BrightAccountsProduction v1.0.0 v1.0.0 2022-12-01 The company was not dormant during the period The company was trading for the entire period The principal business activity of Dream Apartments Belfast Limited is Serviced Apartment Letting. 21 February 2025 46 57 NI642037 2023-11-30 NI642037 2022-11-30 NI642037 2021-11-30 NI642037 2022-12-01 2023-11-30 NI642037 2021-12-01 2022-11-30 NI642037 uk-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI642037 uk-curr:PoundSterling 2022-12-01 2023-11-30 NI642037 uk-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI642037 uk-bus:FullAccounts 2022-12-01 2023-11-30 NI642037 uk-bus:Director1 2022-12-01 2023-11-30 NI642037 uk-bus:RegisteredOffice 2022-12-01 2023-11-30 NI642037 uk-bus:Agent1 2022-12-01 2023-11-30 NI642037 uk-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI642037 uk-core:ShareCapital 2023-11-30 NI642037 uk-core:ShareCapital 2022-11-30 NI642037 uk-core:RetainedEarningsAccumulatedLosses 2023-11-30 NI642037 uk-core:RetainedEarningsAccumulatedLosses 2022-11-30 NI642037 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-11-30 NI642037 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-11-30 NI642037 uk-bus:FRS102 2022-12-01 2023-11-30 NI642037 uk-core:Land 2022-12-01 2023-11-30 NI642037 uk-core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 NI642037 uk-core:MotorVehicles 2022-12-01 2023-11-30 NI642037 uk-core:CurrentFinancialInstruments 2023-11-30 NI642037 uk-core:CurrentFinancialInstruments 2022-11-30 NI642037 uk-core:WithinOneYear 2023-11-30 NI642037 uk-core:WithinOneYear 2022-11-30 NI642037 uk-core:WithinOneYear 2023-11-30 NI642037 uk-core:WithinOneYear 2022-11-30 NI642037 uk-core:BetweenOneTwoYears 2023-11-30 NI642037 uk-core:BetweenOneTwoYears 2022-11-30 NI642037 uk-core:BetweenTwoFiveYears 2023-11-30 NI642037 uk-core:BetweenTwoFiveYears 2022-11-30 NI642037 uk-core:EmployeeBenefits 2022-11-30 NI642037 uk-core:EmployeeBenefits 2022-12-01 2023-11-30 NI642037 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-11-30 NI642037 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-11-30 NI642037 uk-core:OtherDeferredTax 2023-11-30 NI642037 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-11-30 NI642037 uk-core:EmployeeBenefits 2023-11-30 NI642037 2022-12-01 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI642037
 
 
Dream Apartments Belfast Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023



Dream Apartments Belfast Limited
DIRECTOR AND OTHER INFORMATION

 
Director Tom Smyth
 
 
Company Registration Number NI642037
 
 
Registered Office and Business Address 64 Donegall Quay
Belfast
BT1 3NG
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



Dream Apartments Belfast Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Dream Apartments Belfast Limited
for the financial year ended 30 November 2023
 
In accordance with the engagement letter dated 21 February 2025 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 30 November 2023 as set out on pages  to 14 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 Dream Apartments Belfast 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 30 November 2023 your duty to ensure that Dream Apartments Belfast 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 Dream Apartments Belfast Limited. You consider that Dream Apartments Belfast 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 Dream Apartments Belfast 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
Belfast
BT1 1PG
 
21 February 2025



Dream Apartments Belfast Limited
Company Registration Number: NI642037
STATEMENT OF FINANCIAL POSITION
as at 30 November 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 5,575 136,594
───────── ─────────
 
Current Assets
Receivables 5 955,003 714,499
Cash and cash equivalents 73,155 185,465
───────── ─────────
1,028,158 899,964
───────── ─────────
Payables: amounts falling due within one year 6 (283,176) (230,181)
───────── ─────────
Net Current Assets 744,982 669,783
───────── ─────────
Total Assets less Current Liabilities 750,557 806,377
 
Payables:
amounts falling due after more than one year 7 (130,523) (152,019)
 
