J C Patterson (Lisburn) Limited NI002518 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true NI002518 2023-02-01 2024-01-31 NI002518 2024-01-31 NI002518 core:CurrentFinancialInstruments 2024-01-31 NI002518 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 NI002518 bus:SmallEntities 2023-02-01 2024-01-31 NI002518 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI002518 bus:FilletedAccounts 2023-02-01 2024-01-31 NI002518 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI002518 bus:RegisteredOffice 2023-02-01 2024-01-31 NI002518 bus:Director2 2023-02-01 2024-01-31 NI002518 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI002518 countries:NorthernIreland 2023-02-01 2024-01-31 NI002518 2023-01-31 NI002518 2022-02-01 2023-01-31 NI002518 2023-01-31 NI002518 core:CurrentFinancialInstruments 2023-01-31 NI002518 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: NI002518

J C Patterson (Lisburn) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

J C Patterson (Lisburn) Limited

(Registration number: NI002518)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

450,000

550,000

Current assets

 

Debtors

5

-

1,368

Cash at bank and in hand

 

144,046

132,474

 

144,046

133,842

Creditors: Amounts falling due within one year

6

(13,295)

(22,502)

Net current assets

 

130,751

111,340

Net assets

 

580,751

661,340

Capital and reserves

 

Called up share capital

7

20,000

20,000

Profit and loss account

8

560,751

641,340

Shareholders' funds

 

580,751

661,340

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr David Gibson
Director

 

J C Patterson (Lisburn) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is: 62 Harmony Hill, Lisburn, Co.Antrim, BT28 4ET.

These financial statements were authorised for issue by the Board on 16 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Rental income is recognised on a straight-line basis over the lease term.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessaray for any difference in the nature, location or condition of the speicific asset. Changes in fair vlaue are recognised in profit or loss.

 

J C Patterson (Lisburn) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investment properties

2024
£

At 1 February 2023

550,000

Revaluation

(100,000)

At 31 January 2024

450,000

The properties are included at market value per directors. No provision has been made for corporation tax on the revaluation of these properties as no liability arises.

5

Debtors

Current

2024
£

2023
£

Other debtors

-

1,368

 

-

1,368

 

J C Patterson (Lisburn) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

9,245

19,832

Other creditors

4,050

2,670

13,295

22,502

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

20,000

20,000

20,000

20,000

       

8

Profit and loss account reserves

2024
£

2023
£

Non-distributable reserve

314,207

414,207

Distrubutable reserve

246,544

227,133

560,751

641,340

9

Controlling party

The share capital of the company is held in equal parts between two extended families and consequently there is no ultimate controlling party.