Downpatrick Property Trust Limited NI027294 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is to engage in constructional works whose objects are to preserve for the benefit of the Community of Downpatrick the historical, architectural and constructional heritage that exists in buildings and land within the Downpatrick Area. Digita Accounts Production Advanced 6.30.9574.0 true NI027294 2022-06-01 2023-05-31 NI027294 2023-05-31 NI027294 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI027294 core:CurrentFinancialInstruments 2023-05-31 NI027294 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 NI027294 core:Non-currentFinancialInstruments 2023-05-31 NI027294 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 NI027294 core:LandBuildings 2023-05-31 NI027294 bus:SmallEntities 2022-06-01 2023-05-31 NI027294 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 NI027294 bus:FullAccounts 2022-06-01 2023-05-31 NI027294 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI027294 bus:RegisteredOffice 2022-06-01 2023-05-31 NI027294 bus:Director1 2022-06-01 2023-05-31 NI027294 bus:Director2 2022-06-01 2023-05-31 NI027294 bus:Director4 2022-06-01 2023-05-31 NI027294 bus:Director5 2022-06-01 2023-05-31 NI027294 bus:Director7 2022-06-01 2023-05-31 NI027294 bus:Director8 2022-06-01 2023-05-31 NI027294 bus:Director9 2022-06-01 2023-05-31 NI027294 bus:CompanyLimitedByGuarantee 2022-06-01 2023-05-31 NI027294 core:LandBuildings 2022-06-01 2023-05-31 NI027294 countries:NorthernIreland 2022-06-01 2023-05-31 NI027294 2022-05-31 NI027294 core:LandBuildings 2022-05-31 NI027294 2021-06-01 2022-05-31 NI027294 2022-05-31 NI027294 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI027294 core:CurrentFinancialInstruments 2022-05-31 NI027294 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 NI027294 core:Non-currentFinancialInstruments 2022-05-31 NI027294 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 NI027294 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure

Registration number: NI027294

Downpatrick Property Trust Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 May 2023

 

Downpatrick Property Trust Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Downpatrick Property Trust Limited

Company Information

Directors

Mr Mr H F Kelly (Chairperson)

Mr M B T McGrady FCA (Treasurer)

Mr Mr A Killen (Secretary)

Mrs P J Morgan

Mr P G Stewart

Mr J Wallace

Mr D Kearney

Registered office

c/o Rathmore House
52 St Patrick's Avenue
Downpatrick
Co Down
BT30 6DS

 

Downpatrick Property Trust Limited

(Registration number: NI027294)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

790,264

812,055

Current assets

 

Debtors

5

3,271

-

Cash at bank and in hand

 

27,639

24,072

 

30,910

24,072

Creditors: Amounts falling due within one year

(13,216)

(16,017)

Net current assets

 

17,694

8,055

Total assets less current liabilities

 

807,958

820,110

Creditors: Amounts falling due after more than one year

(777,062)

(806,110)

Net assets

 

30,896

14,000

Reserves

 

Retained earnings

30,896

14,000

Surplus

 

30,896

14,000

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

 

Downpatrick Property Trust Limited

(Registration number: NI027294)
Balance Sheet as at 31 May 2023

.........................................
Mr Mr H F Kelly (Chairperson)
Director

 

Downpatrick Property Trust Limited

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

1

General information

The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
c/o Rathmore House
52 St Patrick's Avenue
Downpatrick
Co Down
BT30 6DS

These financial statements were authorised for issue by the Board on 25 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Downpatrick Property Trust Limited

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

Government grants

Grants received in respect of Revenue items are matched with the relevant expenditure in accordance with SSAP4 Accounting for Government Grants. Grants received in respect of Capital Outlay towards construction of the property have been deferred, also in accordance with SSAP4.

As construction is complete, the directors have decided to amortize deferred grants to the Profit and Loss Account over the useful life of the property.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Downpatrick Property Trust Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 June 2022

1,089,331

1,089,331

At 31 May 2023

1,089,331

1,089,331

Depreciation

At 1 June 2022

277,276

277,276

Charge for the year

21,791

21,791

At 31 May 2023

299,067

299,067

Carrying amount

At 31 May 2023

790,264

790,264

At 31 May 2022

812,055

812,055

 

Downpatrick Property Trust Limited

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,500

-

Prepayments

771

-

 

3,271

-

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

8,673

12,732

Taxation and social security

 

1,213

1,208

Other creditors

 

3,330

2,077

 

13,216

16,017

Due after one year

 

Loans and borrowings

7

63,033

67,647

Deferred income

 

714,029

738,463

 

777,062

806,110

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

63,033

67,647

2023
£

2022
£

Current loans and borrowings

Other borrowings

8,673

12,732