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COMPANY REGISTRATION NUMBER: NI654347
Muldoon Property Rentals Ltd
Filleted Unaudited Financial Statements
31 July 2023
Muldoon Property Rentals Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
3
150,722
158,470
Current assets
Debtors
4
2,434
3,726
Cash at bank and in hand
6,862
2,209
-------
-------
9,296
5,935
Creditors: amounts falling due within one year
5
166,745
170,917
---------
---------
Net current liabilities
157,449
164,982
---------
---------
Total assets less current liabilities
( 6,727)
( 6,512)
-------
-------
Net liabilities
( 6,727)
( 6,512)
-------
-------
Capital and reserves
Called up share capital
12
12
Profit and loss account
( 6,739)
( 6,524)
-------
-------
Shareholders deficit
( 6,727)
( 6,512)
-------
-------
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 Section 1A of 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 income statement has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Muldoon Property Rentals Ltd
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 16 December 2023 , and are signed on behalf of the board by:
Mrs M Fallon
Mrs N Raykoske
Director
Director
Company registration number: NI654347
Muldoon Property Rentals Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in N. Ireland. The address of the registered office is 54 Lisburn Road, BELFAST, BT9 6AF, N. Ireland.
2. 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.
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 .
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
4% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
3. Tangible assets
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
188,334
1,064
189,398
---------
-------
---------
Depreciation
At 1 August 2022
30,133
795
30,928
Charge for the year
7,533
215
7,748
---------
-------
---------
At 31 July 2023
37,666
1,010
38,676
---------
-------
---------
Carrying amount
At 31 July 2023
150,668
54
150,722
---------
-------
---------
At 31 July 2022
158,201
269
158,470
---------
-------
---------
4. Debtors
2023
2022
£
£
Trade debtors
2,434
2,317
Other debtors
1,409
-------
-------
2,434
3,726
-------
-------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,787
4,735
Other creditors
164,958
166,182
---------
---------
166,745
170,917
---------
---------
6. Financial instruments
The company has not incurred any transactions which fall within the scope of the financial instruments regulations.
7. Directors' advances, credits and guarantees
Year ended 31/07/2023 Year ended 31/07/2020
£ £
Mrs M Fallon 78,778 80,375
Mrs N Radkoske 77,512 79,109
--------- ---------
156,290 159,484
--------- ---------
Year ended 31/07/2023Year ended 31/07/2020
££
Mrs M Fallon78,77880,375
Mrs N Radkoske77,51279,109
------------------
156,290159,484
------------------
Mrs M Fallon introduced property and cash into the company amounting to £101,375 on the incorporation of the company in the July 2018.A total of £21,000 has been repaid to her since that date and the balance owing to her at the 31.07.23 amounted to £78,778 (2022:£80,375). No interest was charged on the balance. Mrs N Raykoske introduced property and cash into the company amounting to £99,875 on the incorporation of the company in the July 2018.A total of £21,000 has been repaid to her since that date and the balance owing to her at the 31.07.23 amounted to £77,512(2022:£80,375). No interest was charged on the balance.
8. Related party transactions
The company is under the control of its two Directors,Mrs M Fallon and Mrs N.Raykoske. Transactions with the directors are disclosed in note 8 above .