Sarcon (No. 197) Limited Filleted accounts for Companies House (small and micro)

SARCON (NO. 197) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI058283

Sarcon (No. 197) Limited

Filleted Financial Statements

30 September 2017

Sarcon (No. 197) Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	4	23,005		23,005

Creditors: amounts falling due within one year	5	3,689,998		3,689,998
		------------		------------
Net current liabilities			3,666,993	3,666,993
			------------	------------
Total assets less current liabilities			( 3,666,993)	( 3,666,993)

Creditors: amounts falling due after more than one year	6	1,219,000	1,219,000
		------------	------------
Net liabilities		( 4,885,993)	( 4,885,993)
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 4,885,995)	( 4,885,995)
	------------	------------
Shareholders deficit	( 4,885,993)	( 4,885,993)
	------------	------------

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 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.

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 29 June 2018 , and are signed on behalf of the board by:

Mr P A McCormack
Director

Company registration number: NI058283

Sarcon (No. 197) Limited

Notes to the Financial Statements

Year ended 30 September 2017

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.

Going concern

These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company has a net shareholders' deficiency of £4,885,993 at the balance sheet date.

After the balance sheet date the company's director has successfully renegotiated the refinance of the company and group's debt with it's main lender. It has also obtained support from its group companies.

With the continued support of the lender, the director continues to seek development opportunities for the company.

Accordingly, the director considers it appropriate that the financial statements for the period ended 30 September 2016 are prepared on a going concern basis.

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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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 . 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. 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. Debtors

	2017	2016
	£	£
Other debtors	23,005	23,005
	--------	--------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,121	3,121
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,727,684	2,727,684
Other creditors	959,193	959,193
	------------	------------
	3,689,998	3,689,998
	------------	------------

6. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	1,219,000	1,219,000
	------------	------------

Bank borrowings are secured by a debenture, a fixed charge over the property owned by the company, charge over securities realisation account, a security assignment over the fixed price contract and building agreement entered into in respect of the property, by intercompany guarantees between Donegall Place Investments Limited, Bow Street Mall Limited and Beechdale Properties Limited.

7. Financial instruments at fair value

	2017	2016
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	–	23,005
	----	--------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	–	4,904,497
	----	------------

8. Contingencies

There exists an unlimited circular guarantee between the company, Donegall Place Investments Limited, Bow Street Mall Limited and Beechdale Properties Limited counter-covered by all security, whether existing or future, held from each guarantor .

9. Summary audit opinion

The auditor's report for the year dated 29 June 2018 was unqualified.

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

10. Related party transactions

Control The company is a wholly owned subsidiary of Donegall Place Investments Limited, who are a wholly owned subsidiary of Donegall Place Invest Limited. Mr PA McCormack owns 100% of the share capital of Donegall Place Invest Limited. Group Transactions As the company is a wholly owned subsidiary advantage has been taken of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 33, Related Party Disclosures.

11. Controlling party

Donegall Place Invest Limited, is the company's ultimate parent company.