Straben Limited Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 42,947,646 42,550 42,990,196 42,990,196 42,947,646 1,000 1,000 1,000 xbrli:pure xbrli:shares iso4217:GBP NI618206 2021-04-01 2022-03-31 NI618206 2022-03-31 NI618206 2021-03-31 NI618206 2021-03-31 NI618206 bus:RegisteredOffice 2021-04-01 2022-03-31 NI618206 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 NI618206 bus:Director1 2021-04-01 2022-03-31 NI618206 bus:Director2 2021-04-01 2022-03-31 NI618206 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 NI618206 core:AfterOneYear 2022-03-31 NI618206 core:AfterOneYear 2021-03-31 NI618206 core:WithinOneYear 2022-03-31 NI618206 core:WithinOneYear 2021-03-31 NI618206 core:ShareCapital 2022-03-31 NI618206 core:ShareCapital 2021-03-31 NI618206 core:RevaluationReserve 2022-03-31 NI618206 core:RevaluationReserve 2021-03-31 NI618206 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI618206 core:RetainedEarningsAccumulatedLosses 2021-03-31 NI618206 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 NI618206 core:Non-currentFinancialInstruments 2022-03-31 NI618206 core:Non-currentFinancialInstruments 2021-03-31 NI618206 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 NI618206 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 NI618206 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 NI618206 bus:SmallEntities 2021-04-01 2022-03-31 NI618206 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 NI618206 bus:FullAccounts 2021-04-01 2022-03-31 NI618206 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 NI618206 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31

COMPANY REGISTRATION NUMBER: NI618206

Straben Limited

Filleted Unaudited Financial Statements

31 March 2022

Straben Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Straben Limited

Officers and Professional Advisers

The board of directors	Mr B Loughran
	Mr K Mc Kay

Registered office	Unit 1 Ground Floor Adelaide Exchange
	24-26 Adelaide Street
	Belfast
	BT2 8GD

Accountants	Maneely Mc Cann Chartered Accountants
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Straben Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Straben Limited

Year ended 31 March 2022

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered Accountants Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

24 November 2022

Straben Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	4	42,990,196	42,947,646
Investments	5	1,000	1,000
		-------------	-------------
		42,991,196	42,948,646

Current assets

Debtors	6	1,365,468	1,597,216
Cash at bank and in hand		1,330,566	1,029,320
		------------	------------
		2,696,034	2,626,536

Creditors: amounts falling due within one year	7	2,076,868	1,842,294
		------------	------------
Net current assets		619,166	784,242
		-------------	-------------
Total assets less current liabilities		43,610,362	43,732,888

Creditors: amounts falling due after more than one year	8	31,631,766	33,088,462
		-------------	-------------
Net assets		11,978,596	10,644,426
		-------------	-------------

Capital and reserves

Called up share capital	2,000	2,000
Revaluation reserve	4,733,012	4,733,012
Profit and loss account	7,243,584	5,909,414
	-------------	-------------
Shareholders funds	11,978,596	10,644,426
	-------------	-------------

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.

For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476 ;

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

Straben Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 24 November 2022 , and are signed on behalf of the board by:

Mr B Loughran	Mr K Mc Kay
Director	Director

Company registration number: NI618206

Straben Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1 Ground Floor Adelaide Exchange, 24-26 Adelaide Street, Belfast, BT2 8GD.

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 company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment Property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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. Tangible assets

	Investment Property
	£
Cost
At 1 April 2021	42,947,646
Additions	42,550
	-------------
At 31 March 2022	42,990,196
	-------------
Depreciation
At 1 April 2021 and 31 March 2022	–
	-------------
Carrying amount
At 31 March 2022	42,990,196
	-------------
At 31 March 2021	42,947,646
	-------------

The investment property was professionally valued in May 2020 by CBRE on the basis of an 'Open Market Valuation' methodology pursuant to the principles of the 'Red Book' valuations as stipulated by the Royal Institution of Chartered Surveyors. If the investment property had not been revalued it would have been included in the financial statements at 31 March 2022 at an historic cost of £33,757,359 (2021: £33,714,809).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	1,000
	-------
Impairment
At 1 April 2021 and 31 March 2022	–
	-------

Carrying amount
At 31 March 2022	1,000
	-------
At 31 March 2021	1,000
	-------

Straben Limited owns 100% of the issued share capital of Straben Developments Limited, a property development company incorporated in Northern Ireland. At 30 September 2021 Straben Developments Limited had net liabilities of £453,033 and made a loss of £13,082 in the period ended on that date.

Straben Developments Limited owns 100% of the issued share capital of Cartel Developments Limited, a property development company incorporated in Northern Ireland. At 31 March 2022 Cartel Developments Limited had net liabilities of £1,140,754.

6. Debtors

	2022	2021
	£	£
Trade debtors	426,358	340,796
Other debtors	939,110	1,256,420
	------------	------------
	1,365,468	1,597,216
	------------	------------

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

	2022	2021
	£	£
Other debtors	787,334	910,335
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	1,183,500	1,183,500
Trade creditors	132,263	121,391
Corporation tax	301,632	112,534
Social security and other taxes	108,765	77,111
Other creditors	350,708	347,758
	------------	------------
	2,076,868	1,842,294
	------------	------------

Bank loans and overdrafts and other creditors are secured by fixed and floating charges over property owned by the company.

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

	2022	2021
	£	£
Bank loans and overdrafts	23,933,000	25,116,500
Amounts owed to group undertakings	7,698,766	7,971,962
	-------------	-------------
	31,631,766	33,088,462
	-------------	-------------

9. Deferred tax

At 31 March 2022, the company had a potential deferred tax liability of £1,344,267 (2021: £1,991,389) which has not been recognised in the financial statements as its future recovery is uncertain.

10. Related party transactions

Control The company is held as a joint venture between Stranmillis Investments Limited and Benmore Developments (N.I) Limited. Each party has a 50% shareholding in the company and participates equally in the decision making and control of the company. 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.