2 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 22,244 279,958 xbrli:pure xbrli:shares iso4217:GBP NI642542 2023-01-01 2024-03-31 NI642542 2024-03-31 NI642542 2022-01-01 2022-12-31 NI642542 2022-12-31 NI642542 bus:RegisteredOffice 2023-01-01 2024-03-31 NI642542 bus:LeadAgentIfApplicable 2023-01-01 2024-03-31 NI642542 bus:Director1 2023-01-01 2024-03-31 NI642542 bus:Director2 2023-01-01 2024-03-31 NI642542 bus:Director3 2023-01-01 2024-03-31 NI642542 bus:Director4 2023-01-01 2024-03-31 NI642542 bus:CompanySecretary1 2023-01-01 2024-03-31 NI642542 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI642542 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 NI642542 core:WithinOneYear 2024-03-31 NI642542 core:WithinOneYear 2022-12-31 NI642542 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI642542 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI642542 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI642542 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI642542 core:ShareCapital 2024-03-31 NI642542 core:ShareCapital 2022-12-31 NI642542 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI642542 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 NI642542 bus:Director1 2022-12-31 NI642542 bus:Director1 2024-03-31 NI642542 bus:Director1 2021-12-31 NI642542 bus:Director1 2022-12-31 NI642542 bus:Director1 2022-01-01 2022-12-31 NI642542 bus:SmallEntities 2023-01-01 2024-03-31 NI642542 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-03-31 NI642542 bus:FullAccounts 2023-01-01 2024-03-31 NI642542 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 NI642542 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31
COMPANY REGISTRATION NUMBER: NI642542
Straidorn Properties Limited
Unaudited Financial Statements
31 March 2024
Straidorn Properties Limited
Financial Statements
Period from 1 January 2023 to 31 March 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
6
Straidorn Properties Limited
Officers and Professional Advisers
The board of directors
Mr N McKibbin
Miss K McKibbin
Mrs K McKibbin
Mrs P McKeating
Company secretary
Pauline McKeating
Registered office
47 Mallusk Road
Newtownabbey
County Antrim
N Ireland
BT36 4PJ
Accountant
D C Corr and Company
Chartered accountants
29B Main Street
Randalstown
County Antrim
BT41 3AB
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Mills Selig
21 Arthur Street
Belfast
BT1 4GA
Straidorn Properties Limited
Directors' Report
Period from 1 January 2023 to 31 March 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 March 2024 .
Directors
The directors who served the company during the period were as follows:
Mr N McKibbin
Miss K McKibbin
Mrs K McKibbin
Mrs P McKeating
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 December 2024 and signed on behalf of the board by:
Mr N McKibbin
Director
Registered office:
47 Mallusk Road
Newtownabbey
County Antrim
N Ireland
BT36 4PJ
Straidorn Properties Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Straidorn Properties Limited
Period from 1 January 2023 to 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Straidorn Properties Limited for the period ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of Chartered Accountants Ireland, I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Straidorn Properties Limited, as a body. My work has been undertaken solely to prepare for your approval the financial statements of Straidorn Properties Limited and state those matters that I have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Straidorn Properties Limited and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that Straidorn Properties 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 Straidorn Properties Limited. You consider that Straidorn Properties Limited is exempt from the statutory audit requirement for the period. I have not been instructed to carry out an audit or a review of the financial statements of Straidorn Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
D C Corr and Company Chartered accountants
29B Main Street Randalstown County Antrim BT41 3AB
13 December 2024
Straidorn Properties Limited
Statement of Income and Retained Earnings
Period from 1 January 2023 to 31 March 2024
Period from
1 Jan 23 to
Year to
31 Mar 24
31 Dec 22
Note
£
£
Turnover
491,181
521,127
---------
---------
Gross profit
491,181
521,127
Administrative expenses
347,457
70,077
---------
---------
Operating profit
143,724
451,050
Interest payable and similar expenses
5
165,926
105,371
---------
---------
(Loss)/profit before taxation
( 22,202)
345,679
Tax on (loss)/profit
42
65,721
--------
---------
(Loss)/profit for the financial period and total comprehensive income
( 22,244)
279,958
--------
---------
Retained earnings at the start of the period
1,466,092
1,186,134
------------
------------
Retained earnings at the end of the period
1,443,848
1,466,092
------------
------------
All the activities of the company are from continuing operations.
Straidorn Properties Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
Fixed assets
Tangible assets
6
4,139,679
4,139,679
Current assets
Debtors
7
1,765,693
1,236,521
Creditors: amounts falling due within one year
8
3,371,425
2,820,009
------------
------------
Net current liabilities
1,605,732
1,583,488
------------
------------
Total assets less current liabilities
2,533,947
2,556,191
------------
------------
Net assets
2,533,947
2,556,191
------------
------------
Capital and reserves
Called up share capital
1,090,099
1,090,099
Profit and loss account
1,443,848
1,466,092
------------
------------
Shareholders funds
2,533,947
2,556,191
------------
------------
These financial statements have been prepared 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'.
For the period ending 31 March 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 period 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 were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr N McKibbin
Director
Company registration number: NI642542
Straidorn Properties Limited
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 47 Mallusk Road, Newtownabbey, County Antrim, BT36 4PJ, N Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 are 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 period amounted to 2 (2022: 2 ).
5. Interest payable and similar expenses
Period from
1 Jan 23 to
Year to
31 Mar 24
31 Dec 22
£
£
Interest on banks loans and overdrafts
165,926
105,371
---------
---------
6. Tangible assets
Freehold property
Long leasehold property
Total
£
£
£
Cost
At 1 January 2023 and 31 March 2024
4,109,679
30,000
4,139,679
------------
--------
------------
Depreciation
At 1 January 2023 and 31 March 2024
------------
--------
------------
Carrying amount
At 31 March 2024
4,109,679
30,000
4,139,679
------------
--------
------------
At 31 December 2022
4,109,679
30,000
4,139,679
------------
--------
------------
7. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
8,458
31,463
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,757,235
1,201,235
Other debtors
3,823
------------
------------
1,765,693
1,236,521
------------
------------
8. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
2,137,217
1,401,526
Corporation tax
65,679
Social security and other taxes
11,193
25,245
Other creditors
1,223,015
1,327,559
------------
------------
3,371,425
2,820,009
------------
------------
9. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N McKibbin
( 1,206,803)
49,197
( 1,157,606)
------------
--------
------------
31 Dec 22
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N McKibbin
( 351,836)
( 854,967)
( 1,206,803)
---------
---------
------------