BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is real estate agencies and property management. 31 October 2024 NI616495 2024-01-31 NI616495 2023-01-31 NI616495 2022-01-31 NI616495 2023-02-01 2024-01-31 NI616495 2022-02-01 2023-01-31 NI616495 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI616495 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI616495 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI616495 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI616495 uk-bus:Director1 2023-02-01 2024-01-31 NI616495 uk-bus:Director2 2023-02-01 2024-01-31 NI616495 uk-bus:RegisteredOffice 2023-02-01 2024-01-31 NI616495 uk-bus:Agent1 2023-02-01 2024-01-31 NI616495 uk-bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI616495 uk-core:ShareCapital 2024-01-31 NI616495 uk-core:ShareCapital 2023-01-31 NI616495 uk-core:RevaluationReserve 2024-01-31 NI616495 uk-core:RevaluationReserve 2023-01-31 NI616495 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI616495 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI616495 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI616495 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI616495 uk-bus:FRS102 2023-02-01 2024-01-31 NI616495 uk-core:LandBuildings 2023-02-01 2024-01-31 NI616495 uk-core:Land 2023-02-01 2024-01-31 NI616495 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI616495 uk-core:MotorVehicles 2023-02-01 2024-01-31 NI616495 uk-core:CurrentFinancialInstruments 2024-01-31 NI616495 uk-core:CurrentFinancialInstruments 2023-01-31 NI616495 uk-core:WithinOneYear 2024-01-31 NI616495 uk-core:WithinOneYear 2023-01-31 NI616495 uk-core:WithinOneYear 2024-01-31 NI616495 uk-core:WithinOneYear 2023-01-31 NI616495 uk-core:WithinOneYear 2024-01-31 NI616495 uk-core:WithinOneYear 2023-01-31 NI616495 uk-core:AfterOneYear 2024-01-31 NI616495 uk-core:AfterOneYear 2023-01-31 NI616495 uk-core:AfterOneYear 2024-01-31 NI616495 uk-core:AfterOneYear 2023-01-31 NI616495 uk-core:BetweenOneTwoYears 2024-01-31 NI616495 uk-core:BetweenOneTwoYears 2023-01-31 NI616495 uk-core:BetweenTwoFiveYears 2024-01-31 NI616495 uk-core:BetweenTwoFiveYears 2023-01-31 NI616495 uk-core:BetweenOneFiveYears 2024-01-31 NI616495 uk-core:BetweenOneFiveYears 2023-01-31 NI616495 uk-core:OtherMiscellaneousReserve 2023-01-31 NI616495 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI616495 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI616495 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI616495 uk-core:OtherDeferredTax 2024-01-31 NI616495 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI616495 uk-core:OtherMiscellaneousReserve 2024-01-31 NI616495 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI616495
 
 
Northernpropertyni.com Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Northernpropertyni.com Limited
DIRECTOR AND OTHER INFORMATION

 
Directors Catherine Donnelly
Declan Donnelly (Resigned 29 July 2024)
 
 
Company Registration Number NI616495
 
 
Registered Office and Business Address 263 Falls Road
Belfast
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



Northernpropertyni.com Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Northernpropertyni.com 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 16 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 director of Northernpropertyni.com Limited, 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 Director 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 director 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 Northernpropertyni.com 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 Northernpropertyni.com Limited. You consider that Northernpropertyni.com 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 Northernpropertyni.com 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



Northernpropertyni.com Limited
Company Registration Number: NI616495
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Intangible assets 4 17,500 20,000
Property, plant and equipment 5 448,546 193,932
───────── ─────────
Non-Current Assets 466,046 213,932
───────── ─────────
 
Current Assets
Receivables 6 218,847 127,386
Cash and cash equivalents 14,728 227,701
───────── ─────────
233,575 355,087
───────── ─────────
Payables: amounts falling due within one year 7 (531,689) (491,456)
───────── ─────────
Net Current Liabilities (298,114) (136,369)
───────── ─────────
Total Assets less Current Liabilities 167,932 77,563
 
Payables:
amounts falling due after more than one year 8 (138,856) (65,249)
 
Provisions for liabilities 10 (26,844) (20,392)
───────── ─────────
Net Assets/(Liabilities) 2,232 (8,078)
═════════ ═════════
 
Equity
Called up share capital 100 100
Revaluation reserve 33,750 33,750
Retained earnings (31,618) (41,928)
───────── ─────────
Equity attributable to owners of the company 2,232 (8,078)
═════════ ═════════
 
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 Director's 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 director confirms 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 director acknowledges 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 Director and authorised for issue on 31 October 2024
           
           
________________________________          
Catherine Donnelly          
Director          
           



Northernpropertyni.com Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Northernpropertyni.com Limited is a company limited by shares incorporated in Northern Ireland. 263 Falls Road, Belfast, BT12 6FB is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. 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.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.
 
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:
 
  Land and buildings freehold - Fair Value Method
  Long leasehold property - 2% Straight line
  Fixtures, fittings and equipment - 20% Straight line
  Motor vehicles - 20% 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.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
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 balance sheet 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.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 17, (2023 - 15).
 
