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REGISTERED NUMBER: NI063039 (Northern Ireland)














Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Mullan Property Ltd

Mullan Property Ltd (Registered number: NI063039)

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










Page

Company Information 1

Report of the Director 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Mullan Property Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr Shane Mullan





REGISTERED OFFICE: 5th Floor Blackstaff Studios
8-10 Amelia Street
Belfast
Co. Antrim
BT2 7GS





REGISTERED NUMBER: NI063039 (Northern Ireland)





ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH

Mullan Property Ltd (Registered number: NI063039)

Report of the Director
for the Year Ended 31 March 2024


The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property rental.

DIRECTOR
Mr Shane Mullan held office during the whole of the period from 1 April 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr Shane Mullan - Director


24 March 2025

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Mullan Property Ltd




In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's director, 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 him 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 the company's director, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the 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 financial statements.






M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH


25 March 2025

Mullan Property Ltd (Registered number: NI063039)

Income Statement
for the Year Ended 31 March 2024

31/3/24 31/3/23
£    £   

TURNOVER 18,240 20,660

Administrative expenses (5,997 ) (7,181 )
OPERATING PROFIT 12,243 13,479


Interest payable and similar expenses (2,507 ) (2,490 )
PROFIT BEFORE TAXATION 9,736 10,989

Tax on profit (1,850 ) (2,085 )
PROFIT FOR THE FINANCIAL YEAR 7,886 8,904

Mullan Property Ltd (Registered number: NI063039)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 253,953 253,953
253,953 253,953

CURRENT ASSETS
Debtors 6 41,400 34,500
Cash at bank 6,242 2,799
47,642 37,299
CREDITORS
Amounts falling due within one year 7 169,640 157,620
NET CURRENT LIABILITIES (121,998 ) (120,321 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,955

133,632

CREDITORS
Amounts falling due after more than one
year

8

35,219

44,782
NET ASSETS 96,736 88,850

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 96,735 88,849
SHAREHOLDERS' FUNDS 96,736 88,850

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

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

The director acknowledges his 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.

Mullan Property Ltd (Registered number: NI063039)

Balance Sheet - continued
31 March 2024


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

The financial statements were approved by the director and authorised for issue on 24 March 2025 and were signed by:





Mr Shane Mullan - Director


Mullan Property Ltd (Registered number: NI063039)

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


1. STATUTORY INFORMATION

Mullan Property 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

Mullan Property Ltd (Registered number: NI063039)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 3,582
DEPRECIATION
At 1 April 2023
and 31 March 2024 3,582
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 253,953
NET BOOK VALUE
At 31 March 2024 253,953
At 31 March 2023 253,953

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Other debtors 41,400 34,500

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 16,095 16,095
Taxation and social security 1,850 3,681
Other creditors 151,695 137,844
169,640 157,620

Mullan Property Ltd (Registered number: NI063039)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 35,219 44,782

9. RELATED PARTY DISCLOSURES

The company was under the control of Mr Shane Mullan throughout the current and previous year. Mr Mullan is the managing director and majority shareholder.

Mr Mullan has given a personal guarantee to secure the bank loan over the property owned by the company.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standards.