Provisions for liabilities 9 (1,433) (1,325)
───────── ─────────
Net Assets 618,601 653,033
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 618,501 652,933
───────── ─────────
Equity attributable to owners of the company 618,601 653,033
═════════ ═════════
 
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 30 November 2023 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 their 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 21 February 2025
           
           
________________________________          
Tom Smyth          
Director          
           



Dream Apartments Belfast Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2023

   
1. General Information
 
Dream Apartments Belfast Limited is a company limited by shares incorporated in Northern Ireland. 64 Donegall Quay, Belfast, BT1 3NG is the registered office, which is also the principal place of business of the company. The principal business activity of Dream Apartments Belfast Limited is Serviced Apartment Letting. 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 30 November 2023 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
Turnover 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:
 
  Long leasehold property - 2% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Motor vehicles - 20% Straight line
 
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.
 
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.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
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.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 46, (2022 - 57).
 
  2023 2022
  Number Number
 
All 46 57
  ═════════ ═════════
           
4. Property, plant and equipment
  Long Fixtures, Motor Total
  leasehold fittings and vehicles  
  property equipment    
  £ £ £ £
Cost
At 1 December 2022 140,000 55,723 8,945 204,668
Disposals (140,000) - - (140,000)
  ───────── ───────── ───────── ─────────
At 30 November 2023 - 55,723 8,945 64,668
  ───────── ───────── ───────── ─────────
Depreciation
At 1 December 2022 14,000 50,422 3,652 68,074
Charge for the financial year - 3,230 1,789 5,019
On disposals (14,000) - - (14,000)
  ───────── ───────── ───────── ─────────
At 30 November 2023 - 53,652 5,441 59,093
  ───────── ───────── ───────── ─────────
Carrying amount
At 30 November 2023 - 2,071 3,504 5,575
  ═════════ ═════════ ═════════ ═════════
At 30 November 2022 126,000 5,301 5,293 136,594
  ═════════ ═════════ ═════════ ═════════
       
5. Receivables 2023 2022
  £ £
 
Trade receivables 25,851 4,624
Amounts owed by connected parties (Note 11) 166,392 15,442
Director's current account (Note 12) 718,460 660,596
Taxation  (Note 8) 44,300 33,837
  ───────── ─────────
  955,003 714,499
  ═════════ ═════════
       
6. Payables 2023 2022
Amounts falling due within one year £ £
 
Iwoca Loan 69,397 69,397
Trade payables 159,309 48,588
Amounts owed to connected parties (Note 11) 6,412 -
Taxation  (Note 8) 37,280 99,994
Accruals:
Pension accrual 6,778 8,202
Other accruals 4,000 4,000
  ───────── ─────────
  283,176 230,181
  ═════════ ═════════
       
7. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Iwoca Loan 130,523 152,019
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 69,397 69,397
Repayable between one and two years 49,586 49,586
Repayable between two and five years 80,937 102,433
  ───────── ─────────
  199,920 221,416
  ═════════ ═════════
 
       
8. Taxation 2023 2022
  £ £
 
Receivables:
Corporation tax 44,300 33,837
  ═════════ ═════════
Payables:
VAT 15,609 66,679
Corporation tax 12,446 24,573
PAYE / NI 9,225 8,742
  ───────── ─────────
  37,280 99,994
  ═════════ ═════════
           
9. Provisions for liabilities
 
The amounts provided for deferred taxation and interest on overdue taxation are analysed below:
 
  Capital Interest on Overdue Taxation Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start 1,325 - 1,325 3,401
Charged to profit and loss (808) 916 108 (2,076)
  ───────── ───────── ───────── ─────────
At financial year end 517 916 1,433 1,325
  ═════════ ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
           
11. Related party transactions
  Balance Movement Balance Maximum
  2023 in year 2022 in year
  £ £ £ £
 
Dream Apartment Newcastle Limited - (1,600) 1,600 87,659
Future Homes Dev Limited - (900) 900 93,233
Dream Apartments Cardiff Limited - (50) 50 50
FDR Property Group Limited 146,997 121,683 25,314 25,314
Dream Mentoring Ltd - (2,249) 2,249 82,751
Dream Middlesbrough Ltd - 14,671 (14,671) 24,000
Luxury Apartments Manchester Limited 19,395 19,395 - -
  ───────── ───────── ───────── ═════════
  166,392 150,950 15,442  
  ═════════ ═════════ ═════════  
 
