Killycrot Estates Limited 31/03/2021 iXBRL

KILLYCROT ESTATES LIMITED - Company Information

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Company registration number: NI612135

Killycrot Estates Limited

Unaudited filleted abridged financial statements

31 March 2021

Killycrot Estates Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

Killycrot Estates Limited

Directors and other information


	Directors	Mr Norman Cahoon
		Mr Norman Iain Cahoon
		Mr Alan Cahoon
		Miss Claire Cahoon


	Company number	NI612135


	Registered office	Red Lodge
		28 Old Galgorm Road
		Ballymena
		Co. Antrim
		BT42 1AL


	Accountants	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Danske Bank
		Belfast Finance Centre
		PO Box 183, Donegall Square West
		Belfast
		BT1 6JS


	Solicitors	Johns Elliot
		40 Linenhall Street
		Belfast
		BT2 8BA

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Killycrot Estates Limited

Year ended 31 March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Killycrot Estates Limited for the year ended 31 March 2021 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of Killycrot Estates Limited, as a body, in accordance with the terms of our engagement letter dated 12 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Killycrot Estates Limited and state those matters that we have agreed to state to the board of directors of Killycrot Estates Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Killycrot Estates Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Killycrot Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Killycrot Estates Limited. You consider that Killycrot Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Killycrot Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hill Vellacott

Chartered Accountants

28 October 2021

Killycrot Estates Limited

Abridged statement of financial position

31 March 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	5	9,430,000		9,430,000
		_________		_________
			9,430,000		9,430,000

Current assets
Debtors		86,231		106,506
Cash at bank and in hand		193,229		130,591
		_________		_________
		279,460		237,097
Creditors: amounts falling due
within one year	6	( 1,481,632)		( 1,248,486)
		_________		_________
Net current liabilities			( 1,202,172)		( 1,011,389)
			_________		_________
Total assets less current liabilities			8,227,828		8,418,611

Creditors: amounts falling due
after more than one year	7		( 1,958,647)		( 2,636,292)

Provisions for liabilities			( 731,994)		( 731,994)

			_________		_________
Net assets			5,537,187		5,050,325
			_________		_________

Capital and reserves
Called up share capital			300		300
Profit and loss account			5,536,887		5,050,025
			_________		_________
Shareholders funds			5,537,187		5,050,325
			_________		_________

For the year ending 31 March 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 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.

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.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 28 October 2021 , and are signed on behalf of the board by:

Mr Norman Cahoon

Director

Company registration number: NI612135

Killycrot Estates Limited

Notes to the financial statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Red Lodge, 28 Old Galgorm Road, Ballymena, Co. Antrim, BT42 1AL. The principal activity of the company is the letting and operating of real estate.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

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. Significant judgementsThere are no judgments (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:The directors include the investment properties at fair value that is based on their estimate of the open market value of those investment properties.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is measured initially 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.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets


		£
	Cost
	At 1 April 2020 and 31 March 2021	9,430,000
		_________
	Depreciation
	At 1 April 2020 and 31 March 2021	-
		_________
	Carrying amount
	At 31 March 2021	9,430,000
		_________
	At 31 March 2020	9,430,000
		_________

Investment property

The investment properties have been valued at market value by the directors at 31 March 2021, based on valuations undertaken by Osborne King and McConnell Chartered Surveyors during the year.

6. Creditors: amounts falling due within one year

Details of indebtedness are included in note 7.

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

Creditors included a bank loan of £1,464,392 (2020 - £1,1,680,000) that is secured by a first and only all monies debenture in favour of the bank over all property, assets and undertakings to incorporate a first and only legal charge over specific properties. Interest is charged on the bank debt at a margin over 3 month LIBOR as determined each quarter. The bank have also been given a letter of subordination regarding the Unsecured Loan Notes 2030 and the timing and value of repayment of the loan notes. The company issued £2,835,900 of Unsecured Loan Notes 2030 on 18 March 2015 and these Unsecured Loan Notes 2030 are unsecured, interest free and are repayable by 31 December 2030. Repayments of the Unsecured Loan Notes 2030 are subject to the terms of the facility letter issued by the bank. The Unsecured Loan Notes 2030 outstanding at 31 March 2021 are £821,900 (2020 - £1,271, 900)

Included within creditors: amounts falling due after more than one year is an amount of £ 300,000 (2020 £ 500,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £ 21,900 (2020 £ 271,900 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

Amounts falling due after more than five years includes: Unsecured Loan Notes 2030 are interest free and can be encashed each year, subject to a maximum amount each year under the terms of the Danske Bank debt and subject to overall approval by Danske Bank. At 31 March 2019 the total due after 5 years is £321,900 (2020 - £771,900).

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2021
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Norman Cahoon	( 7,102)	904	( 6,198)
		_________	_________	_________

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Norman Cahoon	( 8,112)	1,010	( 7,102)
		_________	_________	_________

The directors also hold the Unsecured Loan Notes 2030 and have encashed £450,000 (2020 - £700, 000) of the loan notes in the year. At the balance sheet date, the loan notes outstanding were £821, 900 (2020 - £1,271,900).