Company registration number NI006132 (Northern Ireland)
IDEAL ESTATES (BELFAST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
IDEAL ESTATES (BELFAST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
IDEAL ESTATES (BELFAST) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
31 July 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
122
Investment property
5
-
0
307,311
-
0
307,433
Current assets
Debtors
6
-
0
195,358
Cash at bank and in hand
-
0
19,682
-
0
215,040
Creditors: amounts falling due within one year
7
-
0
(1,820)
Net current assets
-
0
213,220
Total assets less current liabilities
-
0
520,653
Creditors: amounts falling due after more than one year
8
-
0
(10,000)
Net assets
-
0
510,653
Capital and reserves
Called up share capital
10,002
10,002
Profit and loss reserves
(10,002)
500,651
Total equity
-
0
510,653

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

IDEAL ESTATES (BELFAST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 15 November 2024
Mr M R Johnston
Director
Company registration number NI006132 (Northern Ireland)
IDEAL ESTATES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Ideal Estates (Belfast) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Stables, 29 Purdysburn Hill, BELFAST, BT8 8JY.

1.1
Reporting period

Financial statements have been prepared for a period shorter than one year. The company has been wound up and ceased to trade on 31st July 2024. As these statements have been prepared for 10 months, the figures are not entirely comparable to the prior year.

1.2
Accounting convention

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The truedirectors have made the decision to wind up the company on 31st July 2024 and have transferred all assets and liabilities to The J. & M. Trust Limited.

1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

 

Interest Income

 

Interest income is recognised in profit or loss using the effective interest method.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

IDEAL ESTATES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance
Computers
33.33% straight line
Tenant Improvements
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

IDEAL ESTATES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Total
1
1
IDEAL ESTATES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Tenant Improvements
Total
£
£
£
£
Cost
At 1 October 2023
7,764
3,449
1,000
12,213
Disposals
(7,764)
(3,449)
(1,000)
(12,213)
At 31 July 2024
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 October 2023
7,642
3,449
1,000
12,091
Eliminated in respect of disposals
(7,642)
(3,449)
(1,000)
(12,091)
At 31 July 2024
-
0
-
0
-
0
-
0
Carrying amount
At 31 July 2024
-
0
-
0
-
0
-
0
At 30 September 2023
122
-
0
-
0
122
5
Investment property
2024
£
Fair value
At 1 October 2023
307,311
Transfers
(307,311)
At 31 July 2024
-
0
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
56,643
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
138,715
Total debtors
-
0
195,358
IDEAL ESTATES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
-
0
1,820
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
10,000
9
Related party transactions

The director of Ideal Estates (Belfast) Limited also has a controlling interest in the J & M Trust Limited. Charitable Donations totalling £67,976 (2023: £15,000) were made to the J & M Trust Limited during the year. Ideal Estates (Belfast) Ltd transferred all assets and liabilities to J & M Trust Limited upon winding up. The value of these assets and liabilities totalled £436,027.

 

The director of Ideal Estates (Belfast) Limited also has a controlling interest in the Angello Development Foundation. Charitable Donations totalling £nil (2023: £4,285) were made to Angello Development Foundation during the year.

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