The following amounts are due to other connected parties:
      2023 2022
      £ £
 
Dream Mentoring Ltd     6,412 -
      ═════════ ═════════
 
Net balances with other connected parties:
      2023 2022
      £ £
 
Dream Apartment Newcastle Limited     - 1,600
Future Homes Dev Limited     - 900
Dream Apartments Cardiff Limited     - 50
FDR Property Group Limited     146,997 25,314
Dream Mentoring Ltd     (6,412) 2,249
Dream Middlesbrough Ltd     - (14,671)
Luxury Apartments Manchester Limited     19,395 -
      ───────── ─────────
      159,980 15,442
      ═════════ ═════════
 
Dream Apartment Newcastle Limited
Tom Smyth is a director and shareholder of Dream Apartments Belfast Limited and Dream Apartment Newcastle Limited. As at 1 December 2022, Dream Apartment Newcastle Limited owed Dream Apartments Belfast Limited £1,600. During the year, net payments made by Dream Apartment Newcastle Limited to Dream Apartments Belfast Limited totalled £1,600, leaving a closing debtor balance of £Nil as at 30 November 2023.

Future Homes Dev Limited
Tom Smyth is a director and shareholder Dream Apartments Belfast Limited and Future Homes Dev Limited. As at 1 December 2022, Future Homes Dev Limited owed Dream Apartments Belfast Limited £900. During the year, net payments made by Future Homes Dev Limited to Dream Apartments Belfast Limited totalled £900, leaving a closing debtor balance of £Nil as at 30 November 2023.

Dream Apartments Cardiff Limited
Tom Smyth is a director and shareholder of Dream Apartments Belfast Limited and Dream Apartments Cardiff Limited. As at 1 December 2022, Dream Apartments Cardiff Limited owed Dream Apartments Belfast Limited £50. During the year, net payments made by Dream Apartments Cardiff Limited to Dream Apartments Belfast Limited totalled £50, leaving a closing debtor balance of £Nil as at 30 November 2023.

FDR Property Group Limited
Tom Smyth is a director and shareholder of Dream Apartments Belfast Limited and  FDR Property Group Limited. As at 1 December 2022, FDR Property Group Limited owed Dream Apartments Belfast Limited £25,314. During the year, net payments made by Dream Apartments Belfast Limited to FDR Property Group Limited totalled £121,683, leaving a closing debtor balance of £146,997 as at 30 November 2023.

Dream Apartments Mentoring Ltd
Tom Smyth is a director and shareholder of Dream Apartments Belfast Limited and Dream Apartments Mentoring Ltd. As at 1 December 2022, Dream Apartments Mentoring Ltd owed Dream Apartments Belfast Limited £2,249. During the year, net payments made by Dream Apartments Mentoring Ltd to Dream Apartments Belfast Limited totalled £8,661, leaving a closing creditor balance of £6,412 as at 30 November 2023.

Dream Apartments Middlesbrough Ltd
Tom Smyth is a director and shareholder of Dream Apartments Belfast Limited and Dream Apartments Middlesbrough Ltd. As at 1 December 2022, Dream Apartments Belfast Limited owed Dream Apartments Middlesbrough Ltd £14,671. During the year, net payments made by Dream Apartments Belfast Limited to Dream Apartments Middlesbrough Ltd totalled £14,671, leaving a closing creditor balance of £Nil as at 30 November 2023.

Luxury Apartments Manchester
Tom Smyth is a director and shareholder in Dream Apartments Belfast Limited and Luxury Apartments Manchester. During the year, net payments made by Dream Apartments Belfast to Luxury apartments Manchester Limited totalled £19,395, leaving a closing debtor balance of £19,395 as at 30 November 2023.
 
In the opinion of the director these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
   
12. Director's advances, credits and guarantees
 
During the financial year, the company made a loan to a director amounting to £718,460.

2.23% interest has been charged and the loan is repayable on demand.
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.