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REGISTERED NUMBER: NI660520 (Northern Ireland)













Topco Moira Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2024






Topco Moira Ltd (Registered number: NI660520)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


Topco Moira Ltd

Company Information
for the Year Ended 30 September 2024







Directors: Mrs C M Bryan
Mrs N J Coey
Mr W C Horwood
Mrs J Hutchinson
Mr J Patterson
Mr S E McCann
Mr R Mulligan





Registered office: c/o HNH, 42 Queen Street
Belfast
BT1 6HL





Registered number: NI660520 (Northern Ireland)





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

Topco Moira Ltd (Registered number: NI660520)

Statement of Financial Position
30 September 2024

2024 2023
Notes £ £
Current assets
Inventories 4 3,578,620 4,163,343
Receivables 5 17,235 30,095
Cash at bank 545,132 36,028
4,140,987 4,229,466
Payables
Amounts falling due within one year 6 (1,587,474 ) (2,200,242 )
Net current assets 2,553,513 2,029,224
Total assets less current liabilities 2,553,513 2,029,224

Capital and reserves
Called up share capital 7 821 821
Share premium 1,749,590 1,749,590
Retained earnings 803,102 278,813
Shareholders' funds 2,553,513 2,029,224

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 24 April 2025 and were signed on its behalf by:




Mr S E McCann - Director



Mr W C Horwood - Director


Topco Moira Ltd (Registered number: NI660520)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. Statutory information

Topco Moira 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.

Inventories
Inventories are valued at the lower of cost and net realisable value.

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.

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.

Topco Moira Ltd (Registered number: NI660520)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

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.

Topco Moira Ltd (Registered number: NI660520)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. Accounting policies - continued

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 Income Statement 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.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Work in Progress
The company apportions the costs incurred in the land acquisition as well as the development preparation, planning and build across the specific number of properties to which the cost relates. In so doing a build cost per property is established. This specific value will be removed from work in progress in line with the relevant property sale and the balance remaining in work in progress relates to the element of the apportioned costs which have been incurred but not invoiced at the reporting date. The carrying amount of closing work in progress at 30 September 2024 was £3,578,620 (2023: £4,163,343).

3. Employees and directors

The average number of employees during the year was 7 (2023 - 7 ) .

4. Inventories
2024 2023
£ £
Development land 1,122,020 1,859,543
Construction work in progress 2,456,600 2,303,800
3,578,620 4,163,343

5. Receivables: amounts falling
due within one year
2024 2023
£ £
Trade receivables 2,016 2,016
Other receivables 411 411
Related parties 1,239 1,239
VAT 13,569 5,703
Prepayments and accrued income - 20,726
17,235 30,095

Related parties20242023

Moira Properties Limited1,2391,239
1,2391,239

Moira Properties Limited is considered to be a related party on the basis of its shareholding in Topco Moira Ltd.

Topco Moira Ltd (Registered number: NI660520)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. Payables: amounts falling due
within one year
2024 2023
£ £
Trade payables 50,244 126,832
Tax - 3,123
Related parties 1,208,093 1,738,093
Accruals and deferred income 329,137 332,194
1,587,474 2,200,242

Related parties20242023

Mayfair Homes (NI) (No.2) Ltd - Loan 11,208,0931,208,093
Mayfair Homes (NI) (No.2) Ltd - Loan 2-530,000
1,208,0931,738,093

Mayfair Homes (NI) (No.2) Ltd is considered to be a related party on the basis of common directorship in Mayfair Homes (NI) (No.2) Ltd and Topco Moira Ltd. Loan 1 noted above is interest free with no set date for repayment.

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
411 Ordinary A shares 1 411 411
410 Ordinary B shares 1 410 410
821 821

8. Losses

At 30 September 2024 the company has tax losses carried forward amounting to £427,695 (2023: £951,984).