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REGISTERED NUMBER: NI651380 (Northern Ireland)













PS Properties (N.I.) Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024






PS Properties (N.I.) Ltd (Registered number: NI651380)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


PS Properties (N.I.) Ltd

Company Information
for the Year Ended 31 May 2024







Directors: Mrs S D McDowell
Miss C J McDowell





Registered office: 34 Hill Street
Newry
Co Down
BT34 1AR





Registered number: NI651380 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

PS Properties (N.I.) Ltd (Registered number: NI651380)

Statement of Financial Position
31 May 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 463 545
Investments 5 1 1
Investment property 6 790,699 530,730
791,163 531,276

Current assets
Receivables 7 1,003 15,953
Prepayments 1,845 1,035
Cash at bank 8 11,511 121,317
14,359 138,305
Payables
Amounts falling due within one year 9 (191,536 ) (2,200 )
Net current (liabilities)/assets (177,177 ) 136,105
Total assets less current liabilities 613,986 667,381

Provisions for liabilities 10 (88 ) (104 )
Net assets 613,898 667,277

Capital and reserves
Called up share capital 11 3,800 3,800
Retained earnings 610,098 663,477
Shareholders' funds 613,898 667,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

PS Properties (N.I.) Ltd (Registered number: NI651380)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Mrs S D McDowell - Director


PS Properties (N.I.) Ltd (Registered number: NI651380)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

PS Properties (N.I.) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

PS Properties (N.I.) Ltd (Registered number: NI651380)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. Accounting policies - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Property, plant and equipment
Plant and
machinery
£
Cost
At 1 June 2023
and 31 May 2024 1,044
Depreciation
At 1 June 2023 499
Charge for year 82
At 31 May 2024 581
Net book value
At 31 May 2024 463
At 31 May 2023 545

PS Properties (N.I.) Ltd (Registered number: NI651380)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 June 2023
and 31 May 2024 1
Net book value
At 31 May 2024 1
At 31 May 2023 1

The company's investments at the Statement of financial position date in the share capital of companies include the following:

Mourne Granite Quarries Ltd
Registered office: Northern Ireland
Nature of business: Trading
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 1 1
Profit for the year - 3,800

6. Investment property
Total
£
Fair value
At 1 June 2023 530,730
Additions 259,969
At 31 May 2024 790,699
Net book value
At 31 May 2024 790,699
At 31 May 2023 530,730

7. Receivables: amounts falling due within one year
2024 2023
£ £
Trade receivables - 1,280
Amounts owed by group undertakings 1,003 90
Other receivables - 14,583
1,003 15,953

8. Cash at bank
2024 2023
£ £
Cash at bank 11,511 121,317

PS Properties (N.I.) Ltd (Registered number: NI651380)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


9. Payables: amounts falling due within one year
2024 2023
£ £
Other payables 191,536 2,200

10. Provisions for liabilities
2024 2023
£ £
Deferred tax 88 104

Deferred tax
£
Balance at 1 June 2023 104
Credit to Statement of income and retained earnings during year (16 )
Balance at 31 May 2024 88

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
3,800 Ordinary shares £1 3,800 3,800

12. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£ £
Mrs S D McDowell
Balance outstanding at start of year (14,583 ) 982
Amounts advanced 310,537 15,714
Amounts repaid (107,731 ) (31,279 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 188,223 (14,583 )