Caseware UK (AP4) 2023.0.135 2023.0.135 LettingtrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-01false22true NI036198 2022-11-01 2023-10-31 NI036198 2021-11-01 2022-10-31 NI036198 2023-10-31 NI036198 2022-10-31 NI036198 2021-11-01 NI036198 c:CompanySecretary1 2022-11-01 2023-10-31 NI036198 c:Director1 2022-11-01 2023-10-31 NI036198 c:Director4 2022-11-01 2023-10-31 NI036198 c:RegisteredOffice 2022-11-01 2023-10-31 NI036198 c:Agent1 2022-11-01 2023-10-31 NI036198 d:FreeholdInvestmentProperty 2023-10-31 NI036198 d:FreeholdInvestmentProperty 2022-10-31 NI036198 d:CurrentFinancialInstruments 2023-10-31 NI036198 d:CurrentFinancialInstruments 2022-10-31 NI036198 d:Non-currentFinancialInstruments 2023-10-31 NI036198 d:Non-currentFinancialInstruments 2022-10-31 NI036198 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 NI036198 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 NI036198 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 NI036198 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 NI036198 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 NI036198 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 NI036198 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 NI036198 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 NI036198 d:ShareCapital 2023-10-31 NI036198 d:ShareCapital 2022-10-31 NI036198 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 NI036198 d:RetainedEarningsAccumulatedLosses 2023-10-31 NI036198 d:RetainedEarningsAccumulatedLosses 2022-10-31 NI036198 c:OrdinaryShareClass1 2022-11-01 2023-10-31 NI036198 c:OrdinaryShareClass1 2023-10-31 NI036198 c:FRS102 2022-11-01 2023-10-31 NI036198 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI036198 c:FullAccounts 2022-11-01 2023-10-31 NI036198 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI036198 2 2022-11-01 2023-10-31 NI036198 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI036198 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 NI036198 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI036198 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Double H Properties Limited
For the Year Ended 31 October 2023





































Registered number: NI036198

 
Double H Properties Limited
 

Company Information


Directors
G F Hamilton 
D J Ronayne 




Company secretary
G F Hamilton



Registered number
NI036198



Registered office
32 Sand End Springvale Road
Ballywalter

Newtownards

BT22 2RW




Accountants
Grant Thornton (NI) LLP

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Bank of Ireland
4-8 High Street

Belfast

BT1 2BA




Solicitors
Millar McCall Wylie
4 - 10 Donegall Square East

Belfast

BT1 5HD





 
Double H Properties Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10

  
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Independent Accountant's Report to the directors of the unaudited financial statements of Double H Properties Limited for the Year Ended 31 October 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Double H Properties Limited for the year ended 31 October 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 Double H Properties 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 Double H Properties 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 Double H Properties 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 October 2023 and you have acknowledged on the Balance sheet as at 31 October 2023 your duty to ensure that Double H Properties 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 Double H Properties Limited is exempt from the statutory audit requirement for the year ended 31 October 2023.

We have not been instructed to carry out an audit or review the financial statements of Double H Properties 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

12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   19 July 2024
Page 1

 
Double H Properties Limited
Registered number:NI036198

Balance sheet
As at 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,756,751
2,756,751

  
2,756,751
2,756,751

Current assets
  

Debtors: amounts falling due within one year
 6 
56,634
53,496

Cash at bank and in hand
 7 
53,068
12,132

  
109,702
65,628

Creditors: amounts falling due within one year
 8 
(225,300)
(720,651)

Net current liabilities
  
 
 
(115,598)
 
 
(655,023)

Total assets less current liabilities
  
2,641,153
2,101,728

Creditors: amounts falling due after more than one year
 9 
(483,608)
(110,221)

Provisions for liabilities
  

Deferred tax
 11 
-
(15,962)

  
 
 
-
 
 
(15,962)

Net assets
  
2,157,545
1,975,545


Capital and reserves
  

Called up share capital 
 12 
60,000
60,000

Profit and loss account
 13 
2,097,545
1,915,545

  
2,157,545
1,975,545

Page 2

 
Double H Properties Limited
Registered number:NI036198

Balance sheet (continued)
As at 31 October 2023

The directors consider 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 directors acknowledge their 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 19 July 2024.




G F Hamilton
Director

The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
Double H Properties Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

1.


General information

Double H Properties Limited is a private company limited by shares and incorporated in Northern Ireland. 
The registered office is 32 Sand End Springvale Road, Ballywalter, Newtownards, BT22 2RW.
The principal business activity is the development and rental of realestate.

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 directors have 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
Double H Properties Limited
 

Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors 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 the Statement of comprehensive income. 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Double H Properties Limited
 

Notes to the financial statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

 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.

 
2.12

 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:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) 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.

Page 6

 
Double H Properties Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
2,756,751



At 31 October 2023
2,756,751

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





6.


Debtors

2023
2022
£
£


Trade debtors
23,623
38,760

Prepayments and accrued income
14,583
14,736

Deferred taxation
18,428
-

56,634
53,496



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
53,068
12,132

53,068
12,132


Page 7

 
Double H Properties Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
146,846
115,861

Other loans
-
550,000

Corporation tax
23,977
39,184

Other taxation and social security
18,440
12,531

Accruals and deferred income
36,037
3,075

225,300
720,651



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
483,608
110,221

483,608
110,221


The bank loan is secured by a fixed charge over the investment property.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
146,846
115,861

Other loans
-
550,000


146,846
665,861

Amounts falling due 1-2 years

Bank loans
155,728
110,221


155,728
110,221

Amounts falling due 2-5 years

Bank loans
327,880
-


327,880
-


630,454
776,082


Page 8

 
Double H Properties Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
15,962
15,763


Charged to profit or loss
(34,390)
199



At end of year
(18,428)
15,962

The deferred taxation balance is made up as follows:

2023
2022
£
£


Capital gains
17,319
17,320

Fixed asset timing differences
(35,747)
(1,358)

(18,428)
15,962


12.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



60,000 Ordinary shares of £1 each
60,000
60,000


13.


Reserves

Profit & loss account

This includes all current and prior period retained profits and losses.
Included within the reserve is £56,807 of non distributable income in relation to investment property revaluations less deferred tax.

Page 9

 
Double H Properties Limited
 
 
Notes to the financial statements
For the Year Ended 31 October 2023

14.


Related party transactions

The company had the following related party transactions during the year:
During the year the company was charged management fees of £50,000 (2022 - £50,000) from companies connected by virtue of common control. At the balance sheet date, the amount owed to these companies was £Nil (2022: £250,000).
During the year the company repaid funds of £250,000 (2022: £25,000) to one of the directors. At the balance sheet date the amount owed to the director was £Nil (2022 - £250,000).


15.


Controlling party

The company is under the control of Mr G Hamilton and Irish Mainport Holdings Unlimited by virture of their shareholdings in the company.


16.


Comparative information

Some comparative figures have been changed for presentational purposes only. These changes have had no
impact on profit or loss.


Page 10