Cahore Holdings Limited Group accounts (Group and Company)

Cahore Holdings Limited Group accounts (Group and Company)

CAHORE HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI622513
Cahore Holdings Limited
Financial Statements
31 March 2023
Cahore Holdings Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Cahore Holdings Limited
Officers and Professional Advisers
The board of directors
Mr DJ Heron
Mr P McTaggart
Mr PA Mulholland
Mr MV Heron
Mr LT McDaid
Mr DJ O'Callaghan
Mr MJ O'Kane
Company secretary
Mr Patrick McTaggart
Registered office
2 St. Patricks Street
Draperstown
BT45 7AL
Auditor
Kelly & O'Neill Ltd
Chartered accountants & statutory auditor
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
Solicitors
Doris & MacMahon
63 James Street
Cookstown
Co. Tyrone
BT80 8AE
Cahore Holdings Limited
Strategic Report
Year ended 31 March 2023
Review of the business and future developments There have been no significant changes in the activities of the group during the year ended 31 March 2023. The group does not expect there to be any significant changes in the coming year. Competition in the market place remains strong and effective cost control remains an area of focus for the group. The directors consider the results for the year to be satisfactory given the current economic conditions. The group plans to continue its present activities and maintain its current trading levels. The directors will continue to seek every opportunity to increase both turnover and profitability where possible in the coming year. Principal risks and uncertainties The group's operations expose it to a variety of financial risks including foreign exchange risk and customer credit risk. The group is exposed to currency exchange risk as a proportion of its receivables and payables are denominated in euro. The group mitigates this risk where possible. The group offers credit terms to its customers. This risk is mitigated by the strong on-going customer relationships and by credit insurance. The group is also aware that it faces uncertainty following the decision of of the UK to leave the European Union. Environment The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and Safety The group is committed to achieving the highest practicable standards in health and safety management and strives to make all premises safe environments for employees and customers alike.
This report was approved by the board of directors on 27 March 2024 and signed on behalf of the board by:
Mr DJ O'Callaghan
Director
Registered office:
2 St. Patricks Street
Draperstown
BT45 7AL
Cahore Holdings Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the financial statements of the group for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
Mr DJ Heron
Mr P McTaggart
Mr PA Mulholland
Mr MV Heron
Mr LT McDaid
Mr DJ O'Callaghan
Mr MJ O'Kane
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The company intends to continue with current activities. The directors will continue to seek every opportunity to increase both turnover and profitability where possible in the coming year.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 March 2024 and signed on behalf of the board by:
Mr DJ O'Callaghan
Director
Registered office:
2 St. Patricks Street
Draperstown
BT45 7AL
Cahore Holdings Limited
Independent Auditor's Report to the Members of Cahore Holdings Limited
Year ended 31 March 2023
Opinion
We have audited the financial statements of Cahore Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management,industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company - Companys Act 2006 and the Financial Reporting Standard Applicable in the UK and Repbulic of Ireland (FRS102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: -Enquiry of management. those charged with governance and the entity's solicitors around actual and potential litigation and claims. -Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations. -Auditing the risk of management override of controls, including through testing journal entrees and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Cathal O'Neill
(Senior Statutory Auditor)
For and on behalf of
Kelly & O'Neill Ltd
Chartered accountants & statutory auditor
15E Molesworth Street
Cookstown
Co. Tyrone
BT80 8NX
27 March 2024
Cahore Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
4
15,271,401
14,830,717
Cost of sales
8,185,809
8,297,253
-------------
-------------
Gross profit
7,085,592
6,533,464
Administrative expenses
73,145
63,054
Other operating income
5
( 929,329)
( 661,088)
------------
------------
Operating profit
6
6,083,118
5,809,322
Income from other fixed asset investments
8
1,782,265
–
Other interest receivable and similar income
9
213,089
18,684
Interest payable and similar expenses
10
757,710
744,927
------------
------------
Profit before taxation
7,320,762
5,083,079
Tax on profit
11
1,273,747
444,917
------------
------------
Profit for the financial year and total comprehensive income
6,047,015
4,638,162
------------
------------
All the activities of the group are from continuing operations.
