Phoenix Properties (NI) Limited NI647620 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is letting of own property Digita Accounts Production Advanced 6.30.9574.0 true NI647620 2023-09-01 2024-08-31 NI647620 2024-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-08-31 NI647620 core:CurrentFinancialInstruments 2024-08-31 NI647620 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 NI647620 core:Non-currentFinancialInstruments 2024-08-31 NI647620 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 NI647620 bus:SmallEntities 2023-09-01 2024-08-31 NI647620 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI647620 bus:FilletedAccounts 2023-09-01 2024-08-31 NI647620 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI647620 bus:RegisteredOffice 2023-09-01 2024-08-31 NI647620 bus:Director1 2023-09-01 2024-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-01 2024-08-31 NI647620 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI647620 countries:NorthernIreland 2023-09-01 2024-08-31 NI647620 2023-08-31 NI647620 2022-09-01 2023-08-31 NI647620 2023-08-31 NI647620 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 NI647620 core:CurrentFinancialInstruments 2023-08-31 NI647620 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 NI647620 core:CurrentFinancialInstruments core:WithinOneYear core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-08-31 NI647620 core:Non-currentFinancialInstruments 2023-08-31 NI647620 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 NI647620 core:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI647620

Phoenix Properties (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Phoenix Properties (NI) Limited

(Registration number: NI647620)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

283,141

283,141

Current assets

 

Debtors

5

3,904

5,804

Cash at bank and in hand

 

590

596

 

4,494

6,400

Creditors: Amounts falling due within one year

6

(12,379)

(9,231)

Net current liabilities

 

(7,885)

(2,831)

Total assets less current liabilities

 

275,256

280,310

Creditors: Amounts falling due after more than one year

6

(245,113)

(271,696)

Net assets

 

30,143

8,614

Capital and reserves

 

Called up share capital

7

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:

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 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 director on 3 October 2024
 

.........................................
Mrs Donna F Lin
Director

 

Phoenix Properties (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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: 30 Farmlodge Avenue, Ballymena, Antrim, Co. Antrim, BT43 7DF.

These financial statements were authorised for issue by the director on 3 October 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.

 

Phoenix Properties (NI) Limited

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

Investment property

Investment properties are accounted for in accordance with the requirements of Financial Reporting Standard 102. They are included in the financial statements at their fair value as at the Balance Sheet date. Fair value gains and losses are reported through the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Phoenix Properties (NI) Limited

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

4

Investment properties

2024
£

At 1 September

283,141

At 31 August

283,141


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.

5

Debtors

2024
£

2023
£

Trade debtors

3,446

4,308

Prepayments

458

390

Other debtors

-

1,106

3,904

5,804

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

549

681

Corporation tax

3,280

-

Accruals and deferred income

550

550

Other creditors

8,000

8,000

12,379

9,231

 

Phoenix Properties (NI) Limited

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£1 Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

245,113

271,696

9

Related party transactions

At the year end the company owed the director £245,113 (2023: £271,696). No interest was charged on amounts outstanding.