Registration number:
Phoenix Properties (NI) Limited
for the Year Ended 31 August 2024
Phoenix Properties (NI) Limited
(Registration number: NI647620)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
30,043 |
8,514 |
|
Shareholders' funds |
30,143 |
8,614 |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Phoenix Properties (NI) Limited
(Registration number: NI647620)
Balance Sheet as at 31 August 2024
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.
Approved and authorised by the
......................................... |
Phoenix Properties (NI) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Phoenix Properties (NI) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Investment property
Depreciation is not provided on investment properties. Whilst this may be a departure from the requirement of the Companies Act 2006, the director considers that systematic annual depreciation is not warranted on the basis that the properties are held for investment, not consumption. The accounting policy adopted is therefore necessary to present a true and fair view.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Phoenix Properties (NI) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Investment properties |
2024 |
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At 1 September |
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At 31 August |
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Investment properties are stated at cost which, in the opinion of the Director, is not materially different from fair value.
There has been no valuation of investment property by an independent valuer.
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Corporation tax |
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- |
Accruals and deferred income |
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Other creditors |
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Phoenix Properties (NI) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Related party transactions |
At the year end the company owed the director £245,113 (2023: £271,696). No interest was charged on amounts outstanding.