Cahore Holdings Limited
Consolidated Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
12
82,405,968
77,790,473
Current assets
Stocks
14
14,266,648
12,852,833
Debtors
15
3,027,850
1,855,616
Cash at bank and in hand
27,854,300
22,123,838
-------------
-------------
45,148,798
36,832,287
Creditors: amounts falling due within one year
16
6,270,742
3,813,589
-------------
-------------
Net current assets
38,878,056
33,018,698
--------------
--------------
Total assets less current liabilities
121,284,024
110,809,171
Creditors: amounts falling due after more than one year
17
44,582,418
40,154,580
--------------
--------------
Net assets
76,701,606
70,654,591
--------------
--------------
Capital and reserves
Called up share capital
18
6
6
Profit and loss account
76,701,600
70,654,585
-------------
-------------
Shareholders funds
76,701,606
70,654,591
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Mr DJ O'Callaghan
Director
Company registration number: NI622513
Cahore Holdings Limited
Company Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Investments
13
21
21
----
----
Total assets less current liabilities
21
21
Creditors: amounts falling due after more than one year
17
4,065
4,065
-------
-------
Net liabilities
( 4,044)
( 4,044)
-------
-------
Capital and reserves
Called up share capital
18
6
6
Profit and loss account
( 4,050)
( 4,050)
-------
-------
Shareholders deficit
( 4,044)
( 4,044)
-------
-------
The profit for the financial year of the parent company was £Nil (2022: £Nil).
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Mr DJ O'Callaghan
Director
Company registration number: NI622513
Cahore Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2021
6
66,016,423
66,016,429
Profit for the year
4,638,162
4,638,162
----
-------------
-------------
Total comprehensive income for the year
–
4,638,162
4,638,162
At 31 March 2022
6
70,654,585
70,654,591
Profit for the year
6,047,015
6,047,015
----
-------------
-------------
Total comprehensive income for the year
–
6,047,015
6,047,015
----
-------------
-------------
At 31 March 2023
6
76,701,600
76,701,606
----
-------------
-------------
Cahore Holdings Limited
Company Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2021
6
( 4,050)
( 4,044)
Profit for the year
–
–
At 31 March 2022
6
( 4,050)
( 4,044)
Profit for the year
–
–
----
-------
-------
At 31 March 2023
6
( 4,050)
( 4,044)
----
-------
-------
Cahore Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
6,047,015
4,638,162
Adjustments for:
Depreciation of tangible assets
5,691
7,589
Income from other fixed asset investments
( 1,782,265)
–
Other interest receivable and similar income
( 213,089)
( 18,684)
Interest payable and similar expenses
757,710
744,927
Tax on profit
1,273,747
444,917
Accrued expenses
536,661
1,475
Changes in:
Stocks
( 1,413,815)
( 1,797,455)
Trade and other debtors
( 1,172,234)
( 111,662)
Trade and other creditors
1,974,463
364,236
------------
------------
Cash generated from operations
6,013,884
4,273,505
Interest paid
( 757,710)
( 744,927)
Interest received
213,089
18,684
Tax paid
( 1,327,718)
( 1,169,013)
------------
------------
Net cash from operating activities
4,141,545
2,378,249
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 2,838,921)
( 11,008,696)
Proceeds from sale of tangible assets
–
870,654
------------
-------------
Net cash used in investing activities
( 2,838,921)
( 10,138,042)
------------
-------------
Cash flows from financing activities
Proceeds from borrowings
( 319,201)
( 245,754)
Proceeds from loans from participating interests
4,747,039
4,162,301
------------
-------------
Net cash from financing activities
4,427,838
3,916,547
------------
-------------
Net increase/(decrease) in cash and cash equivalents
5,730,462
( 3,843,246)
Cash and cash equivalents at beginning of year
22,123,838
25,967,084
-------------
-------------
Cash and cash equivalents at end of year
27,854,300
22,123,838
-------------
-------------
Cahore Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 2 St. Patricks Street, Draperstown, BT45 7AL.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Cahore Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimates, judgements and and assumptions are necessarily applied are summarised below: Impairment of Non-Current Assets: The company's property, plant and equipment are stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indications of impairment. The carrying value of assets are tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicates that the carrying value is overstated, the value of the asset is restated to to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the asset's fair value less costs to sell, or its value in use. Value in use is calculated based on the discounted future cash flows of the asset,or of the cash generating unit,to which the asset belongs.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
