Hessington Holdings NI Limited - Period Ending 2021-02-28

Hessington Holdings NI Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

Hessington Holdings NI Limited

(Registration number: NI664441)
Balance Sheet as at 28 February 2021

	Note	2021 £
Fixed assets
Investments	4	1,020
Current assets
Debtors	5	514,795
Cash at bank and in hand		61,572
		576,367
Creditors: Amounts falling due within one year	6	(555,269)
Net current assets		21,098
Net assets		22,118
Capital and reserves
Called up share capital	7	1,021
Profit and loss account		21,097
Shareholders' funds		22,118

For the financial period ending 28 February 2021 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 14 September 2021 and signed on its behalf by:
 

.........................................

Mr Lorcan Ward
Director

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
c/o DT Carson & Co
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

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 Board on 14 September 2021.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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 all amounts have been rounded to the nearest £1.

Group accounts not prepared

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.

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. 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.

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

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 of future events that are believed to be reasonable under the circumstances.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

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.

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.

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.

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The company 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
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring 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.

 

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4	Investments

	2021 £
Investments in subsidiaries	1,020

Subsidiaries	£
Cost or valuation
Additions	1,020
Provision
Carrying amount
At 28 February 2021	1,020

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:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021
Subsidiary undertakings
Hessington Holdings Limited	29 Lower Georges Street, Dun Laoghaire, Co Dublin Ireland	Ordinary shares	100%

5

Debtors

	Note	2021 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	514,794
Other debtors		1
		514,795

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	546,509
Accruals and deferred income		2,400
Other creditors		6,360
		555,269

7	Share capital

Allotted, called up and fully paid shares

	2021
	No.	£
Ordinary shares of £1 each	1,020	1,020

Allotted, called up and not fully paid shares

	2021
	No.	£
Ordinary shares of £1 each	1	1

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Period from 17 September 2019 to 28 February 2021

8	Related party transactions

Summary of transactions with entities with joint control or significant interest

Management fees charged to related entity
 

Summary of transactions with all subsidiaries

Hessington Holdings (NI) Limited owns 100% of the share capital of Hessington Holdings Limited and has taken advantage of the exemption in FRS 102 not to disclose transactions or balances with wholly owned subsidiaries which form part of a group.
 

Income and receivables from related parties

2021	Entities with joint control or significant influence £
Receipt of services	30,000

9	Parent and ultimate parent undertaking

The ultimate controlling party is Mr Lorcan Ward.