BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The principal activity is that of buying and selling of own real estate. 29 November 2024 1 1 NI650960 2024-02-29 NI650960 2023-02-28 NI650960 2022-02-28 NI650960 2023-03-01 2024-02-29 NI650960 2022-03-01 2023-02-28 NI650960 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI650960 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI650960 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI650960 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI650960 uk-bus:Director1 2023-03-01 2024-02-29 NI650960 uk-bus:Agent1 2023-03-01 2024-02-29 NI650960 uk-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI650960 uk-core:ShareCapital 2024-02-29 NI650960 uk-core:ShareCapital 2023-02-28 NI650960 uk-core:RevaluationReserve 2024-02-29 NI650960 uk-core:RevaluationReserve 2023-02-28 NI650960 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI650960 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI650960 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI650960 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI650960 uk-bus:FRS102 2023-03-01 2024-02-29 NI650960 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI650960 uk-core:WithinOneYear 2024-02-29 NI650960 uk-core:WithinOneYear 2023-02-28 NI650960 uk-core:AfterOneYear 2024-02-29 NI650960 uk-core:AfterOneYear 2023-02-28 NI650960 uk-core:WithinOneYear 2024-02-29 NI650960 uk-core:WithinOneYear 2023-02-28 NI650960 uk-core:BetweenOneTwoYears 2024-02-29 NI650960 uk-core:BetweenOneTwoYears 2023-02-28 NI650960 uk-core:BetweenTwoFiveYears 2024-02-29 NI650960 uk-core:BetweenTwoFiveYears 2023-02-28 NI650960 uk-core:MoreThanFiveYears 2024-02-29 NI650960 uk-core:MoreThanFiveYears 2023-02-28 NI650960 uk-core:EmployeeBenefits 2023-02-28 NI650960 uk-core:EmployeeBenefits 2023-03-01 2024-02-29 NI650960 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI650960 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 NI650960 uk-core:OtherDeferredTax 2024-02-29 NI650960 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 NI650960 uk-core:EmployeeBenefits 2024-02-29 NI650960 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Stewart Ventures Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024



Stewart Ventures Limited
DIRECTOR AND OTHER INFORMATION

 
Director Christopher Stewart
 
 
Company Registration Number NI650960
 
 
Business Address 11 Governors Gate
Hillsborough
Lisburn
BT26 6FE
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
 
Bankers Bank of Ireland
  1 Donegal Square
  BT1 5LR
 
   
Solicitors Ferguson & Co
  Causeway Tower
  9 James Street South
  BT2 8DN



Stewart Ventures Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Stewart Ventures Limited
for the financial year ended 29 February 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 29 February 2024 as set out on pages  to 13 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 Stewart Ventures 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 29 February 2024 your duty to ensure that Stewart Ventures 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 loss of Stewart Ventures Limited. You consider that Stewart Ventures 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 Stewart Ventures 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
BT1 1PG
United Kingdom
 
29 November 2024



Stewart Ventures Limited
Company Registration Number: NI650960
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 470,244 450,326
───────── ─────────
 
Current Assets
Receivables 5 37,439 7,900
Cash and cash equivalents 100 1,130
───────── ─────────
37,539 9,030
───────── ─────────
Payables: amounts falling due within one year 6 (301,156) (239,949)
───────── ─────────
Net Current Liabilities (263,617) (230,919)
───────── ─────────
Total Assets less Current Liabilities 206,627 219,407
 
Payables:
amounts falling due after more than one year 7 (127,364) (129,477)
 
Provisions for liabilities 9 (21,596) (24,196)
───────── ─────────
Net Assets 57,667 65,734
═════════ ═════════
 
Equity
Called up share capital 100 100
Revaluation reserve 112,448 106,284
Retained earnings (54,881) (40,650)
───────── ─────────
Equity attributable to owners of the company 57,667 65,734
═════════ ═════════
 
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 29 February 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 his 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 29 November 2024
           
           
________________________________          
Christopher Stewart          
Director          
           



Stewart Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
Stewart Ventures Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is. 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 29 February 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 on the going concern basis and 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.
 
Revenue
Revenue 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% Reducing Balance
 
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.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
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 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.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).
 