  2024 2023
  Number Number
 
Director 2 1
Employees 15 14
  ───────── ─────────
  17 15
  ═════════ ═════════
       
4. Intangible assets
     
    Total
  £ £
Cost
At 1 February 2023 25,000 25,000
  ───────── ─────────
 
At 31 January 2024 25,000 25,000
  ───────── ─────────
Amortisation
At 1 February 2023 5,000 5,000
Charge for financial year 2,500 2,500
  ───────── ─────────
At 31 January 2024 7,500 7,500
  ───────── ─────────
Carrying amount
At 31 January 2024 17,500 17,500
  ═════════ ═════════
At 31 January 2023 20,000 20,000
  ═════════ ═════════
             
5. Property, plant and equipment
  Land and Long Fixtures, Motor Total
  buildings leasehold fittings and vehicles  
  freehold property equipment    
  £ £ £ £ £
Cost
At 1 February 2023 124,640 33,896 94,906 27,287 280,729
Additions 230,137 - - 43,377 273,514
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 354,777 33,896 94,906 70,664 554,243
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2023 - 4,808 62,860 19,129 86,797
Charge for the financial year - 678 11,059 7,163 18,900
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 - 5,486 73,919 26,292 105,697
  ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 January 2024 354,777 28,410 20,987 44,372 448,546
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 January 2023 124,640 29,088 32,046 8,158 193,932
  ═════════ ═════════ ═════════ ═════════ ═════════
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 53,476 29,264
Amounts owed by connected parties (Note 12) 161,296 -
Taxation  (Note 9) - 90,725
Prepayments and accrued income 4,075 7,397
  ───────── ─────────
  218,847 127,386
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 16,564 13,740
Net obligations under finance leases
and hire purchase contracts 11,355 3,272
Trade payables 270,574 373,063
Amounts owed to connected parties (Note 12) 65,574 -
Taxation  (Note 9) 71,505 79,399
Director's current account 92,617 18,482
Accruals 3,500 3,500
  ───────── ─────────
  531,689 491,456
  ═════════ ═════════
 
Northernpropertyni.com Limited currently has an outstanding charge which was created on 18 February 2019. The charge is held in relation to a loan provided by Northern Bank Limited. This charge contains fixed charges, floating charges over all the property or undertaking of the company and contains a negative pledge.
       
8. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 106,873 59,798
Finance leases and hire purchase contracts 31,983 5,451
  ───────── ─────────
  138,856 65,249
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 16,564 13,740
Repayable between one and two years 17,446 13,740
Repayable between two and five years 89,427 46,058
  ───────── ─────────
  123,437 73,538
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 11,355 3,272
Repayable between one and five years 31,983 5,451
  ───────── ─────────
  43,338 8,723
  ═════════ ═════════
       
9. Taxation 2024 2023
  £ £
 
Receivables:
Corporation tax - 90,725
  ═════════ ═════════
Payables:
VAT 50,578 35,665
Corporation tax 11,086 36,006
PAYE / NI 9,841 7,728
  ───────── ─────────
  71,505 79,399
  ═════════ ═════════
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Property Total Total
  allowances revaluations    
         
      2024 2023
  £ £ £ £
 
At financial year start 9,142 11,250 20,392 6,419
Charged to profit and loss 6,452 - 6,452 13,973
  ───────── ───────── ───────── ─────────
At financial year end 15,594 11,250 26,844 20,392
  ═════════ ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
           
12. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Peak Physique BT9 Limited 1,149 1,149 - 28,802
Clondara Property Limited 160,147 160,147 - 158,756
  ───────── ───────── ───────── ═════════
  161,296 161,296 -  
  ═════════ ═════════ ═════════  
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
BT2 Property Services Limited     33,500 -
Northern Property City Centre Limited     31,074 -
Kashmir Belfast Limited     1,000 -
      ───────── ─────────
      65,574 -
      ═════════ ═════════
 
Net balances with other connected parties:
      2024 2023
      £ £
 
Peak Physique BT9 Limited     1,149 -
BT2 Property Services Limited     (33,500) -
Northern Property City Centre Limited     (31,074) -
Kashmir Belfast Limited     (1,000) -
Clondara Property Limited     160,147 -
      ───────── ─────────
      95,722 -
      ═════════ ═════════
 
During YE 31 January 2024 Catherine Donnelly and Declan Donnelly were directors in both Northernpropertyni.com and Northern Property City Centre Limited. As at 1 February 2023, the balance with Northern Property City Centre Limited was £nil. During the financial year net transactions between the companies amounted to £31,074. As of 31 January 2024 the balance owed to Northern Property City Centre Limited was £31,074.

During the YE 31 January 2024 Anthony Donnelly, Catherine's husband was a director in BT2 Property Services Limited. As at 1 February 2023, the balance with BT2 Property Services Limited was £nil. During the financial year net transactions between the companies was £33,500. As of 31 January 2024 the balance owed to BT2 Property Services Limited was £33,500.

During YE 31 January 2024 Catherine Donnelly and Declan Donnelly were directors in both Northernpropertyni.com and Kashmir Belfast Limited. As at 1 February 2023, the balance with Kashmir Belfast Limited was £nil. During the financial year net transactions between the companies amounted to £1,000 . As of 31 January 2024 the balance owed by Northernpropertyni.com was £1,000.

During YE 31 January 2024 Catherine Donnelly and Declan Donnelly were directors in both Northernpropertyni.com and Clondara Property Limited. As at 1 February 2023,  the balance with Clondara Property Limited was £nil. During the financial year net transactions between the companies amounted to £160,147. As of 31 January 2024 the balance owed to Northernpropertyni.com was £160,147

During YE 31 January 2024 Catherine Donnelly and Declan Donnelly were directors in both Northernpropertyni.com and Peak Physique BT9 Limited. As at 1 February 2023, the balance with Peak Physique BT9 Limited was £nil. During the financial year net transactions between the companies amounted to £1,149. As of 31 January 2024 the balance owed to Northernpropertyni.com was £1,149.
   
13. Director's advances, credits and guarantees
 
As at 1 February 2023 the company owed the directors £18,482. During the year the net transactions amounted to £74,135. As at the 31 January 2024 the company owed the directors £92,617. This amount is interest free and repayable on demand.
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.