0
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No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
40,000
20,389
246
20,635
19,365
19,611
xbrli:pure
xbrli:shares
iso4217:GBP
NI049458
2023-02-01
2024-01-31
NI049458
2024-01-31
NI049458
2023-01-31
NI049458
2022-02-01
2023-01-31
NI049458
2023-01-31
NI049458
2022-01-31
NI049458
core:FurnitureFittings
2023-02-01
2024-01-31
NI049458
bus:Director3
2023-02-01
2024-01-31
NI049458
bus:Director4
2023-02-01
2024-01-31
NI049458
bus:Director5
2023-02-01
2024-01-31
NI049458
core:LandBuildings
2024-01-31
NI049458
core:FurnitureFittings
2024-01-31
NI049458
core:WithinOneYear
2024-01-31
NI049458
core:WithinOneYear
2023-01-31
NI049458
core:ShareCapital
2024-01-31
NI049458
core:ShareCapital
2023-01-31
NI049458
core:SharePremium
2024-01-31
NI049458
core:SharePremium
2023-01-31
NI049458
core:RetainedEarningsAccumulatedLosses
2024-01-31
NI049458
core:RetainedEarningsAccumulatedLosses
2023-01-31
NI049458
core:CostValuation
core:Non-currentFinancialInstruments
2024-01-31
NI049458
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-01-31
NI049458
core:ImpairmentLossProvisionsForImpairmentInvestments
core:Non-currentFinancialInstruments
2024-01-31
NI049458
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2024-01-31
NI049458
core:Non-currentFinancialInstruments
2024-01-31
NI049458
core:Non-currentFinancialInstruments
2023-01-31
NI049458
core:LandBuildings
2023-01-31
NI049458
bus:SmallEntities
2023-02-01
2024-01-31
NI049458
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
NI049458
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
NI049458
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
NI049458
bus:FullAccounts
2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
NI049458
Doorstep Properties Limited |
|
Filleted Unaudited Financial Statements |
|
Doorstep Properties Limited |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
4 |
|
210,000 |
210,000 |
Investments |
5 |
|
19,365 |
19,611 |
|
|
--------- |
--------- |
|
|
229,365 |
229,611 |
|
|
|
|
|
Current assets
Debtors |
6 |
264 |
|
248 |
Cash at bank and in hand |
4,560 |
|
2,421 |
|
------- |
|
------- |
|
4,824 |
|
2,669 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
98,375 |
|
98,753 |
|
-------- |
|
-------- |
Net current liabilities |
|
93,551 |
96,084 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
135,814 |
133,527 |
|
|
--------- |
--------- |
Net assets |
|
135,814 |
133,527 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
148 |
148 |
Share premium account |
|
158,652 |
158,652 |
Profit and loss account |
|
(
22,986) |
(
25,273) |
|
|
--------- |
--------- |
Shareholders funds |
|
135,814 |
133,527 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Doorstep Properties Limited |
|
Statement of Financial Position (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
Mr R Johnston |
Mr. R. McAuley |
Director |
Director |
|
|
Company registration number:
NI049458
Doorstep Properties Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 631 Lisburn Road, Belfast, BT9 7GT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company realised a profit for the period under review. With the full economic impact of the ongoing financial instability yet to be determined, the directors consider that the outlook continues to present challenges in the short to medium term of rebuilding and realising investment value and stabilising reserves. These circumstances create material uncertainties over future financial results and cash flows. The balance sheet as at 31 January 2024 illustrates a current net liabilities position. The directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the company’s ability to continue as a going concern and that, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may differ from these estimates. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved in calculating these future cash flow projections. This includes management's expectations of revenue, EBITDA, timing and quantum of future capital expenditure and estimates and cost of future funding. Key Sources of Estimation Uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition Revenue comprises the fair value of consideration received or receivable from property rentals. Such revenue is recognised over the period in which services are rendered. Investment Properties Investment properties are those that are used solely to earn rentals and / or for capital appreciation. Investment properties are not depreciated but are revalued annually according to market conditions at year end. Those conditions change from year to year and are also require a degree of subjectivity. In the absence of current prices in an active market for similar properties, the directors consider information from a variety of sources, including: (a) current prices in an active market for properties of a different nature, condition or location, adjusted to reflect those differences; and (b) recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices. Impairment of investments The directors assess whether there are any indicators of impairment for equity investments in other entities at the end of each reporting period. An impairment exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data, for example from available financial information. Depreciation The company's statement of financial position reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Recognition of deferred tax assets Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Recognition, therefore, involves judgement regarding the prudent forecasting of future taxable profits of the business and in applying an appropriate risk adjustment factor.
Revenue recognition
Rental revenue is recognised when it is probable that an economic benefit will flow to the company from its tenants and the revenue can be reliably measured, which is over the term of rental agreements. Rental revenues are measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax assets and liabilities can are netted off if both of the following apply: (1)the company has a legally enforceable right to set off current tax assets against current tax liabilities; and (2)the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
|
|
|
Investment properties are not depreciated. This treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Investment property
Investment properties are reflected in the financial statements at fair value. Fair value is the amount for which an asset, liability or equity instrument could be exchanged or settled between knowledgeable, willing parties in an arm’s length transaction.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units
.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Investment Properties |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 February 2023 and 31 January 2024 |
210,000 |
4,454 |
214,454 |
|
--------- |
------- |
--------- |
Depreciation |
|
|
|
At 1 February 2023 and 31 January 2024 |
– |
4,454 |
4,454 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 January 2024 |
210,000 |
– |
210,000 |
|
--------- |
------- |
--------- |
At 31 January 2023 |
210,000 |
– |
210,000 |
|
--------- |
------- |
--------- |
|
|
|
|
The company's residential property portfolio has been treated as qualifying as investment properties, on the basis that the value of the properties can be measured reliably without undue cost or effort. Investment properties are reflected at fair value at the balance sheet date, with changes in fair value being recognised in the statement of income. At the reporting date, the company's investment properties had not been subject to a valuation by an independent valuer who holds a recognised and relevant professional qualification. The directors are satisfied that the investment properties are accurately reflected at their fair value at the year end date. Fair value is the amount for which an asset could be exchanged or settled between knowledgeable, willing parties in an arm’s length transaction.
5.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
40,000 |
|
-------- |
Impairment |
|
At 1 February 2023 |
20,389 |
Impairment losses |
246 |
|
-------- |
At 31 January 2024 |
20,635 |
|
-------- |
|
|
Carrying amount |
|
At 31 January 2024 |
19,365 |
|
-------- |
At 31 January 2023 |
19,611 |
|
-------- |
|
|
The company holds 4.6% of the issued share capital in Ballynacor Estates Ltd, a private limited company registered in Northern Ireland.
The net assets of Ballynacor Estates Ltd as per the last publicly available accounts indicate that it has incurred losses which may devalue the carrying amount of the company's investment in that venture. Given the nature of the business in which Ballynacor Estates Ltd is involved, the directors have considered it prudent to reflect an impairment in the value of the investment.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
264 |
248 |
|
---- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
595 |
1,003 |
Other creditors |
97,780 |
97,750 |
|
-------- |
-------- |
|
98,375 |
98,753 |
|
-------- |
-------- |
|
|
|
8.
Related party transactions
At the balance sheet date, the company owed the directors £40,000 (2023 - £40,000). During the year the company paid interest totalling £2,920 (2023 - £3,080) to the directors on the outstanding loan balances.
9.
Controlling party
The company was not under the control of any individual during the current or prior reporting periods.