Downpatrick Property Trust Limited NI027294 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is to engage in constructional works whose objects are to preserve for the benefit of the Community of Downpatrick the historical, architectural and constructional heritage that exists in buildings and land within the Downpatrick Area. Digita Accounts Production Advanced 6.30.9574.0 true NI027294 2023-06-01 2024-05-31 NI027294 2024-05-31 NI027294 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI027294 core:CurrentFinancialInstruments 2024-05-31 NI027294 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 NI027294 core:Non-currentFinancialInstruments 2024-05-31 NI027294 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 NI027294 core:LandBuildings 2024-05-31 NI027294 bus:SmallEntities 2023-06-01 2024-05-31 NI027294 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 NI027294 bus:FilletedAccounts 2023-06-01 2024-05-31 NI027294 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI027294 bus:RegisteredOffice 2023-06-01 2024-05-31 NI027294 bus:Director1 2023-06-01 2024-05-31 NI027294 bus:Director2 2023-06-01 2024-05-31 NI027294 bus:Director4 2023-06-01 2024-05-31 NI027294 bus:Director5 2023-06-01 2024-05-31 NI027294 bus:Director7 2023-06-01 2024-05-31 NI027294 bus:Director8 2023-06-01 2024-05-31 NI027294 bus:Director9 2023-06-01 2024-05-31 NI027294 bus:CompanyLimitedByGuarantee 2023-06-01 2024-05-31 NI027294 core:LandBuildings 2023-06-01 2024-05-31 NI027294 countries:NorthernIreland 2023-06-01 2024-05-31 NI027294 2023-05-31 NI027294 core:LandBuildings 2023-05-31 NI027294 2022-06-01 2023-05-31 NI027294 2023-05-31 NI027294 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI027294 core:CurrentFinancialInstruments 2023-05-31 NI027294 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 NI027294 core:Non-currentFinancialInstruments 2023-05-31 NI027294 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 NI027294 core:LandBuildings 2023-05-31 iso4217:GBP xbrli:pure

Registration number: NI027294

Downpatrick Property Trust Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 May 2024

 

Downpatrick Property Trust Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Downpatrick Property Trust Limited

Company Information

Directors

Mr Mr H F Kelly (Chairperson)

Mr M B T McGrady FCA (Treasurer)

Mr Mr A Killen (Secretary)

Mrs P J Morgan

Mr P G Stewart

Mr J Wallace

Mr D Kearney

Registered office

c/o Rathmore House
52 St Patrick's Avenue
Downpatrick
Co Down
BT30 6DS

 

Downpatrick Property Trust Limited

(Registration number: NI027294)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

768,472

790,264

Current assets

 

Debtors

5

845

3,271

Cash at bank and in hand

 

31,441

27,639

 

32,286

30,910

Creditors: Amounts falling due within one year

6

(11,123)

(13,216)

Net current assets

 

21,163

17,694

Total assets less current liabilities

 

789,635

807,958

Creditors: Amounts falling due after more than one year

6

(745,592)

(777,062)

Net assets

 

44,043

30,896

Reserves

 

Retained earnings

44,043

30,896

Surplus

 

44,043

30,896

For the financial year ending 31 May 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.

 

Downpatrick Property Trust Limited

(Registration number: NI027294)
Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 4 November 2024 and signed on its behalf by:
 

.........................................
Mr Mr H F Kelly (Chairperson)
Director

 

Downpatrick Property Trust Limited

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

1

General information

The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
c/o Rathmore House
52 St Patrick's Avenue
Downpatrick
Co Down
BT30 6DS

These financial statements were authorised for issue by the Board on 4 November 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Government grants

Grants received in respect of Revenue items are matched with the relevant expenditure in accordance with SSAP4 Accounting for Government Grants. Grants received in respect of Capital Outlay towards construction of the property have been deferred, also in accordance with SSAP4.

As construction is complete, the directors have decided to amortize deferred grants to the Profit and Loss Account over the useful life of the property.

 

Downpatrick Property Trust Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Downpatrick Property Trust Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 June 2023

1,089,331

1,089,331

At 31 May 2024

1,089,331

1,089,331

Depreciation

At 1 June 2023

299,067

299,067

Charge for the year

21,792

21,792

At 31 May 2024

320,859

320,859

Carrying amount

At 31 May 2024

768,472

768,472

At 31 May 2023

790,264

790,264

 

Downpatrick Property Trust Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,500

Prepayments

845

771

 

845

3,271

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

7,854

8,673

Taxation and social security

 

463

1,213

Accruals and deferred income

 

2,806

3,330

 

11,123

13,216

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

55,997

63,033

Deferred income

 

689,595

714,029

 

745,592

777,062

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

55,997

63,033

Current loans and borrowings

2024
£

2023
£

Other borrowings

7,854

8,673