Killultagh Estates is one of Northern Ireland’s largest companies engaged in managing property for rental and investment. This company, controlled by Frank Boyd and his family, is just one of a number of closely related property companies.
As a property investor, the main notable features of the profit and loss account, and the balance sheet, are the recent increase in the value of its fixed assets and investments and their impact on borrowing and interest charges.
Capital spending, after large commitments in 2005 and 2006, was small in 2007. The balance sheet values of assets and investments rose from £155m in March 2005 to £291m in March 2006, including an unrealised revaluation of £22m, and fell slightly to £289m in the more recent year.
Support for the recent expansion of the business has come from increased bank financing which grew from £101m in March 2005 to £207m a year later, and £211m in March 2007.
The difference between operating profit and pre-tax profit is mainly the net interest bill each year. In the three years starting with the year ending in March 2005, net interest payments have been £6m, £10.2m, and latterly £13.5m.
Shareholders’ funds, as stated in the balance sheet, remained at over £74m in March 2007 after a large increase of £22m between March 2005 and March 2006.
As a property company, direct employment included only one person.