Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activity2022-04-01falsefalse1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI630271 2022-04-01 2023-03-31 NI630271 2021-04-01 2022-03-31 NI630271 2023-03-31 NI630271 2022-03-31 NI630271 2021-04-01 NI630271 c:Director1 2022-04-01 2023-03-31 NI630271 c:RegisteredOffice 2022-04-01 2023-03-31 NI630271 d:FreeholdInvestmentProperty 2023-03-31 NI630271 d:FreeholdInvestmentProperty 2022-03-31 NI630271 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 NI630271 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 NI630271 d:ShareCapital 2023-03-31 NI630271 d:ShareCapital 2022-03-31 NI630271 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 NI630271 d:RetainedEarningsAccumulatedLosses 2023-03-31 NI630271 d:RetainedEarningsAccumulatedLosses 2022-03-31 NI630271 c:OrdinaryShareClass1 2022-04-01 2023-03-31 NI630271 c:OrdinaryShareClass1 2023-03-31 NI630271 c:OrdinaryShareClass1 2022-03-31 NI630271 c:FRS102 2022-04-01 2023-03-31 NI630271 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI630271 c:FullAccounts 2022-04-01 2023-03-31 NI630271 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI630271 d:EntityControlledByKeyManagementPersonnel1 2022-04-01 2023-03-31 NI630271 d:EntityControlledByKeyManagementPersonnel1 2023-03-31 NI630271 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 NI630271 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 NI630271 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI630271 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
RCT Properties (NI) Limited
For the year ended 31 March 2023





































Registered number: NI630271

 
RCT Properties (NI) Limited
 

Company Information


Director
Colin Tweedie 




Registered number
NI630271



Registered office
116 Belfast Road

Newtownwards

County Down

BT23 4TY




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH





 
RCT Properties (NI) Limited
 

Contents



Page
Accountant's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8


  
img0038.png
Independent Accountant's Report to the director of the unaudited financial statements of RCT Properties (NI) Limited for the year ended 31 March 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of RCT Properties (NI) Limited for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of RCT Properties (NI) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of RCT Properties (NI) Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RCT Properties (NI) Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2023 and you have acknowledged on the Balance sheet as at 31 March 2023 your duty to ensure that RCT Properties (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that RCT Properties (NI) Limited is exempt from the statutory audit requirement for the year ended 31 March 2023.

We have not been instructed to carry out an audit or review the financial statements of RCT Properties (NI) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   14 March 2024
Page 1

 
RCT Properties (NI) Limited
Registered number:NI630271

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,810,594
2,810,594

  
2,810,594
2,810,594

Current assets
  

Cash at bank and in hand
 6 
56,777
75,367

  
56,777
75,367

Creditors: amounts falling due within one year
 7 
(2,333,608)
(2,379,869)

Net current liabilities
  
 
 
(2,276,831)
 
 
(2,304,502)

Total assets less current liabilities
  
533,763
506,092

Provisions for liabilities
  

Deferred tax
 8 
(68,269)
(89,828)

  
 
 
(68,269)
 
 
(89,828)

Net assets
  
465,494
416,264


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
 10 
465,493
416,263

  
465,494
416,264


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.


Page 2

 
RCT Properties (NI) Limited
Registered number:NI630271

Balance sheet (continued)
As at 31 March 2023



Colin Tweedie
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
RCT Properties (NI) Limited
 
 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

RCT Properties (NI) Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office address is 116 Belfast Road, Newtownards, BT23 4TY.
The principal activity of the company is that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
RCT Properties (NI) Limited
 

Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
RCT Properties (NI) Limited
 
 
Notes to the financial statements
For the year ended 31 March 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
2,810,594



At 31 March 2023
2,810,594

The 2023 valuations were made by the director, on an open market value for existing use basis.








6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
56,777
75,367

56,777
75,367



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to related party
286,000
-

Corporation tax
5,978
13,932

Other creditors
2,035,130
2,359,437

Accruals
6,500
6,500

2,333,608
2,379,869


Page 6

 
RCT Properties (NI) Limited
 
 
Notes to the financial statements
For the year ended 31 March 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
89,828
68,269


Charged to profit or loss
(21,559)
21,559



At end of year
68,269
89,828

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
68,269
89,828

68,269
89,828


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1



10.


Reserves

Profit and loss account

This includes are current and prior year profit and losses.
Included within the reserve is £291,041 of non distributable income in relation to property revaluations less deferred tax.


11.


Related party transactions

In the year the director Mr C Tweedie advanced net funds of £41,327. At the balance sheet date the amount owed to Mr C Tweedie was £2,035,130 (2022 - £2,359,437). The loan is unsecured, interest free and repayable upon demand.
At the balance sheet date the amount owed to a company related by virtue of common control was £286,000 (2022 - £Nil). The loan is unsecured, interest free and repayable upon demand.

Page 7

 
RCT Properties (NI) Limited
 
 
Notes to the financial statements
For the year ended 31 March 2023

12.


Controlling party

The company is controlled by the director


Page 8