Phoenix Properties (NI) Limited NI647620 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is letting of own property Digita Accounts Production Advanced 6.30.9574.0 true NI647620 2022-09-01 2023-08-31 NI647620 2023-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 NI647620 core:CurrentFinancialInstruments 2023-08-31 NI647620 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 NI647620 core:Non-currentFinancialInstruments 2023-08-31 NI647620 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 NI647620 bus:SmallEntities 2022-09-01 2023-08-31 NI647620 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 NI647620 bus:FullAccounts 2022-09-01 2023-08-31 NI647620 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 NI647620 bus:RegisteredOffice 2022-09-01 2023-08-31 NI647620 bus:Director1 2022-09-01 2023-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-09-01 2023-08-31 NI647620 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 NI647620 countries:NorthernIreland 2022-09-01 2023-08-31 NI647620 2022-08-31 NI647620 2021-09-01 2022-08-31 NI647620 2022-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-08-31 NI647620 core:CurrentFinancialInstruments 2022-08-31 NI647620 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 NI647620 core:Non-currentFinancialInstruments 2022-08-31 NI647620 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI647620

Phoenix Properties (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Phoenix Properties (NI) Limited

(Registration number: NI647620)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

283,141

268,590

Current assets

 

Debtors

5

5,804

1,752

Cash at bank and in hand

 

596

423

 

6,400

2,175

Creditors: Amounts falling due within one year

6

(9,231)

(1,731)

Net current (liabilities)/assets

 

(2,831)

444

Total assets less current liabilities

 

280,310

269,034

Creditors: Amounts falling due after more than one year

6

(271,696)

(264,551)

Net assets

 

8,614

4,483

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

8,514

4,383

Shareholders' funds

 

8,614

4,483

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Phoenix Properties (NI) Limited

(Registration number: NI647620)
Balance Sheet as at 31 August 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 16 October 2023
 

.........................................
Mrs Donna F Lin
Director

 

Phoenix Properties (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 97A Broughshane Street, Ballymena, Antrim, Antrim, BT43 6ED.

These financial statements were authorised for issue by the director on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phoenix Properties (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Investment property

Investment properties are accounted for in accordance with the requirements of Financial Reporting Standard 102. They are included in the financial statements at their fair value as at the Balance Sheet date. Fair value gains and losses are reported through the profit and loss account.

Depreciation is not provided on investment properties. Whilst this may be a departure from the requirement of the Companies Act 2006, the director considers that systematic annual depreciation is not warranted on the basis that the properties are held for investment, not consumption. The accounting policy adopted is therefore necessary to present a true and fair view.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Phoenix Properties (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Investment properties

2023
£

At 1 September

268,590

Additions

14,551

At 31 August

283,141


Investment properties are stated at cost which, in the opinion of the Director, is not materially different from fair value.

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Trade debtors

4,308

-

Prepayments

390

1,752

Other debtors

1,106

-

5,804

1,752

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

681

768

Corporation tax

-

475

Accruals and deferred income

550

488

Other creditors

8,000

-

9,231

1,731

 

Phoenix Properties (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

£1 Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

271,696

264,551

9

Related party transactions

At the year end the company owed the director £271,696 (2022: £264,551). No intereset was charged on amounts outstanding.