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Company registration number: NI014876
Strangford Estates Limited
Unaudited filleted abridged financial statements
29 February 2024
Strangford Estates Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Strangford Estates Limited
Directors and other information
Directors Mr P H Dougherty
Mrs D Dougherty
Secretary Mrs D Dougherty
Company number NI014876
Registered office 19 Malone Park
Belfast
BT9 6NL
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
Co Antrim
BT2 7BA
Bankers Danske Bank
Donegall Square West
Belfast
BT1 5JF
Solicitors Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Strangford Estates Limited
Year ended 29 February 2024
In accordance with the engagement letter dated 21 September 2022, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 29 February 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, 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 the Company's 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.
You have acknowledged on the balance sheet for the year ended 29 February 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the 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 financial statements.
Hill Vellacott 25 November 2024
Chartered Accountants
22 Great Victoria Street
Belfast
Co Antrim
BT2 7BA
Strangford Estates Limited
Abridged statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,250,000 1,370,000
Investments 6 202,522 1,460,532
_________ _________
1,452,522 2,830,532
Current assets
Debtors 82,906 64,748
Cash at bank and in hand 1,227,582 96,752
_________ _________
1,310,488 161,500
Creditors: amounts falling due
within one year 7 ( 46,450) ( 60,670)
_________ _________
Net current assets 1,264,038 100,830
_________ _________
Total assets less current liabilities 2,716,560 2,931,362
Creditors: amounts falling due
after more than one year ( 281,750) ( 302,750)
_________ _________
Net assets 2,434,810 2,628,612
_________ _________
Capital and reserves
Called up share capital 90 90
Other reserves 10 10
Profit and loss account 2,434,710 2,628,512
_________ _________
Shareholders funds 2,434,810 2,628,612
_________ _________
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr P H Dougherty
Director
Company registration number: NI014876
Strangford Estates Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 19 Malone Park, Belfast, BT9 6NL. The principal activity of the company continues to be that of property investment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThere are no judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Investment properties are stated at their fair value at each reporting date, with the fair value based on the estimation of the open market value. Details of the investment properties are set out in note 5.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent, stated net of discounts and of Value Added Tax.Any lease incentives given are spread over the period of the lease, where the lease period is the non-cancellable period of the lease plus any extension at the lessee’s option where, at the start of the lease, the lessee is likely to opt to extend.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 14.67 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
£
Cost or valuation
At 1 March 2023 1,375,757
Revaluation ( 120,000)
_________
At 29 February 2024 1,255,757
_________
Depreciation
At 1 March 2023 and 29 February 2024 5,757
_________
Carrying amount
At 29 February 2024 1,250,000
_________
At 28 February 2023 1,370,000
_________
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 March 2023 1,370,000
Fair value adjustments ( 120,000)
_________
At 29 February 2024 1,250,000
_________
The investment properties have been valued at their open market value as determined by the directors.
6. Investments
£
Cost
At 1 March 2023 2,720,532
Disposals ( 1,192,402)
Fair value adjustment (65,608)
Other movements ( 859,462)
_________
At 29 February 2024 603,060
_________
Impairment
At 1 March 2023 1,260,000
Disposals ( 859,462)
Transfers -
_________
At 29 February 2024 400,538
_________
Carrying amount
At 29 February 2024 202,522
_________
At 28 February 2023 1,460,532
_________
7. Creditors: amounts falling due within one year
Included in creditors due within one year is a bank loan of £21,000 (2023 - £21,000) and in creditors due after one year of £281,750 (2023 - £302,750) secured by a first and only legal charge over a property owned by the company.
8. Directors advances, credits and guarantees
The directors operated current accounts with the company and in the year they withdrew £74,551 (2023 - £77,121) and repaid £69,727 (2023 - £29,274). At 29 February 2024, the directors owed £69, 072 (2023 - £64,248) to the company. The current account is unsecured, interest free and repayable upon demand.
9. Related party transactions
The directors received dividends of £ 50,000 (2023 - £ 20,000 ) in the year.