payable to related party |
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2020 |
Subsidiary |
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Amounts payable to related party |
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Loans to related parties
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2021 |
Subsidiary |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2020 |
Subsidiary |
Total |
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At start of period |
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Advanced |
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At end of period |
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DET Banbridge Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Loans from related parties
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2021 |
Parent |
Key management |
Other related parties |
Total |
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At start of period |
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At end of period |
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2020 |
Parent |
Key management |
Other related parties |
Total |
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At start of period |
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Repaid |
- |
( |
- |
( |
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At end of period |
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Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.
The ultimate controlling party is
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Non adjusting events after the financial period |
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