Caseware UK (AP4) 2024.0.164 2024.0.164 2023-09-01false1falseDevelopment of Building Projects2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI640454 2023-09-01 2024-08-31 NI640454 2022-09-01 2023-08-31 NI640454 2024-08-31 NI640454 2023-08-31 NI640454 c:Director1 2023-09-01 2024-08-31 NI640454 d:MotorVehicles 2023-09-01 2024-08-31 NI640454 d:MotorVehicles 2024-08-31 NI640454 d:MotorVehicles 2023-08-31 NI640454 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI640454 d:FurnitureFittings 2023-09-01 2024-08-31 NI640454 d:FurnitureFittings 2024-08-31 NI640454 d:FurnitureFittings 2023-08-31 NI640454 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI640454 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI640454 d:FreeholdInvestmentProperty 2023-09-01 2024-08-31 NI640454 d:FreeholdInvestmentProperty 2024-08-31 NI640454 d:FreeholdInvestmentProperty 2023-08-31 NI640454 d:FreeholdInvestmentProperty 2 2023-09-01 2024-08-31 NI640454 d:CurrentFinancialInstruments 2024-08-31 NI640454 d:CurrentFinancialInstruments 2023-08-31 NI640454 d:Non-currentFinancialInstruments 2024-08-31 NI640454 d:Non-currentFinancialInstruments 2023-08-31 NI640454 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 NI640454 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 NI640454 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 NI640454 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 NI640454 d:ShareCapital 2024-08-31 NI640454 d:ShareCapital 2023-08-31 NI640454 d:RetainedEarningsAccumulatedLosses 2024-08-31 NI640454 d:RetainedEarningsAccumulatedLosses 2023-08-31 NI640454 c:OrdinaryShareClass1 2023-09-01 2024-08-31 NI640454 c:OrdinaryShareClass1 2024-08-31 NI640454 c:OrdinaryShareClass1 2023-08-31 NI640454 c:OrdinaryShareClass2 2023-09-01 2024-08-31 NI640454 c:OrdinaryShareClass2 2024-08-31 NI640454 c:OrdinaryShareClass2 2023-08-31 NI640454 c:FRS102 2023-09-01 2024-08-31 NI640454 c:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI640454 c:FullAccounts 2023-09-01 2024-08-31 NI640454 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI640454 2 2023-09-01 2024-08-31 NI640454 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI640454










Myarno Properties Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 August 2024

 
Myarno Properties Limited
 
  
Chartered Accountants' Report to the Director on the Unaudited Statutory Financial Statements of Myarno Properties Limited for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Myarno Properties Limited for the year ended 31 August 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

This report is made to the director of Myarno Properties Limited in accordance with the terms of our engagement letter dated 10 October 2023Our work has been undertaken so that we might compile the financial statements of Myarno Properties Limited 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 the director of Myarno Properties Limited 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 Myarno Properties Limited and its director for our work or for this report. 

We have carried out this engagement in accordance with technical 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 August 2024 your duty to ensure that Myarno Properties Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006 of Myarno Properties Limited. You consider that Myarno Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of Myarno Properties Limited. 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.

  



Sumer Accountants NI Ltd
 
6 Murray Street
Glendinning House
Belfast
BT1 6DN
30 April 2025
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Page 1

 
Myarno Properties Limited
Registered number:NI640454

Balance Sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,177
20,000

Investment property
 5 
22,023,866
20,200,000

  
22,037,043
20,220,000

Current assets
  

Debtors: amounts falling due within one year
 6 
84,914
429,231

Cash at bank and in hand
 7 
538,720
418,715

  
623,634
847,946

Creditors: amounts falling due within one year
 8 
(1,635,572)
(547,531)

Net current (liabilities)/assets
  
 
 
(1,011,938)
 
 
300,415

Total assets less current liabilities
  
21,025,105
20,520,415

Creditors: amounts falling due after more than one year
  
(15,761,295)
(17,835,468)

Provisions for liabilities
  

Deferred tax
  
(2,085,038)
(46,813)

  
 
 
(2,085,038)
 
 
(46,813)

Net assets
  
3,178,772
2,638,134


Capital and reserves
  

Called up share capital 
  
2,417,039
2,417,039

Profit and loss account
  
761,733
221,095

Total equity
  
3,178,772
2,638,134

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Page 2

 
Myarno Properties Limited
Registered number:NI640454

Balance Sheet (continued)
As at 31 August 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2025.




David Calvert
Director

The notes on pages 4 to 10 form part of these financial statements.
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Myarno Properties Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2024

1.


General information

Myarno Properties Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

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Page 4

 
Myarno Properties Limited
 

Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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Page 5

 
Myarno Properties Limited
 

Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors 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.

 
2.9

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.

 
2.10

Creditors

Short-term creditors 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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 2).

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Myarno Properties Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2023
20,000
-
20,000


Additions
-
16,471
16,471


Disposals
(20,000)
-
(20,000)



At 31 August 2024

-
16,471
16,471



Depreciation


Charge for the year on owned assets
-
3,294
3,294



At 31 August 2024

-
3,294
3,294



Net book value



At 31 August 2024
-
13,177
13,177



At 31 August 2023
20,000
-
20,000

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Page 7

 


Myarno Properties Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
20,200,000


Additions at cost
643,866


Revaluation
1,180,000



At 31 August 2024
22,023,866

As part of the acquisition of the property in 2023, the property was valued by independent third party commercial property agents. The valuation at that time was prepared on the basis of current tenancies and on an assumption of proposed future letting. Due to increased occupation during the current year, the property value has been uplifted to £21,380,000 as set out in the 2023 valuation report based on being fully let. The director has reviewed this revaluation as at 31 August 2024 and is satisfied that this valuation is appropriate.





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Page 8

 


Myarno Properties Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2024

6.


Debtors

2024
2023
£
£


Trade debtors
62,782
386,411

Other debtors
16
-

Prepayments and accrued income
22,116
42,820

84,914
429,231



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
538,720
418,715

538,720
418,715



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,940
58,361

Amounts owed to group undertakings
1,064,936
55,699

Other taxation and social security
118,516
107,412

Other creditors
105,059
-

Accruals and deferred income
328,121
326,059

1,635,572
547,531



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
15,761,295
17,835,468


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Page 9

 


Myarno Properties Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 August 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,417,038 (2023 - 2,417,038) Redemable Preference shares of £1.00 each
2,417,038
2,417,038
1 (2023 - 1) Ordinary share of £1.00
1
1

2,417,039

2,417,039



11.


Related party transactions

The company has availed of the exemption under FRS 102 in relation to the disclosure of transaction with wholly owned group companies.


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Page 10