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Company registration number: NI605546
Politics Plus Ltd
Trading as Politics Plus Ltd
Company limited by guarantee
Filleted financial statements
31 December 2024
Politics Plus Ltd
Company limited by guarantee
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Politics Plus Ltd
Company limited by guarantee
Directors and other information
Directors D McAleer
J Buckley
M Nesbitt
J McNulty
J Blair
G McGrath
Company number NI605546
Registered office Room 105 Parliament Buildings
Stormont
Belfast
BT4 3XX
Business address Room 105 Parliament Buildings Stormont
Belfast
BT4 3XX
Auditor Finegan Gibson Chartered Accountants
Causeway Tower
9 James Street South
Belfast
BT2 8DN
Bankers Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors Cleaver Fulton Rankin
50 Bedford Street
Belfast
BT2 7FW
Politics Plus Ltd
Company limited by guarantee
Directors report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024.
Directors
The directors who served the company during the year were as follows:
D McAleer
J Buckley
M Nesbitt
J McNulty
J Blair
G McGrath
Political donations and expenditure
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 April 2025 and signed on behalf of the board by:
J McNulty
Director
Politics Plus Ltd
Company limited by guarantee
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Current assets
Cash at bank and in hand - 37,278
_______ _______
- 37,278
Creditors: amounts falling due
within one year - ( 2,400)
_______ _______
Net current (liabilities)/assets - 34,878
_______ _______
Total assets less current liabilities - 34,878
_______ _______
Net assets - 34,878
_______ _______
Capital and reserves
Profit and loss account - 34,878
_______ _______
Members funds - 34,878
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
J McNulty
Director
Company registration number: NI605546
Politics Plus Ltd
Company limited by guarantee
Statement of changes in equity
Year ended 31 December 2024
Profit and loss account Total
£ £
At 1 January 2023 88,785 88,785
Loss for the year ( 53,907) ( 53,907)
_______ _______
Total comprehensive income for the year ( 53,907) ( 53,907)
_______ _______
At 31 December 2023 and 1 January 2024 34,878 34,878
Loss for the year ( 34,878) ( 34,878)
_______ _______
Total comprehensive income for the year ( 34,878) ( 34,878)
_______ _______
At 31 December 2024 - -
_______ _______
Politics Plus Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Room 105 Parliament Buildings, Stormont, Belfast, BT4 3XX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors report and notes make reference to the planned windup of the company by 31st March 2025. This is a planned windup and no significant accounting adjustments are anticipated as a result of this. Accordingly the financial statements have been prepared on the breakup basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Politics Plus is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Events after the end of the reporting period
The Board have agreed that Politics Plus Ltd should be wound up in an orderly manner, and this is anticipated to be completed by 31st March 2025.
6. Summary audit opinion
The auditor's report for the year is dated 17 April 2025
The audit report was unqualified, but included the inclusion of a paragraph relating to going concern given a decision to prepare for the orderly windup of the company.
The senior statutory auditor was Paul Dolan FCA for and on behalf of Finegan Gibson Chartered Accountants