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Company Registration Number: NI618691
 
 
Northern Property City Centre Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Northern Property City Centre Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Catherine Donnelly
Declan Gerard Donnelly
 
 
Company Registration Number NI618691
 
 
Registered Office and Business Address 263 Falls Road
Belfast
Co Antrim
BT12 6FB
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Danske Bank
  125A Andersonstown Road
  Co. Antrim
  BT11 9BT



Northern Property City Centre Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Northern Property City Centre Limited
for the financial year ended 31 January 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2024 as set out on pages  to 11 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Northern Property City Centre Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 January 2024 your duty to ensure that Northern Property City Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Northern Property City Centre Limited. You consider that Northern Property City Centre Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Northern Property City Centre Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
31 October 2024



Northern Property City Centre Limited
Company Registration Number: NI618691
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 - 378
───────── ─────────
 
Current Assets
Receivables 6 31,074 -
Cash and cash equivalents 160 256
───────── ─────────
31,234 256
───────── ─────────
Payables: amounts falling due within one year 7 (41,120) (30,508)
───────── ─────────
Net Current Liabilities (9,886) (30,252)
───────── ─────────
Total Assets less Current Liabilities (9,886) (29,874)
 
Provisions for liabilities 9 - (71)
───────── ─────────
Net Liabilities (9,886) (29,945)
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings (9,986) (30,045)
───────── ─────────
Equity attributable to owners of the company (9,886) (29,945)
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 31 October 2024 and signed on its behalf by
           
           
________________________________          
Catherine Donnelly          
Director          
           



Northern Property City Centre Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Northern Property City Centre Limited is a company limited by shares incorporated in Northern Ireland. 263 Falls Road, Belfast, Co Antrim, BT12 6FB is the registered office, which is also the principal place of business of the company. The Principal activity of the company is property sales. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
   
3. Going concern
 
At 31st January 2023 the balance sheet showed a deficiency of Assets of £9,886. The company remains reliant upon the support of its inter-company.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 2, (2023 - 2).
 
  2024 2023
  Number Number
 
Director 2 2
  ═════════ ═════════
       
5. Property, plant and equipment
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 February 2023 1,509 1,509
  ───────── ─────────
 
At 31 January 2024 1,509 1,509
  ───────── ─────────
Depreciation
At 1 February 2023 1,131 1,131
Charge for the financial year 378 378
  ───────── ─────────
At 31 January 2024 1,509 1,509
  ───────── ─────────
Carrying amount
At 31 January 2024 - -
  ═════════ ═════════
At 31 January 2023 378 378
  ═════════ ═════════
       
6. Receivables 2024 2023
  £ £
 
Amounts owed by connected parties (Note 11) 31,074 -
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Trade payables 2,467 1,822
Taxation  (Note 8) 27,655 27,636
Directors' current accounts 9,948 -
Accruals 1,050 1,050
  ───────── ─────────
  41,120 30,508
  ═════════ ═════════
       
8. Taxation 2024 2023
  £ £
 
Payables:
Corporation tax 27,655 27,636
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 71 71 143
Charged to profit and loss (71) (71) (72)
  ───────── ───────── ─────────
At financial year end - - 71
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
           
11. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Northernpropertyni.com Ltd 31,074 31,074 - 31,074
  ───────── ───────── ───────── ═════════
 
Catherine Donnelly and Declan Donnelly are directors in both Northernpropertyni.com and Northern Property City Centre Limited.

As at 1 February 2023, the balance with Northernpropertyni.com Ltd was £nil. During the financial year net transactions between the companies was £31,074. As of 31 January 2024 the balance owed from Northernpropertyni.com Ltd was £31,074.
   
12. Directors' advances, credits and guarantees
 
As at 1st February 2023 the Director owed the company NIL. During the year net transactions amounted to £9,948. As at 31 January 2024 the balance owed between the director and the company is £9,948.
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.