BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity is that of a retail department store. 10 September 2024 NI019769 2024-01-31 NI019769 2023-01-31 NI019769 2022-01-31 NI019769 2023-02-01 2024-01-31 NI019769 2022-02-01 2023-01-31 NI019769 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI019769 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI019769 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI019769 uk-bus:AbridgedAccounts 2023-02-01 2024-01-31 NI019769 uk-core:ShareCapital 2024-01-31 NI019769 uk-core:ShareCapital 2023-01-31 NI019769 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI019769 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI019769 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI019769 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI019769 uk-bus:FRS102 2023-02-01 2024-01-31 NI019769 2023-02-01 2024-01-31 NI019769 uk-bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 NI019769 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Hustonia Properties Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Hustonia Properties Limited
Company Registration Number: NI019769
ABRIDGED BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 1,600,000 1,600,000
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Current Assets
Debtors 756,901 856,644
Cash and cash equivalents 573 1,260
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757,474 857,904
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Creditors: amounts falling due within one year (2,236,861) (2,354,022)
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Net Current Liabilities (1,479,387) (1,496,118)
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Total Assets less Current Liabilities 120,613 103,882
 
Creditors:
amounts falling due after more than one year (317,869) (518,253)
 
Provisions for liabilities (104,096) (104,096)
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Net Liabilities (301,352) (518,467)
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Capital and Reserves
Called up share capital 6 6
Retained earnings (301,358) (518,473)
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Equity attributable to owners of the company (301,352) (518,467)
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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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 10 September 2024
           
           
________________________________          
Mr. John Houston          
Director          
           



Hustonia Properties Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Hustonia Properties Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 2a Scarva Street, Banbridge, BT32 3DA which is also the principal place of business of the company. The principal activity is that of a retail department store. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern basis assumes that the company will continue in operational existence for the foreseeable future, having adequate funds to meet its obligations as they fall due. Hustonia Properties Limited continues as a going concern generating rental income. The company meets its day to day working capital requirements through rental activities. The loans from the director are repayable on demand however at the date of approval of the financial statements, the director has confirmed that he will not seek repayment of the debt due to him during the forthcoming 12 month period from the date of signing these financial statements
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. 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.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.

Exceptional item relates to the write off of intergroup balance of £160,237.
       
3. Employees
 
  2024 2023
  Number Number
 
Current 1 1
  ───────── ─────────
  1 1
  ═════════ ═════════
       
4. Tangible assets
  Investment Total
  properties  
     
  £ £
Cost
At 1 February 2023 1,600,000 1,600,000
  ───────── ─────────
 
At 31 January 2024 1,600,000 1,600,000
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Depreciation
At 1 February 2023 - -
  ───────── ─────────
At 31 January 2024 - -
  ───────── ─────────
Net book value
At 31 January 2024 1,600,000 1,600,000
  ═════════ ═════════
At 31 January 2023 1,600,000 1,600,000
  ═════════ ═════════
 
The historical costs of the investment property at 31 January 2024 is £3,841,736 (2023: £3,841,736).

The £1,600,000 investment property fair value is based on a valuation by the director. The valuation, which is supported by the market information, is prepared by considering the aggregate of the net annual rents receivable from various parts of the property, and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is the applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in the fair value is recognised in profit or loss. Rental income from investment property is accounted for as described in the turnover accounting policy.
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.