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Company registration number: NI054361
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Filleted financial statements
for the year to
30 April 2024
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Directors and other information
Directors William Dalzell
Ryan Goldblatt
Ciaran O'Kane
Sajjad Shan
Richard Orr
Anita Brown (Resigned 16 August 2024)
Secretary George Laing
Company number NI054361
Registered office 3rd Floor Montgomery House
Montgomery Street
Belfast
BT1 4NX
Business address 3rd Floor Montgomery House
Montgomery Street
Belfast
BT1 4NX
Auditor McDaid McCullough Moore
28-32 Clarendon Street
Derry
BT48 7HD
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Directors responsibilities statement
Year ended 30 April 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 6 1,024,654 911,185
Cash at bank and in hand 224,185 354,096
_______ _______
1,248,839 1,265,281
Creditors: amounts falling due
within one year 7 ( 329,598) ( 359,486)
_______ _______
Net current assets 919,241 905,795
_______ _______
Total assets less current liabilities 919,241 905,795
Creditors: amounts falling due
after more than one year 8 ( 919,008) ( 905,562)
_______ _______
Net assets 233 233
_______ _______
Capital and reserves
Called up share capital 9 233 233
_______ _______
Shareholders funds 233 233
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Ciaran O'Kane
Director
Company registration number: NI054361
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 233 - 233
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 30 April 2023 and 1 May 2023 233 - 233
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 30 April 2024 233 - 233
_______ _______ _______
DONEGALL QUAY MANAGEMENT COMPANY LIMITED
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3rd Floor Montgomery House, Montgomery Street, Belfast, BT1 4NX.
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.
Going concern
The Directors of Donegall Quay Management Company Limited have reviewed the resources available, including budgets and management accounts, and believe that the company will generate adequate resources and will continue in operational existence for the foreseeable future. Accordingly, Donegall Quay Management Company Limited continues to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
In the process of applying the company's accounting policies, management has not made any significant judgments. There are no key assumptions concerning the future or other key sources of estimation, that have a significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year.
Revenue
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 at the fair value of the consideration received or receivable, net of discounts, Value Added Tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of Services
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.
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.
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.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more that 24 hours.
Creditors
Short term creditors are measured at transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Fees payable for the audit of the financial statements 4,860 4,860
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 640,636 659,590
Legal and professional fees recoverable 368,559 217,486
Other debtors 15,459 34,109
_______ _______
1,024,654 911,185
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 300,367 319,406
Other creditors 29,231 40,080
_______ _______
329,598 359,486
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Deferred Income - Sinking Fund (See below) 68,694 55,248
Deferred Income - Major Works for EWS1 Certification 850,314 850,314
_______ _______
919,008 905,562
_______ _______
Deferred Income - Sinking Fund
Balance as at 1 May 55,248 55,688
Transfers to Sinking Fund 27,639 35,000
Released against Repairs and Maintenance (14,193) (35,440)
_______ | _______ |
68,694 55,248
_______ | _______ |
9. Called up share capital
Issued and called up
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 233 233 233 233
_______ _______ _______ _______
10. Summary audit opinion
The auditor's report dated 31 January 2025 was unqualified.
The senior statutory auditor was Terence McCullough for and on behalf of McDaid McCullough Moore