AMG Property Holdings (NI) Ltd NI646282 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property holding. Digita Accounts Production Advanced 6.30.9574.0 true NI646282 2023-01-01 2023-12-31 NI646282 2023-12-31 NI646282 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 NI646282 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI646282 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI646282 core:OtherPropertyPlantEquipment 2023-12-31 NI646282 bus:SmallEntities 2023-01-01 2023-12-31 NI646282 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI646282 bus:FilletedAccounts 2023-01-01 2023-12-31 NI646282 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI646282 bus:RegisteredOffice 2023-01-01 2023-12-31 NI646282 bus:Director1 2023-01-01 2023-12-31 NI646282 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 NI646282 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI646282 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI646282 countries:NorthernIreland 2023-01-01 2023-12-31 NI646282 2022-12-31 NI646282 2022-01-01 2022-12-31 NI646282 2022-12-31 NI646282 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 NI646282 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI646282 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI646282

AMG Property Holdings (NI) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

AMG Property Holdings (NI) Ltd

(Registration number: NI646282)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

580

-

Investment property

5

543,162

543,362

 

543,742

543,362

Current assets

 

Cash at bank and in hand

 

10

91

Creditors: Amounts falling due within one year

6

(51,194)

(53,567)

Net current liabilities

 

(51,184)

(53,476)

Total assets less current liabilities

 

492,558

489,886

Creditors: Amounts falling due after more than one year

6

(409,038)

(431,140)

Net assets

 

83,520

58,746

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

83,420

58,646

Shareholders' funds

 

83,520

58,746

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 June 2024
 

 

AMG Property Holdings (NI) Ltd

(Registration number: NI646282)
Balance Sheet as at 31 December 2023

.........................................
Mr Daniel McGothigan
Director

 

AMG Property Holdings (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 27 Hill Street, Ballymena, BT43 6BH.

These financial statements were authorised for issue by the director on 18 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

AMG Property Holdings (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The values reflect observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

AMG Property Holdings (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

725

725

At 31 December 2023

725

725

Depreciation

Charge for the year

145

145

At 31 December 2023

145

145

Carrying amount

At 31 December 2023

580

580

5

Investment properties

2023
£

At 1 January

543,362

Refund received

(200)

At 31 December

543,162

Investment property is stated at cost which, in the opinion of the Directors, is not materially different from market value.

 

AMG Property Holdings (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

36,000

39,500

Taxation and social security

 

9,872

12,453

Accruals

 

5,322

1,614

 

51,194

53,567

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

95,835

126,567

Other creditors

 

313,203

304,573

 

409,038

431,140

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

Included in other creditors due after one year is the following amount due to a related company:-

 

2023

2022

£

£

AMG Financial Planning Ltd

294,318

292,573

AMG Property Sales Ltd

13,160

7,000


Alex and Daniel McGothigan own 100% of the share capital in AMG Financial Planning Ltd and AMG Property Sales Ltd.