Hessington Holdings NI Limited - Period Ending 2023-02-28

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 2023

	Note	2023 £	2022 £
Current assets
Debtors	4	523,686	523,151
Cash at bank and in hand		68,656	74,693
		592,342	597,844
Creditors: Amounts falling due within one year	5	(553,276)	(556,494)
Net assets		39,066	41,350
Capital and reserves
Called up share capital	6	1,021	1,021
Retained earnings		38,045	40,329
Shareholders' funds		39,066	41,350

For the financial year ending 28 February 2023 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

......................................... Mr Lorcan Ward Director

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 27 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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. 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 Year Ended 28 February 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 Year Ended 28 February 2023

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 Year Ended 28 February 2023

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Debtors

	2023 £	2022 £
Other debtors	523,686	523,151
	523,686	523,151

5

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Amounts due to related parties	8	550,863	549,343
Accruals		2,413	2,400
Other creditors		-	4,751
		553,276	556,494

6	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	1,020	1,020	1,020	1,020

Allotted, called up and not fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Dividends

Final dividends paid

		2023 £		2022 £
Final dividend of £Nil (2022 - £1.00) per each Ordinary shares		-		1,020

8	Related party transactions

Summary of transactions with entities with joint control or significant interest

Management fees charged to related entity together with receivables from and payables to entities with joint control.
 

Income and receivables from related parties

2023	Entities with joint control or significant influence £
Amounts receivable from related party	523,150

2022	Entities with joint control or significant influence £
Receipt of services	30,000
Amounts receivable from related party	523,150

Expenditure with and payables to related parties

2023	Entities with joint control or significant influence £	Key management £
Rendering of services	-	1,520
Amounts payable to related party	546,509	4,354

2022	Entities with joint control or significant influence £	Key management £
Rendering of services	-	1,446
Amounts payable to related party	546,509	2,834

Hessington Holdings NI Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9	Parent and ultimate parent undertaking

The ultimate controlling party is Mr Lorcan Ward.