Boreal Limited 31/12/2022 iXBRL

Boreal Limited 31/12/2022 iXBRL

BOREAL LIMITED - Company Information

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2 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI027859 2022-01-01 2022-12-31 NI027859 2022-12-31 NI027859 2021-12-31 NI027859 2021-01-01 2021-12-31 NI027859 2021-12-31 NI027859 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 NI027859 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 NI027859 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 NI027859 bus:Director1 2022-01-01 2022-12-31 NI027859 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 NI027859 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 NI027859 core:FurnitureFittingsToolsEquipment 2021-12-31 NI027859 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI027859 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 NI027859 core:FurnitureFittingsToolsEquipment 2022-12-31 NI027859 core:WithinOneYear 2022-12-31 NI027859 core:WithinOneYear 2021-12-31 NI027859 core:ShareCapital 2022-12-31 NI027859 core:ShareCapital 2021-12-31 NI027859 core:RevaluationReserve 2022-12-31 NI027859 core:RevaluationReserve 2021-12-31 NI027859 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI027859 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI027859 bus:OrdinaryShareClass1 core:ShareCapital 2022-12-31 NI027859 bus:OrdinaryShareClass1 core:ShareCapital 2021-12-31 NI027859 core:LandBuildings core:LongLeaseholdAssets 2022-01-01 2022-12-31 NI027859 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 NI027859 core:Non-currentFinancialInstruments 2022-12-31 NI027859 core:Non-currentFinancialInstruments 2021-12-31 NI027859 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 NI027859 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 NI027859 core:FurnitureFittingsToolsEquipment 2021-12-31 NI027859 bus:SmallEntities 2022-01-01 2022-12-31 NI027859 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 NI027859 bus:FullAccounts 2022-01-01 2022-12-31 NI027859 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 NI027859 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 NI027859 core:AllSubsidiaries 2022-01-01 2022-12-31 NI027859 2 2022-01-01 2022-12-31
Company registration number: NI027859
Boreal Limited
Unaudited filleted financial statements
31 December 2022
Boreal Limited
Contents
Statement of financial position
Notes to the financial statements
Boreal Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 3,504,701 3,525,306
Investments 6 7,002 7,002
________ ________
3,511,703 3,532,308
Current assets
Stocks 2,366,683 2,366,683
Debtors 7 66,268 96,218
Cash at bank and in hand 793,270 488,729
________ ________
3,226,221 2,951,630
Creditors: amounts falling due
within one year 8 ( 6,162,775) ( 5,883,178)
________ ________
Net current liabilities ( 2,936,554) ( 2,931,548)
________ ________
Total assets less current liabilities 575,149 600,760
Provisions for liabilities ( 80,152) ( 63,462)
________ ________
Net assets 494,997 537,298
________ ________
Capital and reserves
Called up share capital 9 2 2
Revaluation reserve 493,260 493,260
Profit and loss account 1,735 44,036
________ ________
Shareholders funds 494,997 537,298
________ ________
For the year ending 31 December 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
N T G Eakin
Director
Company registration number: NI027859
Boreal Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Carn Business Park, 19 Carn Road, Portadown, Co Armagh, BT63 5RH.
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 following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:Valuation of propertyAs describe in note 12 to the financial statements, properties are stated at fair value on the valuation performed by an independent professional valuer, Hannath Property Consultancy and Estate Agents. It is of the opinion of the directors however that in its existing use the current net book value of the property is more appropriate.
Turnover
Revenue from the sale of services rendered and land and property is recognised when the significant risks and rewards of ownership have transferred to the buyer, 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow movig stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
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 or 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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property Long leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2022 3,218,682 360,000 94,927 3,673,609
Additions - - 4,981 4,981
________ ________ ________ ________
At 31 December 2022 3,218,682 360,000 99,908 3,678,590
________ ________ ________ ________
Depreciation
At 1 January 2022 - 103,385 44,918 148,303
Charge for the year - 7,200 18,386 25,586
________ ________ ________ ________
At 31 December 2022 - 110,585 63,304 173,889
________ ________ ________ ________
Carrying amount
At 31 December 2022 3,218,682 249,415 36,604 3,504,701
________ ________ ________ ________
At 31 December 2021 3,218,682 256,615 50,009 3,525,306
________ ________ ________ ________
Land and buildings were valued at December 2010 on the basis of open market value for existing use by Michael Hannath Property Consultancy and Estate Agents. The valuations were undertaken in accordance with the Appraisal and Valuation Standards of the Royal Institute of Chartered Surveyors in the United Kingdom however the revalued amount was not deemed materially different from the value held in the accounts at 31 December 2020 and therefore no change has been made to the asset carrying value. In the opinion of the directors the market value of the freehold land and buildings was not significantly greater than the book value.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 and 31 December 2022 7,002 7,002
________ ________
Impairment
At 1 January 2022 and 31 December 2022 - -
________ ________
Carrying amount
At 31 December 2022 7,002 7,002
________ ________
At 31 December 2021 7,002 7,002
________ ________
7. Debtors
2022 2021
£ £
Trade debtors 50,834 43,935
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,999 44,390
Other debtors 9,435 7,893
________ ________
66,268 96,218
________ ________
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 11,152 854
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,015,704 5,715,704
Corporation tax 68,681 65,144
Social security and other taxes 14,703 51,622
Other creditors 52,535 49,854
________ ________
6,162,775 5,883,178
________ ________
The bank loans and overdrafts are secured by a fixed charge over the company's book debts, a floating charge, a legal mortgage over Unit 6 and Unit 10, M12 Business Park, 4.09 acres at Diviny Drive, 14 commercials units at Carn Business Park, 0.78 acres at 23a Carn Road and a guarantee for £500,000 from Noel Eakin.
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
________ ________ ________ ________
10. Directors advances, credits and guarantees
Amounts owed to Noel Eakin and Eileen Eakin, directors of the company, at 31 December 2022 are £4,107 (2021 - £1,107) are included in other creditors.
11. Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with 100 per cent subsidiaries on the grounds that the voting rights are controlled by the company and the subsidiaries are included in the consolidated financial statements.
12. Controlling party
The ultimate controlling parties are NTG Eakin & BE Eakin who each own 50% of the ordinary share capital.
13. Covid-19 Pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.