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 are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Turnover
Turnover arises from:
2023
2022
£
£
Construction contracts
9,123,054
8,927,593
Rental Income
6,148,347
5,903,124
-------------
-------------
15,271,401
14,830,717
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Management charges receivable
( 950,061)
( 775,311)
Other operating income
20,732
114,223
---------
---------
( 929,329)
( 661,088)
---------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
5,691
7,589
Foreign exchange differences
11,347
–
--------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
1
1
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
4,688
4,688
-------
-------
8. Income from other fixed asset investments
2023
2022
£
£
(Gain)/loss on disposal of other fixed asset investments
1,782,265
–
------------
----
9. Other interest receivable and similar income
2023
2022
£
£
Interest on loans and receivables
213,089
18,684
---------
--------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
757,710
744,927
---------
---------
11. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
1,273,747
340,837
Adjustments in respect of prior periods
–
104,080
------------
---------
Total current tax
1,273,747
444,917
------------
---------
Tax on profit
1,273,747
444,917
------------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
7,320,762
5,083,079
------------
------------
Profit on ordinary activities by rate of tax
1,390,945
965,785
Effect of expenses not deductible for tax purposes
( 117,198)
( 520,868)
------------
------------
Tax on profit
1,273,747
444,917
------------
------------
12. Tangible assets
Group
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
77,767,709
93,370
77,861,079
Additions
2,838,921
–
2,838,921
Revaluations
1,782,265
–
1,782,265
-------------
--------
-------------
At 31 March 2023
82,388,895
93,370
82,482,265
-------------
--------
-------------
Depreciation
At 1 April 2022
–
70,606
70,606
Charge for the year
–
5,691
5,691
-------------
--------
-------------
At 31 March 2023
–
76,297
76,297
-------------
--------
-------------
Carrying amount
At 31 March 2023
82,388,895
17,073
82,405,968
-------------
--------
-------------
At 31 March 2022
77,767,709
22,764
77,790,473
-------------
--------
-------------
The company has no tangible assets.
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
21
----
Impairment
At 1 April 2022 and 31 March 2023
–
----
Carrying amount
At 1 April 2022 and 31 March 2023
21
----
At 31 March 2022
21
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Heron Property Limited
2 St. Patricks Street, Draperstown, BT45 7AL
Ordinary
100
KMBC Properties Limited
2 St. Patricks Street, Draperstown, BT45 7AL
Ordinary
100
Heron Property No. 1 Ltd
2 St Patricks Street, Draperstown, BT45 7AL
Ordinary
100
Celestina 1 Limited
2 St Patricks Street, Draperstown, BT45 7AL
Ordinary
100
Glassagh Property Ltd
2 St Patricks Street, Draperstown, BT45 7AL
Ordinary
100
Culmagh Properties Limited
2 St Patricks Street, Draperstown. BT45 7AL
Ordinary
100
14. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
4,068,028
3,650,613
–
–
Finished goods and goods for resale
10,198,620
9,202,220
–
–
-------------
-------------
----
----
14,266,648
12,852,833
–
–
-------------
-------------
----
----
15. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Amounts owed by group undertakings
750,000
849,514
–
–
Prepayments and accrued income
372,773
121,345
–
–
Other debtors
1,905,077
884,757
–
–
------------
------------
----
----
3,027,850
1,855,616
–
–
------------
------------
----
----
16. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
499,000
499,000
–
–
Accruals and deferred income
3,640,873
330,175
–
–
Corporation tax
730,837
784,808
–
–
Social security and other taxes
–
130,969
–
–
Other creditors
1,400,032
2,068,637
–
–
------------
------------
----
----
6,270,742
3,813,589
–
–
------------
------------
----
----
17. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
3,304,793
3,623,994
–
–
Amounts owed to undertakings in which the company has a participating interest
41,277,625
36,530,586
4,065
4,065
-------------
-------------
-------
-------
44,582,418
40,154,580
4,065
4,065
-------------
-------------
-------
-------
18. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A Shares shares of £ 0.001 each
1,239
1
1,239
1
Ordinary B Shares shares of £ 0.001 each
1,239
1
1,239
1
Ordinary C Shares shares of £ 0.001 each
1,094
1
1,094
1
Ordinary D Shares shares of £ 0.001 each
1,238
1
1,238
1
Ordinary E Shares shares of £ 0.001 each
1,190
1
1,190
1
-------
----
-------
----
6,000
6
6,000
6
-------
----
-------
----
19. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
22,123,838
5,730,462
27,854,300
Debt due within one year
(499,000)
–
(499,000)
Debt due after one year
(40,154,580)
(4,427,838)
(44,582,418)
-------------
------------
-------------
( 18,529,742)
1,302,624
( 17,227,118)
-------------
------------
-------------