Selfold Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: NI027107

Selfold Limited

Filleted Financial Statements

31 March 2023

Selfold Limited

Financial Statements

Year ended 31 March 2023

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 6

Selfold Limited

Officers and Professional Advisers

Director	Mr. W. C. Porter

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered Accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	62-66 Bow Street
	Lisburn
	Co. Antrim
	BT28 7YS

Solicitors	Shoosmiths (Northern Ireland) LLP
	2-14 East Bridge Street
	Belfast
	BT1 3NQ

	Carson McDowell
	Murray House
	Murray Street
	Belfast
	BT1 6DN

Selfold Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Investments	4		2	2

Current assets

Debtors	5	–	156,143
Cash at bank and in hand		221	256
		----	---------
		221	156,399

Creditors: amounts falling due within one year	6	221		156,399
			----	----
Total assets less current liabilities			2	2
			----	----
Net assets			2	2
			----	----

Capital and reserves

Called up share capital	2	2
	----	----
Shareholders funds	2	2
	----	----

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.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:

Mr. W. C. Porter
Director

Company registration number: NI027107

Selfold 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 Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of 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.

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.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

Income tax

Deferred taxation is provided using the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

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 accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Investments

	Shares in participating interests
	£
Cost
At 1 April 2022 and 31 March 2023	2
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	2
	----
At 31 March 2022	2
	----

5. Debtors

	2023	2022
	£	£
Trade debtors	–	25,596
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	72,508
Other debtors	–	58,039
	----	---------
	–	156,143
	----	---------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	–	56,043
Amounts owed to group undertakings and undertakings in which the company has a participating interest	221	–
Corporation tax	–	24,421
Social security and other taxes	–	685
Other creditors	–	75,250
	----	---------
	221	156,399
	----	---------

The company has given security over the bank borrowings of its parent company and a number of its fellow subsidiary companies in the form of a cross company guarantee.

7. Summary audit opinion

The auditor's report dated 28 March 2024 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

8. Related party transactions

Control The company is a wholly owned subsidiary of Porter Property Holdings Limited, a company incorporated in Northern Ireland. Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.