Registered number
NI662033
Torrbeg Properties Limited
Filleted Accounts
30 June 2023
Torrbeg Properties Limited
Registered number: NI662033
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,179,200 2,224,600
Investments 4 168,227 -
2,347,427 2,224,600
Current assets
Debtors 5 11,573 3,093
Cash at bank and in hand 178,863 289,605
190,436 292,698
Creditors: amounts falling due within one year 6 (45,553) (23,560)
Net current assets 144,883 269,138
Net assets 2,492,310 2,493,738
Capital and reserves
Called up share capital 100 100
Share premium 2,444,900 2,444,900
Profit and loss account 47,310 48,738
Shareholders' funds 2,492,310 2,493,738
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Hugh Curran
Director
Approved by the board on 27 November 2023
Torrbeg Properties Limited
Notes to the financial statements
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to rents receivable, none of which is attributable to geographical markets outside the UK.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 2,270,000
At 30 June 2023 2,270,000
Depreciation
At 1 July 2022 45,400
Charge for the year 45,400
At 30 June 2023 90,800
Net book value
At 30 June 2023 2,179,200
At 30 June 2022 2,224,600
4 Investments
Other
investments
£
Cost
Additions 180,828
Disposals (12,601)
At 30 June 2023 168,227
5 Debtors 2023 2022
£ £
Other debtors 11,573 3,093
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 39,816 18,036
Other creditors 5,737 5,524
45,553 23,560
7 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
8 Capital commitments
The Company did not have any capital commitments at 30 June 2023 not already provided for in the financial statements.
9 Related party transactions
The company owes £968 to the directors as at 30th June 2023. (£1,236 owed to the
directors as at 30th June 2022).
Other transactions are as follows: 2023 2022
£ £
Hugh Curran (Director)
Dividends received during the year 20,500 15,000
Anne Curran (Director)
Dividends received during the year 20,500 15,000
There have been no other transactions outside the normal course of business.
10 Controlling party
The controlling parties have been identified as Hugh Curran and Anne Curran, the company's directors.
11 Other information
Torrbeg Properties Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
42, Victoria Square,
Rostrevor,
Newry,
Co. Down.
BT34 3EU
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