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Registered number: NI005465
Catherwood Estates (Belfast) Limited
Unaudited Financial Statements
For The Year Ended 5 April 2024
Allen Fleming CA Limited
Chartered Accountants & Chartered Tax Advisors
161-163 Upper Lisburn Road
Finaghy
Belfast
BT10 0LJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI005465
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,126 5,501
Investment Properties 5 345,000 345,000
349,126 350,501
CURRENT ASSETS
Debtors 6 17,557 17,573
Cash at bank and in hand 83,774 120,171
101,331 137,744
Creditors: Amounts Falling Due Within One Year 7 (9,786 ) (24,952 )
NET CURRENT ASSETS (LIABILITIES) 91,545 112,792
TOTAL ASSETS LESS CURRENT LIABILITIES 440,671 463,293
NET ASSETS 440,671 463,293
CAPITAL AND RESERVES
Called up share capital 8 100 100
Capital redemption reserve 1,678 1,678
Profit and Loss Account 438,893 461,515
SHAREHOLDERS' FUNDS 440,671 463,293
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For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jill Jackson
Director
3 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Catherwood Estates (Belfast) Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI005465 . The registered office is 16 Mealough Road, Carryduff, Belfast, BT8 8HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% straight line
Plant & Machinery 20% straight line
Fixtures & Fittings 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 6 April 2023 1,056 23,868 24,924
As at 5 April 2024 1,056 23,868 24,924
Depreciation
As at 6 April 2023 1,056 18,367 19,423
Provided during the period - 1,375 1,375
As at 5 April 2024 1,056 19,742 20,798
Net Book Value
As at 5 April 2024 - 4,126 4,126
As at 6 April 2023 - 5,501 5,501
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Cost or valuation as at 5 April 2024 represented by:
Plant & Machinery Fixtures & Fittings Total
£ £ £
At cost 1,056 23,868 24,924
1,056 23,868 24,924
The properties were valued by the directors at the 5th April 2024. The valuations are based on similar properties on the market.
5. Investment Property
2024
£
Fair Value
As at 6 April 2023 and 5 April 2024 345,000
Additions -
Disposals -
As at 5 April 2024 345,000
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 166 182
Other debtors 17,017 17,017
Directors' loan accounts 374 374
17,557 17,573
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 7,650 23,716
Accruals and deferred income 2,136 1,236
9,786 24,952
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 6 April 2023 Amounts advanced Amounts repaid Amounts written off As at 5 April 2024
£ £ £ £ £
Mrs Jill Jackson 374 - - - 374
The above loan is unsecured, interest free and repayable on demand.
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