Carlow Trading Limited 31/05/2023 iXBRL

Carlow Trading Limited 31/05/2023 iXBRL

CARLOW TRADING LIMITED - Company Information

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0 01/06/2022 31/05/2023 2023-05-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI059839 2022-06-01 2023-05-31 NI059839 2023-05-31 NI059839 2022-05-31 NI059839 2021-06-01 2022-05-31 NI059839 2022-05-31 NI059839 2021-05-31 NI059839 bus:Director1 2022-06-01 2023-05-31 NI059839 core:WithinOneYear 2023-05-31 NI059839 core:WithinOneYear 2022-05-31 NI059839 core:ShareCapital 2023-05-31 NI059839 core:ShareCapital 2022-05-31 NI059839 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI059839 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI059839 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 NI059839 core:Non-currentFinancialInstruments 2023-05-31 NI059839 core:Non-currentFinancialInstruments 2022-05-31 NI059839 bus:SmallEntities 2022-06-01 2023-05-31 NI059839 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 NI059839 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI059839 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 NI059839 bus:FullAccounts 2022-06-01 2023-05-31 NI059839 1 2022-06-01 2023-05-31
Company registration number: NI059839
Carlow Trading Limited
Unaudited filleted financial statements
31 May 2023
Carlow Trading Limited
Contents
Statement of financial position
Notes to the financial statements
Carlow Trading Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 1,157,262 1,157,262
_______ _______
1,157,262 1,157,262
Creditors: amounts falling due
within one year 5 ( 635,698) ( 635,698)
_______ _______
Net current liabilities ( 635,698) ( 635,698)
_______ _______
Total assets less current liabilities 521,564 521,564
_______ _______
Net assets 521,564 521,564
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 521,464 521,464
_______ _______
Shareholders funds 521,564 521,564
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr Richard Finlay
Director
Company registration number: NI059839
Carlow Trading Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1c, 4 Westbank Drive, Belfast, BT3 9LA.
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.The directors have assessed that there are no material estimates and assumptions in applying the accounting policies.
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.
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
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.
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. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2022 and 31 May 2023 1,157,262 1,157,262
_______ _______
Impairment
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 1,157,262 1,157,262
_______ _______
At 31 May 2022 1,157,262 1,157,262
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 635,698 635,698
_______ _______
6. Controlling party
The director considers that the ultimate parent company is Carlow 2010 Limited whose registered office is Unit 1c, 4 Westbank Drive, Belfast, BT3 9LA and is ultimately controlled by Mr Richard Finlay .