  2024 2023
  Number Number
 
Director 1 1
  ═════════ ═════════
         
4. Property, plant and equipment
  Investment Fixtures, Total
  properties fittings and  
    equipment  
  £ £ £
Cost or Valuation
At 1 March 2023 450,000 580 450,580
Additions 11,781 - 11,781
Revaluation 8,219 - 8,219
  ───────── ───────── ─────────
At 29 February 2024 470,000 580 470,580
  ───────── ───────── ─────────
Depreciation
At 1 March 2023 - 254 254
Charge for the financial year - 82 82
  ───────── ───────── ─────────
At 29 February 2024 - 336 336
  ───────── ───────── ─────────
Carrying amount
At 29 February 2024 470,000 244 470,244
  ═════════ ═════════ ═════════
At 28 February 2023 450,000 326 450,326
  ═════════ ═════════ ═════════
       
5. Receivables 2024 2023
  £ £
 
Amounts owed by connected parties (Note 11) 37,439 7,900
  ═════════ ═════════
       
6. Payables 2024 2023
Amounts falling due within one year £ £
 
Other Loan 124,500 125,230
Trade payables 14,317 15,100
Amounts owed to connected parties (Note 11) 155,771 98,669
Director's current account 5,618 -
Accruals 950 950
  ───────── ─────────
  301,156 239,949
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 127,364 129,477
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 124,500 125,230
Repayable between one and two years 2,383 2,383
Repayable between two and five years 5,400 5,400
Repayable in five years or more 119,581 121,694
  ───────── ─────────
  251,864 254,707
  ═════════ ═════════
 
       
8. Details of creditors
 
Security given in respect of creditors
The following securities have been agreed in relation to the Company's borrowing:
- First Legal Charge over all leasehold property known as 30 York Drive (AN261219L).
- First Legal Charge over all leasehold property known as 423-425 Newtownards Road (DN249961L).
- First Legal Charge over all leasehold property known as 22 York Drive (AN263122L).
- Debentures over all assets, undertakings, and liabilities of Stewart Ventures Limited to include a fixed charge over all leasehold property noted above.

The above noted charge also contains a floating charge which includes all the property or undertaking of the company and a negative pledge.
             
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Property Total Total
  allowances   revaluations    
           
        2024 2023
  £ £ £ £ £
 
At financial year start 82 (11,314) 35,428 24,196 16,133
Charged to profit and loss (20) (4,635) 2,055 (2,600) 8,063
  ───────── ───────── ───────── ───────── ─────────
At financial year end 62 (15,949) 37,483 21,596 24,196
  ═════════ ═════════ ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 29 February 2024.
           
11. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Mortgage First NI Limited 7,900 - 7,900 7,900
Mortgage First Limited 29,539 29,539 - 29,539
  ───────── ───────── ───────── ═════════
  37,439 29,539 7,900  
  ═════════ ═════════ ═════════  
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
Commercial FS Limited     155,771 98,669
      ═════════ ═════════
 
Net balances with other connected parties:
      2024 2023
      £ £
 
Commercial FS Limited     (155,771) (98,669)
Mortgage First NI Limited     7,900 7,900
Mortgage First Limited     29,539 -
      ───────── ─────────
      (118,332) (90,769)
      ═════════ ═════════
 

Commercial FS Ltd
Mr Christopher Stewart is a director in both Stewart Ventures Limited and Commercial FS Limited.
As at 1st March 2023 £98,669 was owed by Stewart Ventures Limited to Commercial FS Limited. During the period there was net movement of £57,102. As at 29 February 2024 Commercial FS Limited was owed £155,771 by Stewart Ventures Limited.

Mortgage First NI Limited
Mr David Stewart is a director in Mortgage First NI Limited and Mr Christopher Stewart, David's son is a director in Stewart Ventures Limited.
As at 1st March 2023 Mortgage First NI Limited owed £7,900 to Stewart Ventures Limited. During the period there was net movement of £nil. As at 29 February 2024 Mortgage First NI Limited owed £7,900 to Stewart Ventures Limited.

Mortgage First Limited
Mr Christopher Stewart is a director in both Stewart Ventures Limited and Mortgage First Limited.
As at 1st March 2023 £nil was owed by Stewart Ventures Limited to Mortgage First Limited. During the period there was net movement of £29,539. As at 29 February 2024 Mortgage First Limited owed £29,539 to Stewart Ventures Limited.
   
12. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
13. Changes in Equity
 
Other Comprehensive Income 2024 2023
  £ £
 
Revaluation reserve unrealised movement on revaluation of property 8,219 57,240
  ═════════ ═════════