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REGISTERED NUMBER: NI623967 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

BELFAST RENTED HOMES LTD

BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


BELFAST RENTED HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr T E O'Neill
Mrs J O'Neill





REGISTERED OFFICE: 17 Clarendon Road Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI623967 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,325 15,268
Investment property 5 8,277,589 8,197,589
8,305,914 8,212,857

CURRENT ASSETS
Debtors 6 64,296 29,331
Cash at bank 137,446 98,395
201,742 127,726
CREDITORS
Amounts falling due within one year 7 133,245 121,666
NET CURRENT ASSETS 68,497 6,060
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,374,411

8,218,917

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 7,390,347 7,390,347
Retained earnings 974,064 818,570
SHAREHOLDERS' FUNDS 8,374,411 8,218,917

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

BALANCE SHEET - continued
30 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




Mr T E O'Neill - Director



Mrs J O'Neill - Director


BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Belfast Rented Homes Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Investment properties are valued annually. The directors' experience and knowledge of the sector are utilised in the valuation methodology but there is an inevitable degree of judgement involved, in that each property is unique and value can only ultimately be reliably tested in the market itself.

Turnover
Rental income from investment properties is recognised in the statement of comprehensive income on a straight-line basis over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings Motor Computer
& equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 2,534 42,784 3,519 48,837
Additions - 25,080 - 25,080
Disposals - (14,504 ) - (14,504 )
At 30 April 2024 2,534 53,360 3,519 59,413
DEPRECIATION
At 1 May 2023 2,022 29,723 1,824 33,569
Charge for year 128 8,890 424 9,442
Eliminated on disposal - (11,923 ) - (11,923 )
At 30 April 2024 2,150 26,690 2,248 31,088
NET BOOK VALUE
At 30 April 2024 384 26,670 1,271 28,325
At 30 April 2023 512 13,061 1,695 15,268

BELFAST RENTED HOMES LTD (REGISTERED NUMBER: NI623967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 8,197,589
Additions 80,000
At 30 April 2024 8,277,589
NET BOOK VALUE
At 30 April 2024 8,277,589
At 30 April 2023 8,197,589

The company's investment properties are valued annually at fair value. The latest professional valuations were undertaken in August 2014 by Mr Sam Dunlop FRICS of Martin & Dunlop Estate Agents. These were conducted in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. Details on the assumptions made and the key sources of estimation uncertainty are given in note 2.

At 30 April 2024, the directors are satisfied that there has been no significant change in the valuation of the properties held by the company since the last formal valuation.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 11,385 12,764
Other debtors 52,911 16,567
64,296 29,331

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Tax 114,138 64,713
Social security and other taxes 2,128 1,216
Directors' current accounts 1 39,194
Accrued expenses 16,978 16,543
133,245 121,666

8. ULTIMATE CONTROLLING PARTY

The company is controlled by the O'Neill family.